Monthly Report: November 2020

Another good month in terms of income, with a profit of £4,355 – this is a personal best for me for a single month’s earnings.

I followed my financial plan and moved 40% to my personal account, 45% to my savings account (which includes cash for income tax and National Insurance), 10% to my Vanguard stocks & shares ISA and 5% remained in my business.

Actually, these percentages totalled £4,000 – the remaining £355 I kept in my business account as I am planning to invest a little more in my business this month.

Recap from last month

I’m still on the lookout for a new instant access savings account with a decent rate but unfortunately there does not seem to be a lot on the market.

As I planned, I’ve been working on making my business even more profitable and December looks to be even higher than November!

Asset Table

At the end of November, my assets look like this:

ASSETVALUE
Marcus Savings£21,965
Vanguard ISA£7,180
Club Lloyds Current Account£1,734
Barclays Current Account£1,383
RCI Bank Savings Account£2,000
First Direct Current Account£1,000
Club Lloyds Monthly Saver£3,600
First Direct Regular Saver£3,000
CrowdProperty£3,128
TOTAL£44,990
Current allocation of assets

NET Worth

As always, a fair chunk of my assets is money that I owe to HMRC for my tax and National Insurance, so taking an overcautious figure of what that is likely to be, my NET worth is:

£23,990

Savings

The total of all my minimum-risk savings accounts (Marcus Savings, Club Lloyds Monthly Saver, First Direct Regular Saver and RCI Bank fixed-term savings) minus an over-cautious tax estimate is:

£9,565

Investments

With the announcement of a working vaccine for coronavirus in November, the stock market rocketed and I saw my stocks & shares portfolio increase by about 8% – of course, these profits will not be realised until I actually withdraw the money and could go up or down before that time.

My investments consist of my Vanguard Global All-Cap Index Fund (a stocks & shares ISA) and my CrowdProperty peer-peer lending account. I invested a further £400 in my Vanguard this month and these investments now have a combined value of:

£10,308

Thoughts & Plans

I am continuing my search for an instant access savings account with a decent interest rate, especially as Marcus announced a further cut in their interest rate to 0.5%. Unfortunately, most savings account providers are doing likewise and the ones that are slightly higher have a variable rate and will probably drop again themselves sometime.

I have been considering putting a little extra effort into maximising the interest earned on the little-over £20,000 cash savings I have by using other products such as regular savers, fixed-rate accounts (that limit withdrawals or require notice). I’ve avoided these in the past because I need my cash to be liquid so that I can pay my tax bills on time and access my money quickly in case of emergency. However, with proper planning, this may be a possibility. It is something I will be looking at in December if I have time.

In other news, I’m thinking of moving to a bigger house. I thought I would be able to afford something decent with the money I am earning but property is so expensive! I want to make a plan in the next couple of months to afford the move.

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