Onwards to freedom!

SuperSecretSquirrel

Hi all, thanks for posting!

CRV, you're so close it must feel like you're pretty much already there!

Thanks for the link Ed! I've been away from the blogs for a while, scary to think I'm on the same wavelength as the monevator guys... That's pretty much where I first started learning about this stuff 5+ years ago

VDOT, I've started giving a little more thought to the eventual endgame. You mentioned consulting, and it seems to be one of the few ways of earning a reasonable amount of money without working too many hours (when averaged out over the year). Working a three month contract every year would likely pay more than 10 hours stacking shelves every week of the year. I'm going to keep on thinking about how I'd like my life to look in ten years time or so, and see if there's anything I could be doing right now to improve my chances of making it happen

----------

Spent some time on a financial rejig last night...

I was accepted for a 0% no fee balance transfer. The credit limit offered will swallow up about 90% of my stooze pot. I'll be closing one card as soon as the balance has been transferred, so it's a zero sum game as far as total number of accounts goes. I'll have about 1k left on the other card when its 0% comes to an end in January. I could try to BT that, but chances are good I'll just pay it off and drop down to a single stooze card at that point.

Realised that my flex account has only been paying 1% not the assumed 5% on a 2.5k balance. I've clearly not been paying much attention as this has been the case for the past three months! Oh well, at least I spotted it eventually... Balance shifted to a 1.5% easy access account, DDs shifted to another account, and flex account will be closed imminently.

Added columns to my master spreadsheet for the soon to be opened vanguard ISA. Will get going with that asap in April.

Planning to shift an additional 5k into PBs at the end of this month (on top of 10k shifted in late last month). Total PB balance would then earn over £500pa in an easy access account. Not to be sniffed at, but the PB "rate" is so close to the easy access rate that I'm happy to take a small risk with this £500 and hope I have better than average luck A chunky prize in the 50k range would be amazing right now. A million would be better, but 50k would be enough to offer some options that could have a drastic impact on what I'd do over the next couple of years or so. It's fun to dream while cashing in the £25 prizes

Mulling over closing my two trustee savings bank accounts when the interest rate drops from 3% to 1.5% in May. It would further simplify my finances, but I think I might keep hold of them as donor accounts just in case more switch bribes crop up that I might qualify for. I can't beat 1.5% easy access, so there's no real harm keeping these accounts filled up.

In non-financial news, the great declutter continues. All upstairs rooms almost totally zen. Bookshelves and media rack slimmed down nicely. We've even made a start on the kitchen! We're leaving the big beasts (garage and loft) til last, and we still have some clutter hidden away in drawers here and there, but we're getting there

Hopefully we'll get the weather to do a little gardening soon. Having done some hard landscaping in recent years there's not a huge amount of work to do really, more of a general tidy up. Paint the fences and decking, weed the flower beds, trim the bushes, maybe some minor patch repairs to walls and paths, etc. I quite enjoy that kind of thing. I also think that drinking beer sat on a deck chair having spent the day labouring is one of life's joys, so bring it on!

SuperSecretSquirrel

I've avoided posting recently. We've had some big shocks come all at once (more than I can count on one hand, and none that I wish to detail) that are having a pretty big impact on us. A couple of those shocks are financial - income is down, and the future is blurry... All financial plans are paused, we'll revisit once things start normalising.

We're extremely fortunate to own our home outright, have very low basic outgoings (even lower now there's no days out, holidays, meals out, and barely a need to buy any fuel), and have a decent chunk of savings behind us. I'm acutely aware that others aren't as fortunate.

There's always going to be bumps in the road. Feels like we've gone off road completely and are crashing around among the boulders. Luckily were in a big 4x4 and can roll with the punches.

I hope you are all keeping safe and weathering the storm well!

Jessy103

I'm sorry to hear you're having a tough time. I wish you the best of luck and hope things return to normal soon. Take care and stay safe x

South_coast

Best wishes SSS. Yours was the first diary I read in full and was what cemented in my brain that MFW was the way I wanted to go. Good luck x

trix-a-belle

I had been thinking of you SSS, i'm also just trying to keep my head down and roll with the punches until we are out the other side.
I just went back and reread your first post, you said Armageddon could happen [*wheres the facepalm smiley when you need it*] we're here as required x

crv1963

Good luck SSS and everyone else, my plans have had to be altered too. So much for a step down towards retirement, more a step back and brace for more time at work. Spending has of course fallen through the floor.

SuperSecretSquirrel

Thank you all for your kind posts

SuperSecretSquirrel

Well, it has been a tumultuous few months!

We've certainly been hit by the global covid-19 pandemic. I'm under no illusions that we are suffering a misfortune anything like those worst affected - so please forgive any self indulgence, but it's hard for a diary update not to be a bit "me me me"...

We have been planning for the worst case scenario of us both being made redundant at the same time for quite a while - thinking it would never happen, but figuring that if we could get through that, we could get through near enough anything. Enter the covid-19 black swan...

We were both made redundant. To add insult to injury, finding new jobs has been damn near impossible. We have the children and school closures to consider too, both in terms of childcare during working hours, and dedicating enough time to their education.

We decided that in the short term it makes sense for OH to be a SAHM and educator, while I find some work. Luckily, after months of applications, I've finally been offered a job! I start the first week of August. The income will be sufficient to cover all household expenses plus a small amount of monthly savings

We've actually been fine throughout - suffered a little stress, but nothing major. The main concern I had early on was a fairly illusory one. After years of progressing forward month after month we started rolling backwards, and that got me a little spooked. I allow for 18k annual spending in my FIRE calculations, and total household income has dropped to £300pm. At first glance it seemed we would be backtracking to the tune of around £1200 per month, undoing our past efforts at a worrying pace, but in reality our lockdown spending has been minimal and the deficit far smaller. I rationalised away my worries soon enough (a simple "we won't starve or become homeless, this is only affecting the FIRE dream" did the trick), and then we just got on with things.

Now that the worst is behind us, I can look back over the past few months in a positive light. I have had a priceless few months off with my family, the slow and simple pace of life has been wonderful, and I've not once felt bored. It certainly hasn't been an entirely unpleasant experience!

I had been dreaming of spending the whole summer off work with my family, and instead I've had four months of it. I had been wondering if I really would enjoy an early retirement, and I now know without a shadow of a doubt that yes I would. In short, I'm really glad to have this new job starting soon (we need to save a bigger stash!) but I'm also still very much looking forward to a time where I no longer need to trade my time for money!

Wishing good health and financial prosperity to you all!

South_coast

Great update SSS. Setting aside the job losses, what it shows is that what you've been doing for the last few years was totally the right thing: You've suffered the perfect storm and managed, and got a taste of the FI life to galvanise you to push for the finish line 😀 

Well done on the new job, I really should push that further up my to-do list!

crv1963

A positive update SSS and not self-indulgent, good luck with the new job and with the knowledge you will enjoy your goal of RE!