Stocktake: Q2 2018

On this the hero fix’d an oak in sight, The mark to guide the mariners aright. To bear with this, the seamen stretch their oars; Then round the rock they steer, and seek the former shores.

What’s new?

Another year, another failed relationship.

Thank the gods I’m better at managing my finances than I am at managing my personal life, otherwise it would be a complete effing disaster.

Savings rate: 60%

The actual year to date average is 69%. Pass.

Property wealth: overpay mortgage by £20k

Only managed £5k so far. It’ll take a minor miracle to get to £20k by the end of the year.

Pension wealth: use up all available allowance

I’ve used up all allowance for the 2017/18 tax year. Next year shouldn’t be a problem, if anything, I’ll just clear out my emergency fund again.

Financial wealth: Emergency Fund & Freedom Fund

The Emergency Fund is coming along nicely, for a change, and should be full by the end of the year.

Continue with regular savings into the S&S ISA. Pass.

Tax: pay no more than £25k of income tax in 2017/18 tax year

Nope. Not a chance.

I know I’ll owe the Tax Man money come January, so I haven’t even started filling in the SA tax return. I have a rough idea what I’ll owe, am planning on having the cash to pay it 😉 , but that’s about it for the time being.


8 thoughts on “Stocktake: Q2 2018”

  1. So sorry hear about the end of a relationship – that sucks!

    And yeah, in real life there are few people who are good at both finances and love!

    That is a hefty tax bill, my accountant is on my case to get this years done….and I get to see if my estimate is any good.


    1. If you think the boats look expensive, wait till you see their fuel bill. At least with sails you need less fuel (and hence by buying a sailing yacht I’d be saving money… 😉 )


  2. Just think all the tax you’d pay if you didn’t fill your pension. Are you not concerned about the lifetime allowance?i pay about 18k a year in my pension but at 37 now and with a large retention bonus in2020 which I’ll sacrifice in full I’m going to have 250k plus in there assuming the markets behave themselves. Its wouldn’t take alot for that to trip over 1m with increases in pay etc even if i retire early. Ive decided at present to concentrate on upping my non pension wealth which is fairly low atm 60k ish although just about to be boosted to over 100k thanks to a very unexpected inheritance from my grandad passing away. Accepting I could save more tax


    1. Sorry to hear about your grandad…
      I’m not really concerned about lifetime allowance. I’m probably a little older than you. If I retire in, say, 7 years, I won’t come even close to the allowance limit, and it would take an exceptional market run to get me to the limit from there till I reach 58. I’m not counting on many more payrises, either 😉 There isn’t a massive number of people above me on the ladder, and the chances are I’ll retire before they do…


  3. It’s OK we weren’t that close towards the end and he had dementia so very much a blessing.

    Ive always concentrated on my pension and although i only started earning good money the last 5 years or so I’ve got a large amount in it. I’m trying to redress the balance now so I have flexibility. I’ve got a general target of about 1m ex property. I’ll be at 350 to 400k by aged 39 in two years time


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