I created this blog both as a way of spreading the message of minimalism and the benefits of said lifestyle, but it is also my way of providing accountability for my own actions. Along with writing, Personal finance is one of the passions I found soon after my move to a more intentional life. I started to question my financial decisions as much as my buying decisions. So, every month I would like to share with you all a broad overview of my financial life i.e what I have and what I do with it. Hopefully, someone finds value in some of the decisions I make, perhaps taking a firmer grip of their finances also.
Building up the emergency fund
I'm a big believer in keeping an emergency fund, a little bit of money set aside for a rainy day. I've been contemplating how much to keep in savings for a while now, but I believe I have got a decent plan. I'm going to keep a minimum of £500, which covers 4 months of expenses ( I'm currently a student) and when it comes to the time of leaving my parents, I can add more when needed, adjusted for the situation. I imagine I will add to this during the year, depending on the scarcity or abundance of funds.
Investment milestone reached
* I am not an investment professional, any content should be taken as advice only. Please do own research before investing.
I personally invest in mutual funds (CF Woodford Equity accumulation to be precise) and managed to hit my goal of investing £1,500.00 this year. I believe It's extremely important that you put your money to work for you and is a must! for Millennials who hope to have a certain quality of life when in retirement. In order to complete my emergency fund I will most likely avoid adding to my fund this year, but if able, I may think about it.
Back in April, I booked a small holiday to Tenerife, for next February, in order to escape the dreaded Scottish weather. In total it will cost around £1,300.00 (including spending money) although the holiday itself is £1,057.00. I made a £100 payment this month, making the remaining balance £675, to be paid by October. Next year will be a busy year for traveling as I plan on traveling around the USA next summer, but more on that when the time comes.
Well, that's all for this month. If you enjoy my article, please like and if you'd like, leave a comment. :)