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When I wrote my last quarterly review of my finances the FTSE100 stood at close to 5000 points, little did I know within a matter of weeks it would drop by 24% as the world came to terms with a global recession. But closer to home, how did my own finances fare during this period of economic turmoil?
Another three months has passed and it’s time again to review my finances. The economic climate may have taken a turn for the worse, but will my finances require a government bailout?
I can’t believe how quickly the last 3 months have gone, but I guess that’s what happens when you go on holiday for 3 weeks! Anyway it’s time for me to review my spending against my budget for the last 3 months.
I’ll shortly be off to Australia on holiday and today had to buy my foreign currency. Having already learnt the lesson of how costly this can be if you leave it to the last minute and have to buy at the airport I now make sure I buy in advance online.
When I first started planning this trip 6 months ago £1 bought $2.5AUD but as you have probably seen recently the pound has weakened substantially. This now means that I’ll get closer to $2.1AUD for each pound spent so everything out there is now 19% more expensive to me than it would have been. To put that in to context I estimate that my holiday will now be £350 more expensive just because of the weak pound and there is absolutely nothing I can do about it.
As today marks the start of the new tax year I thought it would be appropriate to review my spending for the first 3 months of this calendar year.
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