Stocktake: Q2 2017

Such is their toil, and such their busy pains, As exercise the bees in flow’ry plains, When winter past, and summer scarce begun, Invites them forth to labor in the sun

What’s new?

India has surpassed Britain to become the world’s sixth largest economy. Gotta love Brexit, also known as “that gentle stroll along a smooth path to a land of cake and consumption“.

Oh, and the Tories have joined forces with the DUP: creationist pro-life anti-gay climate change deniers. Here’s a brief summary of my thoughts regarding the state of politics in this green and pleasant land. It’s almost like, every time I think we’ve reached the top of the Crazy Mountain, a cloud blows away and there’s another peak to climb.

New theory suggests some dinosaurs couldn’t sin

Whatever.

All being well, I should have 8 years (that’s 2920 days) left until The Day. In the meantime I’m trudging along as best I can.

Savings rate: a minimum of 60%

Actual year to date average is 68%.

2q17-savings-rate

I don’t count mortgage overpayments as savings, which lowers my savings rate slightly. I don’t care. I want to be mortgage free, the sooner the better.

Property wealth: overpay mortgage by £10k

Overpaid £3k so far this year. It’s looking like a stretch objective at the moment, but who knows, I might just make it.

As much as I dislike having a mortgage, I dislike paying tax even more. If it comes down to a choice between overpaying the mortgage or using up all available pension allowance, I’ll go for the pension allowance.

Pension wealth: use up all available pension allowance

Pension is finally coming in line with the plan.

2q17-total-split

I should start working on my non-pension savings, but I still have a little over £30k of carried forward pension allowance, all of which will expire in April 2018, if not used. It would be a shame to let it go to waste.

Financial wealth: Emergency Fund & Freedom Fund

Emergency fund still needs topping up. Fail.

Tax: pay no more than £22k in income tax for 2016/17 tax year

This one is a little annoying.

I’m £146 over the £22k limit. Fail.

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