Monthly Update – Sep 2020

So the end of another month in 2020 and I continue to watch the turmoil and confusion affecting the UK. The second wave is here and things are currently not looking great as we enter the winter season.

This month I have been doing virtual work and I managed to earn over £100 which given the precarious nature of the work is the best I have managed to achieve so far. There has been one week this month where there was NO work to do. This really isn’t very good and I really need a more consistent income source in the long term. I keep looking for work but the job ads are terrible. They are either asking for the world or just are in a sector that I don’t have experience in and they are putting ‘previous experience’ as a MUST HAVE. My last job really hasn’t helped increase my experience, if anything it is working against me.

I looked at doing some sewing work as a company which was part of the volunteer sewing group were advertising for local sewers but I need to have an industrial machine (which i don’t have) so I can’t apply. Getting one and having somewhere to house it isn’t viable either.

A recruitment agent tapped up one of my old employers but they are not recruiting (well, externally anyway!). I contacted someone working there and they said that they are actually laying people off and that they are being asked to fill any vacancies with internal candidates that are on notice, some departments are using a ‘last in, first out’ policy to trim staff costs. All departments have been asked to trim staff numbers and so people are trying to find positions by shuffling around if possible. They are using the normal way of cutting staff: they announce a ‘re-organisation’ and then cut the number of heads in a team then ask all the current team to re-apply for their jobs. So if there are 6 in the current team, they say the new team requires only 4, so all have to re-apply and two will sadly depart the company. Unless they can find another position within another team/department.

So the market is looking bleak again for the foreseeable future. I am therefore working on the assumption that I am going to be without work for the rest of the year and looking at ways to earn money via other routes.

I have received a dividend this month from my shares and ISA fund dividends, which auto invest. I have also received my rental income so I am seeing some cash input but the bad news this month is that after moving cash into NS&I accounts they have now announced that they will slash the interest rates right down to match the banks – so from a 1.16% to 0.01%. That’s a disaster as my interest income has been trashed to pretty much nothing since the year began and I am now struggling to find places to deposit cash and make it earn some income.

Considering I am living off my cash, my net worth (inc. cash) is managing to stay reasonably stable – given the stock market rollercoaster. I am keeping to my budget and trying not to spend any money, which is easy when you have nowhere to go and want to stay away from crowds and busy places where social distancing isn’t being maintained. Overall, my net worth is 6% down on the start of the year. My pension and ISA funds have bounced around again this month.

Net Worth – 2020 Trend

My ISA and Pension funds have dropped a bit and ended down on last month but they should pickup over the long term. My shares just keep bouncing around on a daily basis, determined by the current news and UK economic forecast stories. I start October slightly down as shown on the graph above.

Looking towards next month, I will continue to try and increase my virtual working earnings and now the football season is starting, I have started to look at matched betting as another income stream, especially as any profit is tax free. I am hoping I can do as well as other FI bloggers who earn some good profit from the MB scene. If I can earn some cash from this route then I can continue to survive without a job and ‘tick over’ for the remainder of the year knowing that I am replenishing my cash reserves.

I am not FI but if I can continue to exist without the need for a job then I can relax a bit and just look at doing some fun things that are possible without feeling like I am burning through my cash reserves towards an empty account.

Next month, the positives so far, I have a declared dividend due from shares, not a huge amount but every little helps, and I should get some quarterly ISA fund dividends paid which will help to bolster by ISA & Pension accounts as they are set to automatically re-invest.

So overall, not too bad a month considering my circumstances.

Let’s see what October brings……

5 thoughts on “Monthly Update – Sep 2020

  1. Hoping the October winds blow the right way and you get the job you want- or least find another way to increase your income. I think it’s a bit hard for everybody at the moment!

    • Thanks. It is hard for everyone so I am grateful that I can survive without a reliable job. My emergency fund is doing its thing and supporting me.

      I have some extra costs to bear this month in the form of Electrical Testing on my rental property to enable the tenancy to be renewed. It is a new regulation which means a tenancy cannot be renewed without a valid Electrical Testing certificate in place. That will help keep electricians in business at the moment as plenty of these need doing as tenancies come up for renewal.

  2. All the best with the virtual working. Would you consider things like drop shipping or Amazon selling, as some people seem to have success with that?

    Good luck with the matched betting – worth trying it to see if it’s something you want to do (as it’s not everyone’s cupe of tea).

    • Hi Weenie,

      I am looking at other options, not sure on drop-shipping or Amazon – although I am looking to see if I can come up with a good idea. As people say, you need to find something that you are passionate about and not get bored of as you need the motivation to keep it working. It will take some time to establish and is likely to make a loss until it starts to generate income.

      I am not sure on the MB yet. I have started with an MB tutorial and in theory I should be able to make about £16 profit using a ‘free bet’. When I checked using last weekend’s games, I could achieve about £15 so not quite the same as the tutorial guide of £16 profit.

      I have checked and I now have my free bets, YAY!!. I missed the ability to use them on the other weekend games. Based on the currently available options, the best I can achieve is a £13 profit so not as good as the tutorial ‘guide’ of £16. It is a profit though but not as ‘generous’ as first portrayed. The free bets have a ‘no expiry’ so I guess I need to wait for a better option to appear to gain the best profit.

      It seems this is a ‘long-term’ trial so some patience required on my part. Once I have to pay a monthly fee, I need my profits to be greater than the monthly fee to make it a viable option.

      • Good luck with the MB – as you’ve already worked out, the profit indicated in the tutorial is very much a guide – it all depends on what is available for you to use the free bets on. MB is very much long-term, it’s not instant profits but there’s money to be made if you are prepared to put the time in (and not everyone can or wants to).

        In the 4 years+ I’ve been matched betting, there have only been 2 months where I didn’t make enough to cover my monthly subscription.

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