Simple Pound

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I’m running rather late with my end of the month review for April and I’m pretty sure I know why - the stats for this month have been rather disappointing. I’m nowhere near the targeted 0.5% asset increase this time as yet another major purchase has led to an asset decline of 1.30% which in turn reduces my net worth figure by 0.83%.

However, the “major purchase” is now sitting in my study in the form of a digital piano - the Yamaha P140S and I’m still convinced that (a) it was worth it and (b) I got a good price for it as it was reduced by more than £100 from its RRP and hence cheaper than any other quote I could find (including Internet shops…). I will probably have to use some of my savings in order to pay off the credit card I used for the purchase, but I’m hoping to reduce that to a minimum and instead fund it out of my regular salary by simply cutting back on other excess.

A few other things contributed to my negative net worth result this month: most notably a trip “up North” to Harrogate for my friend’s wedding which set me back about £300 in total (2 return tickets plus hotel). It was obviously more than worth it and I wouldn’t have wanted to miss it regardless of the expenses attached.

The only good thing to report is that my miscellaneous income is still rising, mainly due to a steady increase in interest income. My expectation for this year has been raised from £250 in January to about £600. Barclays have finally managed to open my cash ISA for this tax year. Luckily it’s only taken them about a month (*sarcasm*). But when I enquired about the progress of my application I was told (without having to ask) that interest would be credited to my account from the day the application was made - despite the cheque only being cashed 4 weeks later! This effectively means that I will have earned double interest on the initial amount I deposited…

That’s all from me for this month. I’m hoping to have a much better net worth result for May, even though I’m not 100% confident I’ll be able to achieve this as I won’t have much opportunity to increase my savings as a result of having to put all my income towards April’s purchases… Keep your fingers crossed!

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