Moneystepper Savings Challenge – May/June Results

May and June Results

coreldraw graphics suite Right then, we have a bumper results pack for you this month. After getting married and spending a lot of June on my honeymoon, I decided to bunch May and June together into one post. Apologies for the delay, but now we’re back and bigger than ever…!!

 

What did I get up to in May & June?

Well, we got married! Woo-hoo! We had an awesome day (thank you everyone for your messages) and an equally awseome honeymoon!

Wedding 1

As you can see in our group photo below, we were incredibly lucky with the weather:

 

 

Wedding

And I even managed to get a joke about the Moneystepper saving challenge podcast into my groom speech:

Podcast during speech

 

However, this isn’t a blog about my wedding (maybe it should be), but instead is a blog about finances.

As I have mentioned many times in the past, we always have liabilities built up to prepare for big expenses, such as weddings and honeymoons, and hence the actual event itself doesn’t have a huge impact on either¬†our net worth and savings rate in the actual month.

Additionally, presents and contributions to the wedding and honeymoon also put us in a slightly positive position after the wedding compared to what we had budgeted! Bonus!! ūüôā

Breaking it down into the two separate months, my results were as follows:

May Net Worth Goal Pro-Rata (Total) = 12.5% (30%)
May Net Worth Result = 19.6%

May Savings Rate Goal = 35%
May Savings Rate Result = 40%

June Net Worth Goal Pro-Rata (Total) = 15% (30%)
June Net Worth Result = 23.6%

June Savings Rate Goal = 35%
June Savings Rate Result = 36%

 

Starting with my net worth, I saw an increase in both May and June (despite a disappointing performance from the UK markets), mainly driven by coming in under budget for the wedding combined with the unbelievable generosity of our friends and family. Continued salary from Moneystepper also helped.

My savings rate dropped in both months however (as expected), and this will bump up again when Moneystepper dividends are distributed.

Therefore, at the end of June, I’m now 57% ahead of my net worth goal and 3% ahead of my savings rate goal.

 




 

A New Business Venture

In May, I also became an author for the second time. After my previously published personal finance book, my new venture with a former colleague of mine is on a slightly different tangent.

We’ve released a book of French Idioms called “Other Cats To Whip”:

Advert Test Google 1

If you have any interest in languages (especially French), or simply enjoy light hearted cartoons, then I would be hugely grateful for anyone who wants to check it out. I’ve added some links below:

From a finance perspective, the setup of this business has no impact on my net worth or savings rate (as discussed in a previous article). We’ve set up with ¬£1,000 capital, but we expect to sell enough books to break even at least so I have a reduction of cash from my personal finances of ¬£1,000, but I also have an increase in an asset (investment in small business) for the same amount.

If anyone has any advice on how we can market or expand our reach with the book, I’d love to hear from you.

Right, enough about me, what about you?

 

Moneystepper Savings Challenge May Results Summary

Given that we are two months behind, I’ll just include a short summary of the overall May results, without going into detail for individuals. However, you can find all that below for June if you want to skip ahead.

Of the active members (I think that there are currently 33 left after removing those who have not submitted results in the past few months), the results for May can be broken down as follows:

  • Net Worth result ABOVE goal and Savings Rate result ABOVE goal => 15¬†people
  • Net Worth result ABOVE goal and Savings Rate result BELOW goal => 6 people
  • Net Worth result BELOW goal and Savings Rate result ABOVE goal => 0 people
  • Net Worth result BELOW goal and Savings Rate result BELOW goal => 2 people
  • Not submitted => 10 people

 

Overall, the average (mean) for everyone who submitted their results in May was:

Net worth improvement: 17.3% (April: 16.0%)
Savings rate: 47.3% (April: 50.8%) 

We are continuing our march on with the net worth improvement which is great, and the average Moneystepper participant now saves 47% of their net income for 2015 year-to-date. A little down on April, but still pretty darn impressive!!

 

Moneystepper Savings Challenge June Results Summary

Moving quickly onto June. The same 33 active members are split as such:

  • Net Worth result ABOVE goal and Savings Rate result ABOVE goal => 11¬†people
  • Net Worth result ABOVE goal and Savings Rate result BELOW goal => 5 people
  • Net Worth result BELOW goal and Savings Rate result ABOVE goal => 3 people
  • Net Worth result BELOW goal and Savings Rate result BELOW goal => 1 people
  • Not submitted => 13¬†people

Overall, the average (mean) for everyone who submitted their results in June was:

Net worth improvement: 19.8% (May: 17.3%)
Savings rate: 48.9% (May: 47.3%) 

Again, an impressive move forward in June, especially with the net worth given that the S&P 500 was 2.1% down and the FTSE 100 was 6.6% down in June!

