Welcome to my monthly financial update for April 2023! I’m excited to share my progress with you and give you an inside look into my personal finances. This month, I’ll be providing a more in-depth analysis of my net worth, including my assets, debt, and investments.
Overall Net Worth:
As of this month, my overall net worth is £138,075.18, which is a monthly increase of £7,694.51 or about 6%. This increase can be attributed to various factors, including an increase in house price and pay down of debt.
Assets:
My house equity makes up 86.77% of my net worth currently, and while it’s great to see the value of my home equity increase, I’m aware that I need to reduce this concentration to ensure proper diversification and mitigate risk. I’ve been exploring options to invest in other assets such as stocks, bonds, or real estate investment trusts (REITs) to balance out my portfolio.
In terms of other assets, I hold shares in FreeTrade ISA valued at £1,260, a Monzo current account worth £1,000, and crypto worth £800. I also hold a SIPP valued at £2,700, a Scottish Widows account valued at £9,457, and RSUs worth £5,690. While my other investments have remained relatively stable over the past month, I continue to monitor them closely to ensure they align with my long-term goals.
Debt:
In terms of debt, my household debt has reduced significantly over the past few months, and I’m on track to be debt-free soon. Currently, I have a Natwest account balance of £450 (paying 6%) and Chip savings worth £800 (paying 3.7%)
Investments:
I’ve been keeping a close eye on my investments, and I’m happy to report that my other investments have remained relatively stable over the past month. I attribute the overall positive trend in the stock market to my pension, which has shown a slight increase. While the market remains volatile, I remain optimistic about the long-term outlook and continue to hold onto my investments.
Macro-economic Factors:
The UK housing market has been experiencing significant fluctuations due to various macro-economic factors such as the COVID-19 pandemic and Brexit. However, I’m grateful to see the value of my home equity remain steady. I’m also keeping a close eye on inflation and its potential impact on my investments and overall financial situation.
Looking ahead:
Overall, April has been a positive month for my finances, and I’m pleased with the progress I’ve made. While there are always challenges and uncertainties when it comes to personal finance, I believe in staying the course and remaining focused on my goals.
In the coming months, I plan to continue diversifying my portfolio and reducing the concentration of my net worth in my house equity. I’ll also be paying close attention to any potential changes in macro-economic factors that could impact my finances.
I encourage you to keep a close eye on your own finances, monitor your investments, and stay focused on your long-term goals. Until next month’s update, take care and stay safe!