I must be getting older, because it seems to get to this post each month more and more quickly. They say time goes faster the older you get? However, getting to update my Ultimate Dream Fund at the end of each month is one of my favourite parts of our journey. Each month, I can see us inching slowly towards our goal. There is nothing more transparent about aiming for something than documenting it. I will admit though, it is going slower than I’d like. I know that eventually the addition of savings/dividend income/other income will mean it picks up speed eventually. I’m just a little impatient!
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. Being able to spend our time with our family is what we’re doing this for; there’s nothing more meaningful to us than that.
I continue 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. Secondly, 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. Our monthly outgoings can be fairly low without a mortgage payment. I think that we can definitely live below £1,000 a month without our mortgage payment.
May’s dividend income has already been reinvested so that they are working hard for us. A post will be up on Friday all about that, it’s a good one! Receiving dividends throughout the month means that I get multiple small pay checks each month. For doing nothing! I still love the dividend investing approach. Over time, the percentage reinvested will increase and so the amount needed to be saved from income will decrease, or we’ll be able to speed up the process! All of this is within my stocks and shares ISA which is with Hargreaves Lansdown. It is very easy to use and I’d definitely recommend them. You can get information about that here or even open an ISA today.
As of May 31st, our Ultimate Dream Fund looks like this:
We’ve broken the £16,000 mark by an absolute mile!! I’m getting closer and closer to having that first year of retirement spending banked. This is an overall increase of £1,244.75 for the month of May which is amazing. Again, this shows that the markets can do. I transferred just over £500 into the fund but it has grown much more than that. If only this happened every month! 🙂
Finally, here is the fund’s progress since I started it in June 2015:
How was April for your savings/investing targets?
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That is an INSANE amount! Well done you 🙂 how much are you putting into it each month?
Love reading your updates! I ended up setting up a portfolio filled with tracker funds using a very low cost platform fund. I might dabble in shares eventually though, but I’m currently enjoying the hands off approach 🙂
Congratulations! Your snowball is growing.
Well done that is a fantastic amount! Your posts have inspired me to start my own fund, hopefully in 2 years it will be as big as yours!
Thanks! I’m sure it will be 🙂