A little disappointing that we only had 18 submissions and 15 non-submissions in the month. I’m hoping that this is because I was away for the month, and people fell behind as a result. However, if this is an ongoing thing, I guess we’ll have to reconsider how we work the savings challenge going forward.

Now, it’s time to get personal‚Ķ

 

Moneystepper Savings Challenge June Results Detail

Below you will find the results for each group with a very brief comment by myself. If you are not happy with the comments, please send me an email and I can change/delete then‚Ķ PS ‚Äď when you make your submissions, the comments you add really help and they are getting better every month. Hopefully, you are finding some value from our personal exchanges resulting from your comments, so please carry on adding them!!

I’ve also mixed up the groups¬†as in April many people were removed from reporting as they had never submitted their results. Hopefully these new groups will make your results more relevant to others who are aiming for a similar achievement.

 




 

GROUP A

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June
Result
Savings Rate YTD Comparison
Chonce My Debt Epiphany 20.0 n/a n/a 40 0 n/a
C The Single Dollar 75.0 78.6 +5% 50 50 0%
Vanessa Vanessa Money 150.0 n/a n/a 50 0 n/a
Ryan Debt Free Hustle 50.0 n/a n/a 10 0 n/a

C¬†‚ÄstA good amount of side hustle has kept C above her new worth goal, with a savings rate that is right on target. Whatever your starting point, it’s pretty awesome to increase your net worth by over 75% in only 6 months – great work C!!

Chonc√©, Vanessa and Ryan haven’t yet submitted their goals for June. ¬†

 

GROUP B

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Nigel W 6.0 5.8 -4% 40 47 +18%
Jeany B 7.5 13.0 +74% 35 21 -40%
Dan T 3.0 n/a n/a 10 n/a n/a
Michael Smith 5.0 7.5 +49% 60 68 +13%

Nigel W ‚ÄstThe falling UK stock markets impacted Nigel’s net worth in June, putting him ever so slightly behind schedule. However, with the pro-rata effect (compounding throughout the year), he’s probably about on target in reality.¬†

Jeany B ‚ÄstPutting money aside for he son’s wedding in October has reduced Jeany’s savings rate to date, but net worth has remained above target despite unfavourable market conditions.

Michael Smith ‚ÄstNot helped by the markets, but Michael was able to ensure that his net worth target remained above the pro-rata goal and maintained a good savings rate after a two week holiday in Brittany. I’ve just been watching the Tour de France highlights and as the pelaton flew through Normandie and Brittany, this may have to be added to my bucket list. However, cycling up “le mur de Bretagne’ might require a little more training yet!

Dan T¬†hasn’t yet submitted his¬†results¬†for June.¬†

 

GROUP C

Name Website Net Worth Goal (Pro Rata) Net Worth April Result Net Worth YTD Comparison Savings Rate Goal Savings Rate April Result Savings Rate YTD Comparison
Cath Dyson 5.0 5.5 +10% 56 57 +2%
Dan Clift 3.3 6.6 +99% 44 47 +7%
Kylie DIY to Property Investor  5.0 -0.2 -103% 60 56 -7%

Cath Dyson ‚Äď After healthy increases in May, June was a fairly static month which allowed Cath to consolidate her previous gains.

Kylie¬†‚ÄstUnfortunate timing for Kylie as a period out of work coincides with a tumble in the UK stock markets. However, Kylie has seen the bright side and the fortunate timing that her additional time coincides with the Wimbolden tennis championships!! ūüôā

Dan Clift – A great performance in net worth for June despite the markets. Could it be time to revise those goals upwards Dan??

 

 

GROUP D

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Vawt  Early Retirement Ahead 19.0 21.4 +13% 70 68 -3%
Mr. Captain Cash Mr. Captain Cash 17.5 18.0 +3% 80 69 -14%
Mrs. Maroon  Mixing Maroons 12.5 14.7 +18% 55 62 +13%
Tim Whateley 5.0 NS NS 42 NS NS

Vawt ‚Äď Vawt changed his goals after Q1 and is doing well against these revised stretch goals. A good way ahead of his net worth goal, and working well towards that revised 70% savings rate target. He has asked to move the savings rate down to 67%. Request rejected!! ūüėČ ¬†Let’s leave it at 70% Vawt and really push ourselves towards achieving that – the future you will thank yourself!! ūüôā

Mr Captain Cash ‚ÄstStill ahead in his net worth, but Mr CC has fallen back a little on the savings rate. However, he has opted to keep the same goals in an attempt to rise back to where he was earlier in the year for savings. Good luck man!¬†

Mrs Maroon –¬†Another good couple of months from a net worth standpoint keeps Mrs. Maroon nicely ahead of schedule.

