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. However, I’m a big fan of stretch goals and aiming high, so that’s what we are doing!
At the moment, all of my Ultimate Dream Fund is sat in an instant access savings account, which doesn’t particularly pay a great deal of interest. The reason for this is that I’m a bit hesitant to open a stocks and shares ISA and put all of money in those at the moment, with the uncertainty that Greece is bringing to the European markets. I have been keeping a close eye on things over the past two weeks, as I am keen to start investing, but I do not know if this is the right time to be making that decision. I know that you are not supposed to time the market, and that is absolutely not what I’m trying to do, but I’m clearly a nervous saver/investor. Perhaps I should open one and only put in a small amount for now, to actually make the jump into investing rather than just saving?
Anyway, as of June 30th, our Ultimate Dream Fund stands at £1,565.46 which is an increase of £609.62 from last month. Although that looks good, we need to be hitting the £1,000 mark of savings every month to hit our overall target. However, I have just had my maternity pay breakdown from work, which scuppers our plans somewhat from the moment I leave work, so I need to get my thinking cap on to try and close the gap a bit.
I am hoping for July to be positive in terms of saving towards our fund. I might see if I can raise some funds by selling some things online; J Money’s Challenge Everything challenge is motivating! I haven’t sold anything online for a long time and have never ventured into the world of Gumtree or Facebook groups. Perhaps that’s something I can do in the short term, before bump arrives!
How was June for your savings/investing targets? Are you still on track?