February Finances

New around here? Why not check out my about me page. For continuity purposes, here is my post from last month: January 2020 Finances

Looking back on Jan / Feb, it was rather turbulent for me emotionally and often I found finances taking a backseat though going into March I can finally say things are beginning to level out and that’s clear within this report especially in regards to the progress made on that grand total, which has been steadily growing.

The Accounts

Holdings26/01/2029/02/20
-/+
Total£11,627£14,004

+20.4%

Monzo£1,156£1,054

-8.8%

Marcus£950£895

-5.7%

Revolut£315£561

+78.2%

Lloyds£33.33£23.35

-29.9%

Barclays£31.10£30.54

-1.8%

HSBC£339£0N/A
HSBC Saver£500£0N/A
Natwest-£2,325-
Matchbetting-£816.4-
Vanguard£1,621
£1,642

+1.3%

FreeTrade£735£723

-17.4%

FirstDirect£1,621£1,800

+11.0%

Triodos£1,579£1,754

+11.1%

Cypto (~)£300£300-
Pension (NEST + Prev Employers)£1,763£1,918

+8.8%

Outstanding Invoices£517£168-
Natwest / HSBC

I made a slight booboo here, though its kind of a blessing in disguise at the same time. When I saw another £175 switch offer, this time from Natwest, I pounced on it as quickly as I could. For some reason, I decided to switch from HSBC despite having some other redundant accounts in hindsight I could have used instead. I did perform a quick google Will my regular saver account stay open if I switch away from an attached current account, most answers led to me to believe it would however on HSBC’s small print you need to have one of their current accounts active in order to keep open their regular savers, doh! I did lose three months’ worth of interest, though in the same breath gained when £175, which is considerably greater than the interest I would have gained over the year. Win-win? From late Feb onwards, I no longer have an HSBC current or regular savers account.

Monzo / Revolut / Marcus

Both of these accounts got rather messy this month as I dipped my feet into match betting for the first time so I had funds coming in and out of my account like a yoyo, I can honestly say if you want to get into match betting ensure you use a completely separate account that has nothing going in or out of – it’ll make your analytics a load easier to navigate! Towards the start of month, I had my Marcus account fairly filled with roughly £1,500, I withdrawal from here to invest into match betting to build my bank so I could handle as many opening offers as I could facilitate.

Freetrade

My stocks have taken a bit of a div since mid-late Feb, its a trend hitting all markets especially with the rise and fear of COVID- 19. I’m just going to sit on my hands and let the market do its thing, not going to break a sweat over something I cannot control. Dips like this really do reiterate to me to only invest, what you willing to lose – if you follow this, then it is hard to go wrong.

Debts

Barlcays Credit : From -£150.00 last month to -£9.50 by the close of Feb.
PayPal Finance : From £387.11 last month to £237.11 by the close of Feb.

I’m still working my way through the credit I had obtained on my Barclays Credit account and with PayPal Finance I look to throw £150 at it during March and finalize that debt in April. During March, I do look to purchase a new phone as my current S7 has gone into battle many times and with the camera glass smashing for the four-time, it is really time for a new handset – the reason for mentioning it here is what I look to buy that with credit with Klarna and pay it back over 3 months (0% APR). On the chance you gave it a thought, no I don’t buy brand new phones, I wait for them to be at least a year old before even considering them!

Income / Outgoings

Income
Base Pay: £2,075
Side Hustle #1 : £516.25 Contracting
Side Hustle #2: £325.75 Matchbetting

Savings: £1,054 (Monthly Savings + Monzo Pots)

Outgoings
Monzo Report : £1041
– [£25] Health
– [£0] Entertainment
– [£37] Nights Out
– [£90] Transport
– [£120] Groceries + Household Items
– [£43] Eating Out
Bills: £488~
Car Maintenance: £238.18

I’ll start off with the challenge I had set myself late Jan for Feb and that was to reduce my eating out figure down to £25, though I didn’t that target there was a huge improvement over the £100+ I spent during Jan.

Surprisingly despite eating in more often than not, my monthly grocery spending actually decreased quite substantially. This was fueled by getting back into consuming Huel, which is essentially a meal replacement that contains a lot of nutrition that can be made quickly the night before for the morning. I’m awful at making time for breakfast so this alternative really works out for me and for the amount I use it comes out at around £1.40 / meal. Sometimes I did consume it for more than one meal a day and for anyone interested, I use Huel Black Edition and blend it with a combination of peanut butter, blackberries, cherries and raspberries – yum!

To break down the car maintenance figure, it consists of £206.98 for two new tires and £31.20 to have them fitted.

One thing that is becoming apparent, is that the longer I publish these personal financial reports, the more I get out of them. For instance, I now see that through Monzo (the main platform I use for payments) I typically spend in the region of £950- £1,050 a month including bills.

Monthly Savings & Net Salary Saving Rate

PlatformProductFebTerm Length
Monthly Saving Total£1,054
Emergency FundMonzo Vault+£225Ongoing
VanguardLS100+£102Long Term
VanguardOther+£102Long Term
TriodosSaver 1.75%+£751 Year
First DirectSaver 5%+£3001 Year
HSBCSaver 2.75%+£250Last Month - Acc Closed

My net salary saving rate this month is 50.79% up from 42.7% last month. There is not much to save about monthly savings, as the main parts about losing my HSBC regular savers account has already been discussed.

March

Full steam ahead as we go into March, I have some contracting work booked for a weekend including Sunday work aka double pay! I will continue to do some match betting here and there, I had a pretty successful first month, but as I found out during the end of Feb – I do need to dedicate time if I’m going to want to continue making money from that source when the open offers to run and then will be forced to look at reload offers.

Reflecting on January’s micro goals:

  • Add more funds to Marcus easy access account
    – Even though the balances look the same as the month comes to the close, a lot of funds were taken from my Marcus account to fuel match betting – if it wasn’t for that then the account would have about £700 more.
  • Provide more details on outgoings
  • Monitor certain outgoings
  • Adjust saving rate to find the perfect balance
    – Progress made.
  • Zero Debt
    – Progress made.

I love stumbling on new blogs, if there are any UK based financial blogs that you believe are worth me checking out – please do let me know 🙂 !

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2 thoughts on “February Finances”

  1. I wonder if it’s worth putting together some graphs to show your monthly/yearly progress against your goals. You are always going to have some off months etc, but over the yearly you should be able to see if you are on target.

    1. Looks like I forgot to press submit when I went to reply to you the other day, oopsie!

      Thank you for the suggestion, it’s a really good idea, I find that I’m a visual learner so I feel that this small addition would prove valuable in the long run.

      -MW

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