Tim Whateley haven’t yet submitted their¬†results¬†for June.¬†

 




 

GROUP E

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Dominic Gen Y Finance Guy 25.0 NS NS 56 NS NS
Alison Sturley 5.0 NS NS 44 NS NS
Tom 10.0 10.1 +9% 45 46 +2%
Graham Clark 15.0 23.6 +57% 35 36 +3%

Tom ‚ÄstTom has been working significant overtime, which has negated the falling markets and the continuing problems that Tom has faced with the Euro exchange rate. Sometimes, the challenge requires a nice big slice of hard work – good stuff Tom! This has also meant that Tom has increased his savings rate goal from 37% to 45% after Q2. Nice!

Graham¬†‚ÄstSee above.¬†

Dominic and Alison haven’t yet submitted their¬†results¬†for June.¬†

 

 

GROUP F

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Pete Matthew Meaningful Money 50.0 80.6 +61% 23 20 -13%
Matt Sommer Humble Broker 25.0 25.0 +0% 25 20 -20%
Elle Martinez  Couple Money 15.0 18.0 +20% 20 25 +25%
AJ 7.5 7.0 -7% 35 39 +11%

Pete ‚Äď My favourite comment of the month from Pete: “Can’t actually remember what my original goals were! I know I’ve smashed them out of the park”. You certainly have mate!! Pete has re-evaluated his goals up to 100% net worth improvement and 23% savings rate, which is a big jump from¬†his original goals of 15% and 15%. And he’s¬†even ahead of that for the time being – it’s amazing what hard work and good goal tracking can do…! ūüôā

Matt Sommer¬†‚Äď Matt’s on course to achieve his net worth goal (which is the most important of the two at the end of the year), but admits that he needs to focus a little on the family spending and budget to ensure that he catches up to that 25% savings rate goal.

Elle Martinez¬†‚ÄstElle describes June as a crazy month, spending money on getting their house up for sale amongst other things. However, she has still maintained positive results across the board. Well done.¬†¬†¬†

AJ ‚Äď AJ has commented that she has “done really well again at reducing variable and fixed expenses” which can be seen in the savings rate result being ahead of her goal. A quick dip into savings for a holiday has reduced the net worth somewhat, but its that time of the year and the goal is still very much in touching distance. Keep it up AJ!

 

GROUP G

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Mariane 15.0 18.3 +22% 40 62 +55%
Weenie Quietly Saving 12.5 NS NS 50 NS NS
Nicola 7.5 NS NS 48 NS NS
Lynx Location FI 17.5 18.9 +8% 60 70 +17%

Mariane РMariane managed to save all of a work bonus which has improved both her savings rate and net worth results. Good stuff Mariane Рwe often say that one of the keys of progressing in the challenge is being happy with saving and investing the one off windfalls rather than blowing them on new toys!

Lynx РDitto. Despite falling markets, saving all of a windfall from work meant that Lynx achieved a record high savings rate and the net worth benefited as a result.

Weenie and Nicola haven’t yet submitted their¬†results¬†for June.¬†

 

GROUP H

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Philippa Malia 12.5 13.0 +4% 60 67 +12%
Chris Smith 10.0 NS NS 25 NS NS
Mr Zombie Finance Zombie 20.0 NS NS 20 NS NS
Anjali Fitadvisors 20.0 NS NS 20 NS NS

Philippa Malia ‚ÄstWo, wo, wo… shouldn’t that be Philippa Clark?! ūüėȬ†Similar results to mine above, but staying nicely ahead of schedule. Q2 re-evaluation moved goals from 20% and 55% to 25% and 60% respectively.

Chris, Mr Z¬†and Anjali¬†haven’t yet submitted their¬†results¬†for June.¬†

 

GROUP I

Name Website Net Worth Goal (Pro Rata) Net Worth June Result Net Worth YTD Comparison Savings Rate Goal Savings Rate June Result Savings Rate YTD Comparison
Greg 5.5 NS NS 35 NS NS
Jeanie Haupt 7.5 NS NS 20 NS NS
Shaun Butler 10.0 9.5 -5% 45 47 +4%

Shaun ‚ÄstShaun tackled the issue of a falling stock market by turning his hand to buying and selling on eBay and making a profit. Good work Shaun. This has made sure that he’s only slightly behind his net worth goal and stays ahead of his savings rate goal.¬†

 

The Podcast and Mini Challenges

The May mini challenge is to give selflessly. I didn’t really do this on the scale that I had wanted to, but I’ll cover this more on Thursday’s podcast.

I’m unsure whether the podcasts and challenges are adding a great deal of value to you guys in your ultimate mission to improve your net worth and accelerate down the road to financial freedom.

Let me know via the poll below:

 

[poll id=”3″]

If you are finding them useful, I’ll discuss the mini challenges and the results above on the podcast. Otherwise, I might try to exert my efforts in other ways which you may find more useful.

 

 

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