A new month means it is time again to update The Ultimate Dream Fund again, as I continue our journey to early retirement. The Ultimate Dream Fund is named because it is our dream to retire early, and we need the funds to make that happen! One day, this fund will provide us with the money to live on when we leave our 9-5 jobs and time will be all ours. That’s the biggest motivator for achieving our goal.
I’m going to post updates on our fund for two reasons; one, so that I can show that living a frugal lifestyle means that we can retire earlier than we should do and still live a good life on the journey, and two; to keep me motivated for the long haul. This journey is going to take us a long time, but it’ll be worth it in the end. This plan also includes us being mortgage free, so that our monthly outgoings are reduced and manageable.
May was the first month that I was able to post an update for the Ultimate Dream Fund, as it was the starting point of our journey. I said in that post that this is definitely a challenge for us; the savings target is very steep and there is a very good chance we will miss our target. June was the second month of me updating our Ultimate Dream Fund, July the third and August the fourth. September was the fifth month of updates so October marks the sixth!
At the moment, as I said in all of the previous updates I think, all of my Ultimate Dream Fund is sat in an instant access savings account, which doesn’t particularly pay a great deal of interest. In fact, the interest paid for October was a whole £1.61 – not really going to get us far in our plans! I must sound like a broken record, but I still haven’t opened a stocks and shares ISA. I have, however, been researching different options and I have a short list of places where I could potentially open an account. I’ve put this on my November aims to open a stocks and shares ISA, so watch this space!
Anyway, as of October 31st, our Ultimate Dream Fund stands at £4,097.30 which is an increase of £515.64 from last month. I am pleased with this amount, although it still is way behind the £1,000 a month we need to be consistently hitting in order to reach our long term goals. So, need to continue to cut back or increase our household income to ensure we can do this. The only (major) sticking point with this now is that because I’m now on maternity leave, our household income is vastly reduced, so saving any money in the long term will be a challenge, never mind four figures. I really need to start working on some side hustles, though with a new baby I don’t know how easy this will be time-wise. But, if I want us to meet our long term aims, I need to start bringing in more money! If you would like to work with me, please check out my Hire Me/Advertise tab!
How was October for your savings/investing targets? Are you still on track?
The fact you are still moving in the right direction even on maternity and have a baby deserves credit so never be to hard on yourself… money makes money, so more you save there will be a snowball effect for it!
I haven’t saved any money in the last 6 months, it really got me down but as I was getting married (and spent some of my savings)… but then I realised balance is needed too!
Good luck and looking forward to reading more updates
Balance is definitely needed; I sometimes forget that bit! I’m looking forward to the snowball taking an effect, sooner rather than later hopefully! 🙂
Hey Nic
Have you tried signing up for online focus groups/in person focus groups? I do them sometimes and they’re awesome 🙂 Not sure how many happen around the country though as naturally there are more here in the big smoke 🙂
I’m also a big advocate of swap and sell on Facebook for making money on unused items.
Have you thought about teaching music one on one whilst your on mat leave? Or doing bake sales? You’re a skilled lady!
Probably thought of all the above but thought I’d speak up in case you hadn’t!
Love Jacz xxx
I haven’t thought of focus groups, thank you for suggesting that! I’ll have a look around 🙂 I need to look at our local Facebook selling groups as I’m sure we have stuff I could sell on there. I don’t really have time to do teaching or bake sales at the moment, though in the long term that is potentially something I could look at doing 🙂
You’re trending in the right direction and you’re focused to build your ultimate dream fund. Things will only trend upward for you this way. Keep up the great work.
Thank you; I hope so!
I think that’s great progress whilst on maternity leave! And I’m excited to see that money start working for you when you invest it! Excellent work.
Thank you; me too 😀
Good to know that you started this report on ultimate dream fund. I noticed that your report keeps improving, Nicola. Congrats!
Thanks! I’m hoping the snowball will start to kick in sooner rather than later 🙂