I think it’s the first time I am actually writing such a list of resolutions, and as cheesy as it may sound, I think writing it down very useful to keep myself accountable to some of these targets.
- Get rid of debt
The absolute first priority. All of it. No exceptions. As right now I am paying £500/mo towards old credit card debt, this should free up quite a bit of capital once achieved
- Max out my ISA allowance
… of £20.000/year. This means saving around £1.666/month, up from the current £700-£1.000. Quite ambitious, but not impossible
- Aim to save 50% of my monthly salary
Currently, unless I starve, this is impossible. It’s not yet clear how can I achieve this, but it may involve moving into a smaller flat/studio, or sharing with someone. I will re-evaluate this goal towards the end of 2018.
- Get rid of savings accounts
I am mainly talking about my 3.5% Help to buy ISA account. To keep the tax-free status, will transfer this into my Stocks & Shares ISA.
- Rethink peer-to-peer lending
I have money invested across a few P2P lending accounts, but aside from only averaging 5-6% return, I also believe they are higher risk than they claim to be. Given these loans usually are for cell phones / holidays / entry-level cars, when an individual is out of money, which loan will they first default on?
- Rethink exposure to property
I still believe in property crowdfunding. I definitely do not believe in the current London property prices, hence why I am still renting.
- Rethink exposure to crypto-currencies
I believe in them as technology, and method of payment, but not necessarily as assets/commodities. A post will follow soon on this topic.
- Make it pretty. The default theme is not ok
- Make it fast. I’m planning to move it off the current host, as it has had too much downtime and is overall painfully slow
- Make it more user-friendly. Provide subscription options (newsletter, Facebook, etc)
- Average 1 post per week. Given one would be the monthly budget report, and one, the portfolio report, this should be very easy to achieve.
- As this is not necessarily a personal blog, I will only include thoughts that reflect directly into finances
- Stop spending money on useless stuff. Blog post to follow on this topic
- Evaluate current job, and consider contracting
- Evaluate current side hustle, however this is likely to stay
- Start another side-hustle. Still no clue what this would be
- Gym every day. Makes a huge difference in productivity