Stocktake: Q4 2017

What’s new?

Autumn Budget 2017, I guess. It was a tame, uneventful sort of affair – thank the gods for small mercies.

I’ll just come out with it and say that I like the Chancellor. He’s been called boring, well, I don’t see that as a weakness in a cabinet member. I’m Gen X: individualistic, independent, entitled. I don’t require to be lead or inspired by public officials; the very idea is absurd. My perfect government is Skynet for the 5 seconds between becoming self-aware and turning homicidal.

Hammond may not have BoJo’s talent for abseiling by his scrotum, then again, the Czechs don’t have to pity HM Treasury’s employees the way they do British ambassadors in the EU.

Perhaps the most noteworthy thing about the November budget was that during the week following it the Chancellor was not undermined and criticised by his own party or cabinet colleagues. The fact that this is a cause to feel relieved says a lot about the state of our government. In the immortal words of King George III:

That poor man, they’re going to eat him alive!
All alone, watch them run,
They will tear each other into pieces.
Jesus Christ, this will be fun!

Anyway, let’s take a look at the 2017 plan vs actual.

Savings rate: 60%

The actual year to date average is 65%.

4q17-savings-rate

It’s not as bad as I feared back Q3. I had a little windfall right at the end of the year, which saved the day and the quarter. Also, only in January, April and October my expenses (including mortgage interest) were more than 20% of income. It’s a pass.

4q17-expenses

Property wealth: overpay mortgage by £10k

Overpaid £7k. Fail.

Pension wealth: use up all available allowance

I’ve used up all my current year’s pension allowance, and some of the carried forward allowance, of which there remains £30k to use of lose before April 2018. I think I’ll make it.

Total net worth is growing steadily, and finally this year the total value of pension and other savings exceeds the value of home equity.

4q17-total

Financial wealth: Emergency Fund & Freedom Fund

The goal was to top up the Emergency Fund in line with any salary increase. A complete and utter fail.

But I did continue with regular savings into the S&S ISA. Pass.

Tax: pay no more than £23k of income tax in 2017/18 tax year

It looks like it will be closer to £25k. Fail.