Welcome to our financial review for 2024! Below, we’ll detail how we each got on this year, including progress towards our FIRE goals.
We’ll also be posting a more personal review from Mr Way, as well as our annual spending summary for 2024, so keep an eye out for those!
Mr Way
A strange year for us, as we try to adjust to life back in the UK. Thankfully, we managed to replenish my ISA a bit, which took a hit to buy our house, as discussed in our 2023 Financial Review.
The Numbers
Here’s an overview of how my personal numbers look, in comparison to previous updates.
| Account | March 20 | December 20 | December 21 | December 22 | December 23 | December 24 |
|---|---|---|---|---|---|---|
| Stocks & Shares ISA | £70,400 | £108,069 | £141,578 | £133,721 | £94,904 | £136,105 |
| Workplace Pension | £17,200 | £25,630 | £34,357 | £32,425 | £37,029 | £47,351 |
| SIPP | £3,800 | £5,802 | £7,269 | £6,914 | £7,638 | £9,033 |
| Total | £91,400 | £139,501 | £183,204 | £173,060 | £139,571 | £192,489 |
This means I am now 51.3% FI!
After 2 negative years, it’s a huge relief to finally hit a new record with my FIRE Fund. To pass 50% is obviously just a nominal point, but feels significant psychologically.
Hopefully as we try to find our new normal back in the UK, we can continue to add to the pot and accelerate towards 100%.
I always had a vague hope to achieve FIRE status around my 40th birthday, which would be incredible if I could manage it. That gives me 6 years to achieve my target. With reasonable stock market performance and if I’m able to max my ISA each year, it could be possible!
My FIRE goal is based on the 4% rule and annual spending of £15,000. If you keep up to date with our Monthly Spending posts, you’ll know this is quite a comfortable level of spending for me. This combination gives me a rough goal of £375,000.
Exclusions
As mentioned before, the above doesn’t take into account my emergency fund or our property value.
My emergency fund is currently quite high at around £18k. A few things need doing on our house, plus we’re stockpiling a bit ready to fill ISAs in April. I’ll probably look to keep around £10k in the emergency fund pot.
At the minute most of this is in cash ready to use, but should really be utilised better. Something to work on in 2025!
Bring on 2025!
That’s it for my 2024 financial review!
The first full year back in the UK has been much harder than anticipated. There have been the challenges of a new baby, but also we’ve suffered with the cold and grey. It’s a huge change from the constant sun of the Caribbean!
I’ve also had the unwelcome surprise of a redundancy in October. Fortunately I quickly found a new role, which starts in January, but the process was still quite unpleasant and stressful. I’m really hoping for a more straightforward 2025!!
Mrs Way
The 2024 financial review for Mrs Way is a picture of steady progress.
The table below gives a summary of Mrs Way’s current ‘FI Fund’ balance. Again, this is compared to previous financial reviews.
| Account | March 20 | December 20 | December 21 | December 22 | December 23 | December 24 |
|---|---|---|---|---|---|---|
| Stocks & Shares ISA | £47,400 | £68,309 | £80,748 | £77,325 | £82,437 | £93,262 |
| Total | £47,400 | £68,309 | £80,748 | £77,325 | £82,437 | £93,262 |
This means Mrs Way is now 24.9% FI!
We haven’t added anything to Mrs Way’s accounts this year, but it’s nice to see a small amount of growth.
Because we raided Mr Way’s FIRE Fund for our house purchase, we have been focussed on re-stocking that pot. Once the process is complete, we’ll be able to split more evenly again and push Mrs Way’s FIRE fund on to the next level.
As in Mr Way’s financial review above, this ignores Mrs Way’s emergency fund and property. Our property was purchased 50/50.
The above FIRE fund figure also ignores Mrs Way’s pension. The Teacher’s Pension is a defined benefit system. It is available from age 60. Unfortunately we don’t currently know how much Mrs Way is eligible for so far, because their system is useless!
Mrs Way is always likely to maintain some form of work, even post-FI. She finds the structure this provides benefits her mental health and general productivity levels. As such, she doesn’t technically need a full FI Fund in the same way. Considering this, she’s in a very strong position already!
Overview
Looking back at 2024 from a financial perspective, we would have to say it has been a positive year overall.
The main goal is currently to re-stock Mr Way’s ISA, which has been progressing well. It will be nice to finish this process and feel like we’re back to where we ‘should’ be.
We can’t wait to see what 2025 brings! All the best to you all!
Keep in touch, and have a fantastic 2025!