financial independence

on 2019: our financial year in review

2019 is over and was another decent year financially. As this post is all about numbers and percentages, let’s dive right in.

expenses

Our yearly spend was £58,977.21, averaging out at £4,914.77 a month. If you fancy having a read of 2019’s monthly spending reports, they’re listed on a handy page here. 2019 was more expensive than last year by around £6,000 which can be attributed to more personal spending, more spending on holidays and money on the house buying process (not yet complete but some money spent).

Housing was our biggest expense at £19,920. I will be so glad when we buy a house and we can start paying down a mortgage rather than paying rent to someone else.

side hustle income

We continued our our side hustle game in 2019 and made an extra £2,384.60 on top of our regular salaries. This was from a mixture of market research, surveys (Populus Live and YouGov), TopCashback and Quidco, bank switching bonuses and matched betting. This extra money is really handy for savings and also, obviously, getting us to our big goals faster!

interest and dividend earnings

We’ve had money in a few different places this year. We’ve not added to our investment accounts (apart from funding our LISA’s). We have the bulk of our savings in cash in the highest earning easy access savings accounts we found on the market (Goldman Sachs Marcus account). We want fast access to our money with no penalties for withdrawing as it’s our house purchase money Our cash house savings at year end stands at £110,000 which includes deposit, fees and SDLT. We have a separate pot of £5,000 for initial furnishings and decorating.

In 2019, we received £2,000 in LISA bonuses (2 accounts, 1 tax year putting money in in April 2019), £1,563.64 in interest from our easy access savers and £2,243.44 in dividend payments bringing the grand total to £5,807.08.

savings rate

Our savings rate without passive income was 43.4% overall for the year.

With passive income it was 48%.

net worth

And last but not least, net worth. Our net worth growth over the last year has been 26.72%.

And there you have, our 2019 financial year in a nutshell. I’m happy with where we ended the year and even though 2019 was not as successful as 2018 in terms of savings rate, our net worth is continuing in the right direction of growth. Let the saving continue!

–NC

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