My Financial Freedom Journey: Monthly Update #4 (April 2017)

Early retirement and financial independence

April has been a mixed month – a lot of exciting things have happened in my private life, but it has had relatively negative impact on my journey towards early retirement.

I guess there will be ups and downs on the journey, so I am not packing – yet!

What happened in March?

From last month’s huge success with a savings rate above 60%, it was a disappointment to see it returning to 20-something.

Two things have primarily contributed to this:

  1. Moving houses: Damn, that is expensive. Moving cars, paint, new furniture, etc… I have been surprised by how much money just disappears through your hands when you have to move between apartments
  2. Vacation: I went on a prolonged weekend with a few friends and ended up spending more money than expected

Obviously moving houses is a one-off expense, but vacation and spending money with friends will be a recurring thing I will have to learn to deal with. Currently, my friends don’t know what I am trying to achieve in terms of financial freedom, so I will have to learn to deal with being together with friends around activities that cost money.

In March, I wrote a large article on the best personal finance blogs of 2017, and I got a lot of very positive replies from many bloggers in the personal finance sphere.

Despite many exciting things in my private life such as vacation and moving in to a new flat, I did not manage to reach my targets from last month regarding:

  1. Blogging frequently (minimum one post per week): I only wrote two articles in all of March, which is less than what I had expected.
  2. Engaging in the personal finance community: I managed to speak to a lot of cool people following the article on the best personal finance blogs, but I have not engaged in comments as much as I wanted
  3. Don’t let moving costs go out of hand: I have managed to keep moving costs down to some degree, but my savings rate still took a big hit

How’s that for a month? On top of vacation and moving, I have had a few really intense weeks at work, which means I have had very little free time to get anything done in. I’ll do my very best to improve on all of these in the coming month.

How am I tracking on my early retirement goal?

My take-home income was 29,524 DKK (4,217 USD) and my savings rate was 22%.

My current assets are:

Assets1 April 2017 (DKK)1 April 2017 (USD)1 March 2017 (DKK)1 March 2017 (USD)
Peer-to-peer lending14,7582,10814,6212,089
Stock indexes23,3613,3378,4721,210
Total assets105,03915,00698,58214,083

The total assets of 105,039 DKK (15,006 USD) at April 1 means that I managed to save 6,457 DKK out of my take-home pay of 29,524 DKK, which equals a savings rate of (6,457/29,524) = 22%.

With a savings rate of 22%, I have more than 15 years until retirement. This is obviously much longer than I am willing to wait. My target savings rate is 75%, which will enable me to retire in 7.1 years and being financially independent.

Focus areas for the coming month

I have decided to have roughly the same focus areas for the coming month as last month. Thus, I will do my best to:

  1. Write an article once a week
  2. Engage in the personal finance blogger community
  3. Keep moving costs low and do not overspend on new furniture

Favorite posts of the month

Despite working long hours in the past month, I have managed to read a few golden articles, which I would love to share with you:

  • Shoeaholic No More (Kayla) wrote a great article on what to do when your partner is a spender. This is something I can relate to and I believe being honest and sticking to a budget are two very important elements to succeed on a financial freedom journey with a partner who is not necessarily committed to the same goal
  • Physician on Fire (guest post by The Happy Philosopher) wrote about whether you should rent or buy a home. Having just bought an (relative expensive) apartment myself, I found it interesting to hear his thoughts on whether or not you should buy or rent a home
  • FireDK (a fellow Danish PF blogger, yay!) wrote an article on deciding to begin saving and a few practical tips on where to start

That’s it for this month!



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weenie April 19, 2017 - 12:59

Hi Carl
All the very best with your new home and your ambitious goals – I look forward to following your progress for your extreme early retiring!

Carl @ MoneyMow April 21, 2017 - 07:30

Hi Weenie,

Thanks a lot for your kind words! It is also very interesting following your progress – and congratulations on the first three years blogging 🙂



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