I thought June pasted quickly but July seems to have done so even faster. Maybe it is because I have been trying to get out and do things. I have been out and about on my new motorbike as I need to get the bike run in and I need to achieve a mileage target so I can get its first service completed, which is already pre booked. I therefore have set myself a target. I have enjoyed going out when the weather has been dry to enjoy the countryside and refresh my riding skills. I have been watching some youtube videos on techniques and then going out and practicing. I did have a lesson with an instructor last year and I am now going out to put into practice all the things I was advised to focus on. It’s good as I have something to focus on and it is exercising my brain and making me think.
I have had my first ride in the rain though. It started off dry but a storm rolled in while I was out and I ended up getting wet just on the last mile home, so luckily did not end up getting too cold. I have since bought myself some suitable rain wear so I can avoid getting too wet next time. I have bought a small tail bag to I can carry the wet gear on my bike and then have it to hand if I need it. Again, it gave me the chance to practice wet weather riding techniques and think about hazards which could a problem (things you don’t have to worry about when you are in a car). It will improve my observation skills.
I have completed and submitted my tax return, my accountant has confirmed that I have paid all tax due (my CGT from the sale of my rental house) and that I am a non tax payer as the remaining income is well within my annual tax allowance.
It now means that my income sources this tax year are purely from investment returns and the odd bit of online survey income, topped up with savings. I have also reached the milestone age of 55 so I can in theory access my SIPP for income if I need to. At the moment I am trying to not do so and live off investment and savings and let my SIPP grow before resorting to withdrawals.
Because I am a non taxpayer I am limited as to how much I can invest in my SIPP so cannot top up it up with the rental sale profits. It is annoying as it could work harder in there, all I can do is put some in my ISA, until full, and then spread the rest around bank accounts and use some to cover house repairs and expenses.
Income
A little bit of paid survey income and interest from cash accounts including a maturing NS&I savings certificate. I also won £50 on premium bonds. Not much but its enough over the year to give me a passive income I can live off.
Expenses
Just my normal living expenses and some extra spent on social activities and travelling around on my motorbike. I have a few extra bits to buy so I can maintain my bike. This will help me by giving me new things to learn and give me some purpose and expand my knowledge and learning something new and saving some cash by doing some jobs myself is worth it.
Month End Summary
I have been making the most of any dry day and getting the miles on my bike and trying to avoid the families now out and about as the schools have broken up for the summer.
In all, a good month, I have been feeling positive and my investments have started to pick up and I am living off the income OK at the moment. I keep to my budget and am trying to create new skills and adventure out and explore more. A few coffee stops and people watching while out on my motorbike just helps to improve my outlook on life.
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Sparkle Bee's Journey to FI 