Friday, 27 January 2017

This Week

This week, as I've already mentioned in previous posts, I've been continuing to concentrate on getting my financial life in order, aided by reading 'The Millionaire Next Door', which sadly I've almost finished.  I might just have to look out for other books by this author, as I found it fascinating from the first page onwards.

Earlier in the week, I took a look at my historical internet shopping habits, which was interesting, and also completely decluttered my personal email account, deleting over 2000 outdated and unnecessary emails. In the latter part of the week, I've been concentrating on completing this year's tax return with just a few days left to go until the deadline.

I'm afraid I always leave it to the last minute, although this year I had already calculated the majority of the figures for my small business, when I did last years return, so just had the months of January - March to complete, which didn't take too long. I'm thinking of doing the same this year and getting as much of the return prepared as I can now.

This year was the first year that you could pay your voluntary National Insurance contributions on line with your return under a new initiative brought in by HMRC. As I don't earn enough to make NI contributions, I have recently decided to make voluntary contributions to try to ensure that I meet the required number of credits when I reach retirement age.  As a consequence, this year was the first year that a payment was required by me on completing my return, which was all in respect of these contributions.

I hadn't actually budgeted for this outgoing, so I'm afraid the overdraft took the strain, but I look on it as an investment in my future, although I am under no illusions that there will still be a state pension by the time I reach retirement age. In additon, to clarify my current NI credit situation, I've also sent off for a pension forecast from the DWP. It should make interesting reading.

Tax return completed, I am feeling a lot better.  It always hangs over me for the month of January, so once it is done I feel a sense of freedom.  In the process of doing it, I also did some financial filing of statements, etc, that I tend to let build up throughout the year and then file them all at the same time. I also made a few adjustments to some savings and investments that I currently hold, to try to get slightly better returns, although it's hardly worth the effort at the moment with interest rates so low everywhere.

It's been a productive week on the whole, in between doing my days at the CS, trying to keep up with household tasks and classes at the gym.  The house still needs cleaning thoroughly, but I'm going to concentrate on doing that next month and do a bit of spring cleaning then. How's your week been?


  1. Interest rates are very low at the moment and I find some of the books I have read give examples of returns with 10% interest which would be impossible to achieve now. Searching around for a decent rate is so time consuming but I am sure is worth it in the long run.

    1. I definitely haven't found a decent rate when I've looked. It's a little depressing for the moment.

  2. Same here. I just renewed a couple of Term Deposits and the interest rate is still very poor. At least the escalating rates give a bit more over the years, but you need to leave the money in for 3 to 5 years.

    God bless.