After the great housing bubble of 2008, the US Federal Reserve banks began to cut interest rates. The banks considered this a sign of desperation, and thought this would eventually lead to their downfall. In 2011, they began to cut rates further and further, to the point where the banks were effectively paying the banks to borrow money.
Last week, the US House of Representatives passed a bill that would severely weaken the Dodd-Frank Act and increase the risk of another financial crisis. This bill, which was passed with a narrow, partisan majority and which has been derided by the media as “the worst bill in history”, would roll back many Dodd-Frank provisions, and impose a massive $8.2 trillion tax on financial transactions, which would raise $600 billion a year. This massive tax would disproportionately hit the middle class, and would likely raise prices while reducing jobs.
The European Union has lost all semblance of control over its finances. Other countries have been doing a much better job of balancing budgets, but we still haven’t been able to get back on track. So, we’re going to have to do something about it.
(Disclosure: some of the links below may be affiliate links). Overall, May 2021 was a good month, despite the bad weather. We’ve had a few opportunities to see our friends and family, and it feels like life is slowly returning to normal. But financially it was not a good month! We had a big house bill to pay. So despite good income this month, we didn’t set aside any money and our net worth dropped for the first time in a long time. Let’s see what happened in detail!
May 2021
May 2021 offered a perfect balance for personal events. We were able to see our friends and family. And we can even have a family wedding. The only downside to this month was the bad weather, mostly rain. The big highlight this month in our expenses was the huge bill we paid for the house to transfer the property to the land registry. We’ve been waiting almost a year for this bill. It’s also the biggest bill I’ve ever paid, 23,000 Swiss francs. Because of this single account , our savings rate this month is zero. This month, for the first time in a year, we didn’t have a month’s worth of savings. And this is the first time in a long time that our net worth has dropped so much in one month. Even though it’s not great, I don’t feel bad about this result. We have been waiting for this bill for a long time. At least the bill is now paid. And there should be only one bill left in the house. Hopefully this will happen soon so that these costs can be put behind us.
Expenditure
Let’s take a look at the details of our May 2021 issues:
| Category | Total | Status | More information |
|---|---|---|---|
| Insurance | 745 | Average | Health insurance |
| Transport | 69 | Average | A gas station and lots of small bus tickets. |
| Communication | 70 | Average | Internet connection and services, this month without telephone charges |
| Staff | 2105 | Above average. | Several large medical bills, a wedding present, clothes, and miscellaneous bills. |
| Power supply | 378 | Above average. | Eating a little more than usual |
| Housing | 23760 | Highest value ever | A large bill for the land register |
| Taxes | 1130 | Below average | Only the state bill |
In May 2021, we spent a total of 28260 CHF! This month is by far the most expensive we’ve ever had! We had a month before at 15K, but May 2021 is almost double that! Excluding taxes, the amount is 27129 CHF. And without the taxes and expenses of the big house, that’s 3,814 francs. As mentioned above, a major cost in the residential category is the bill for the official transfer of property rights from the land register (droits de mutation in French). This bill pays for a change of ownership in the official records. I think it’s rather expensive, but there’s nothing we can do about that. If you look at our costs without this bill, they are very reasonable. At 3,814 CHF, we still meet our current target of spending less than 4,500 CHF per month. We also received some large medical bills this month. But these bills will be paid next month. So our spending in May 2021 is relatively good!
2021 Targets
Let’s see where we are at the end of May 2021 in relation to our 2021 targets: Our targets for May 2021 
Overall, our objectives have been fully achieved! Our net assets declined, but not to the extent that we missed our target. We’ll see when we get the final bill for the house we’re waiting on. And our 0% savings rate was not enough to bring our average below 50%. The only goal that is not achieved is the consultation of the blog pages. At this point, I do not expect that target to be met unless there is a significant change in traffic. But I can live without them. There’s no problem with the blog. So I’m very pleased with the progress we’ve made to reach our goals. I have no intention of rectifying that. It’s going well!
Net cost
Let’s look at our net worth in May 2021: Our net assets in May 2021 
Our net assets at the end of May 2021 are 399 thousand. We’re below 400,000 again, but not far off. In fact, our net assets fell for the first time in a long time. Over the past few months, many readers have asked me why my net worth hasn’t dropped after buying a home. What a mess! This large bill has reduced our net worth by $10,000 this month. We are still waiting for the invoice from the notary, so there will be another deposit soon. We were waiting for these bills before, but it seems to take months to get them. Apart from the big bill, nothing interesting has happened to our estate. I’m still very happy with the way things are going.
Blog
The best platform to create a blog SiteGround SiteGround is an excellent hosting provider with very low rates. It has one of the highest user ratings of any hosting provider. I have nothing to blog about this month. Traffic has increased slightly, but that’s because one of my posts was linked to a popular YouTube video. This is great, of course, but this kind of traffic is fleeting. I haven’t done anything special on the blog: new articles, updated articles, translated articles. As usual, I do this every month on the blog. I plan to continue the good work next month. I probably should have done a little more this month. But I wasn’t really motivated to spend many hours blogging, to be honest. I’ll see if I can muster more motivation next month. If you had to read just one article this month, I would recommend reading How to Make Money Online with Surveys.
Next month is June 2021
I don’t expect anything extraordinary in June. We’re going to take a short vacation in Switzerland. It will be good to relax a bit! Otherwise, it will be a normal month. Financially, we’ll probably get a big tax bill. They usually appear in June. So it will put even more pressure on our finances. But that was to be expected. And it should even out over time. But enough about me? What was May 2021 like for you? Get our best strategies and tips delivered straight to your inbox. Get free advice on your finances to help you become financially independent! Sir, I want to thank you for your support. Poor Swiss is the author of thepoorswiss.com. In 2017, he realized he was caught up in lifestyle inflation. He decided to reduce his expenses and increase his income. This blog tells his story and his conclusions. In 2019, he set aside more than 50% of his income. His goal is to become financially independent. Here you can send a message to Mr. Send Bad Swiss.May 2021 will mark a milestone in the world of finance: the St. Louis Federal Reserve is expected to announce the end of Quantitative Easing, a monetary policy tool that has been used since 2009. This move is the culmination of the Fed’s previous decisions to raise the federal funds rate, now at a historic low of 1%. The timing of the announcement is also significant: it coincides with the first 100 days of President Trump’s term, which will make this announcement a political event with the potential to shape the outcome of the midterm elections.. Read more about when is the new congress sworn in 2021 and let us know what you think.
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