Starting my own Fire from the ground up

“A personal budget is a manifestation of your decision to grab your finances by the balls”
― Money Tree Man

I’d admit it, I wasn’t excited at all about sorting out my personal finances. Why? Well I do have a sort of love/hate relationship with money, which I’m sure I will talk about in a future blog post.

What I thought would be a quick 45 mins rush through, turned into a three day long creative journey. Its no secret that I’m not a fan of Excel. Maybe its as Mr Fire is SO good at it (would I dare call him an expert?) that I just cease to try as I know he can do it.  Not this time. Yes he is very good at it with regards to the technical stuff but I discovered I could use smart art in it and that was it. I sat down and created a full personal financial worksheet. I’m sure it isn’t even half as good as what is out there, but guess what? I don’t care. I’m fairly proud of my “creation” and maybe one day I will offer it as a free downloadable template (I will never charge anyone for knowledge on this blog) Maybe one day I will wake up super brave, or I will be half a bottle of Gin in! But enough of me tooting my own horn (toot toot) lets get to it (seriously though, if anyone is interested drop me an email and I’ll share)

So following my own advice about how to sort through your personal finances I started at the beginning:

  1. Look at your current situation
    This one was actually quite surprising! Mr Fire and I do review our money quite a lot but we are usually splitting our money into many different pots so it can be easy to lose track of the whole amount of it.38
    We have quite an amount stashed between our Matched Betting accounts (I need to move mine out since its Mr Fire’s show now)
    Mr Fire has a share in a family business and he also has a very old stocks and shares Isa from way back when.
    Woo hoo finally on the property ladder!
    We have two now. Mine hasn’t lost too much value since we bought it not that long ago. Mr Fire’s is thinking of selling his car since its costing a lot in petrol doing all the miles we do. His bike is much cheaper and energy efficient for petrol too.
    Only my pension value is included in this since Mr Fire is awaiting his amount in April.


    Credit Cards
    We have two. One that we use for our living expenses and pay off monthly. We get a nice little cash back from it so I’m sure that will be a future post at some point.
    I receive quite a lot of emails from you sweet readers, expressing your concerns over us having to take a loan out recently. Lucky for us it is an interest free family business backed loan. Still needs clearing though, yes! Mr Fire also has his student loan from Uni that gets paid back monthly so it is going down. Slowly…
    Pretty standard stuff with no outstanding bills to be paid.
    Again standard stuff, no mortgage holiday deferrals here.
    Just my prescription and a half price Netflix subscription.

  2. Have a spring clean
    Yuck not a fan of this but it does really need doing. I had no idea I even had a pension! Sounds strange but in my last job I didn’t have one so it was the one in the job before that! I never would have known that if I hadn’t gone through all the paperwork!
  3. Make a budget
    We already have a budget and are currently trying to see if its feasible now we’ve moved house. As you all know we are struggling a bit with the food bill! We will be reviewing this next month when we see if they new strategy for reducing the food bill actually works!
  4.  The fun bit
    Actually not that fun! I didn’t want to plan so long term since we have a few immediate things that need sorting out this year. I had to re write them to make them SMART.
  5. Putting it all together
    Ta Da!Financial Goals
  6. Take another look at the budget
    The mortgage I guess is the only real financial goal that we can put money towards although our budget doesn’t currently allow for that!  Mr Fire’s Matched Betting and hopefully some surplus money left at the end of each month should help get us get the payments down in the next five years.So to end it on a high, what is our net worth? Take a look – Much better than we had anticipated!


What do your finance goals look like?


15 thoughts on “Starting my own Fire from the ground up

  1. Hi, I’m loving the post, I really get a sense that you love the visual and compilations. Your graphics are cool.

    On the liabilities side, just to say you might want to have a look at those numbers, as you need to include your full outstanding balances – it looks like you have for the loans, but maybe not for the mortgage and credit cards?

    Liked by 1 person

      1. What I mean is that I have taken the value of my house that we bought in Dec 2017 and taken away the outstanding mortgage amount so what I have included is the equity. I know this isnt what everyone does but I like to work it out this way.

        You make a good point about the credit card, We have £560 in cash in savings to pay the credit card off each month obviously this is included in the cash amount above. I will update this for future months.

        Thanks Again
        LMF X

        Liked by 1 person

  2. Thanks for sharing your numbers. I was confused like Ms ZiYou as your mortgage is a liability so should be displayed like your loan. Granted that won’t change the overall Net Worth total but will show a truer picture of what you owe and what you own.


  3. “hand up” I was confused too about the mortgage..was about to ask what you managed to buy under £100K! Housing is going up like crazy here.

    I’ve always overpaid the mortgage, thrown as much as we could at it over the years but the FIRE bloggers often have me wondering whether if would have been better putting money in shares instead. Have you looked into the shares vs mortgage LMF?


    1. Hi smlsave,
      Thanks for your comment. Yes I think I dropped the ball on this one! Going to ask Mr Fire to take a look at my workings out and post an updated version I think! I did do fairly well other than the house calculations! ha ha.

      I haven’t actually looked at that so its worth me doing some research. Thanks for the advice!

      Liked by 1 person

  4. Hello Little Miss on Fire 🙂
    Thanks for the “open” view on your budget. it is helpful because I didn’t know how to put my mortgage inside: is raising my wealth but is still an monthly expense.


    1. Hi Claudia,
      I’m not sure if I actually know how to record my house either to be honest! just look at the comments! Going to get a second opinion and update if needed so watch this space for the update!


  5. Pingback: Monthly Catch up March to April 2018 – Little Miss Fire

  6. Pingback: Spark to Fire: How long till I reach FIRE? – Little Miss Fire

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