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. So, this is the fifth month of our fund growing, which is exciting!
At the moment, as I said in August’s update, 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 September was a whole £1.21 – 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. Maybe October will be the month where I stop being such a wuss about it!
Anyway, as of September 30th, our Ultimate Dream Fund stands at £3,581.66 which is an increase of £804.92 from last month. I am pleased with this amount, although it still is 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 September for your savings/investing targets? Are you still on track?