Simple Pound

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My goal for November was to save up as much money as possible to throw it all at my credit card bill in order to bring it down to 0 before the end of the year. I’m quite pleased with the fact that I saved around 25% of my salary last month and this number would have been a lot higher (~ 40%) if I didn’t have to buy a return flight to Germany for Christmas.

Unfortunately I haven’t had a chance to actually transfer all the “spare” money to my credit card account yet, so it’s only down by 16% this month. My assets increased by 6% last month, largely due to the fact that I now officially have a defined-contributions pension through my employer as well as a stable performance of the funds that reside within my life assurance policy (you wouldn’t believe it!). Combining these two numbers results in a total increase of my net worth of 7.45%

If you have paid close attention to my progress page over the last few months, you will notice that my car fund has suddenly dropped by 10%. There is a simple reason for this - I decided to take much of the money I had put aside for a car and use it to reduce the outstanding balance on my credit card. The reason for this is simple and pretty straight-forward. As much as I like watching my money grow, I currently pay more interest for the credit card than I earn in my savings account - hence, the money is put to better use in the credit card account. Yes, I know, sometimes it hurts to be sensible…

On an equally positive note, Adam has managed to pay down his entire outstanding balance and take a first step towards saving for a downpayment on his first property. Congratulations!

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