We are at the end of the tax year here in the UK and as such I have just completed my accounts, and planned the investments for the next financial year. I will be posting about my new investments in a post later this week but I thought I would give you a look at how my net worth has increased since 1st Jan 2008. Through the first few months i curbed my spending, it was far to affected by consumerism. I also created a new savings budget and have cautiously tracked all spending, even the spending of the cash in my pockets

A few of the steps taken were:

1. Planning specific meals and write a shopping list of ingredients needed. Savings of £5-£10 per shop.
2. When I want something, I add it to a list and revisit this list everyday. 9 times out of 10 my impulse to buy has faded within 24hrs and my sensible brain has kicked in telling me I don’t really need the wanted item.
3. I have moved money around to new higher interest accounts.
4. Tracking all money spent in iBank. This includes money i spend out of my pocket which is recorded on my iPhone at the time and entered in iBank when I do my accounts.
5. Sold some old junk on Ebay and some old phones on Envirofone.
6. Received Lots of cashback on my Egg Money Card (Balance paid in full each month).
7. Working from home saving money on food and coffee, compared to students union shop and coffee vending machines.
8. Reinvesting in Zopa. Interest rates beat any UK savings accounts rates.

Well it would appear that all the steps I have taken have paid off, in just three months my net worth has increased by 57.91%!!!

This is set to drop evenly until the end of the year as I will effectively be unemployed until November but the old plan will be recreated when I start earning again so it shouldn’t fall to much.

How has your net worth done so far in 2008?