Previous update here.
January was a reasonable month financially. In addition to my regular income, I was paid $434 for some work completed Q4 2015, received some cash gifts – I turned 30 🙂 and made $70 selling some furniture left over from my previous rental. Account interest totalled $37, well above average due to the timing of payments following my switch from Bankwest to ING. Pleasingly, the ING Wave and Save rebate was $20.67 for the month!
The main headline news might be the significant drop in Net Worth, primarily due to global equity markets declining. This reduced investments by $1456. It’s not of great concern as it only allows my regular contributions to pick up more units at cheaper prices, over the long term (7+ years) these investments should appreciate nicely.
The only unusual expenses were some equipment I purchased for an upcoming Triathlon (bike tools and a training computer, the former important and the latter a definite luxury). I also paid $77 in credit card interest which kicked me into gear to wipe out that debt ASAP paying off $2371. I’m focused on reducing expenses and managed to make some progress toward my goal of not spending so much eating out (I averaged $410 per month in 2015) although didn’t reach my target of < $250.
Cash: $6,217 down 29.10%
Superannuation: $30,480 falling 4.05%
Investments: $3,285 up 0.96% (net deposits $200).
Other Assets: $13,042 down 1.20%
Total Assets: $53,025 down 6.96%
Credit Cards : ($457) reduced 83.52%
Student Loans: ($30,790) steady
Other Liabilities: ($21,500) steady
Total Liabilities: ($52,747) down 4.20%
Net Worth: $278 reduced 85.59%
That’s it for this update, feeling pretty motivated to continue reducing expenses and debts over the next few months 🙂
- Cash consists of online savings accounts. I moved away from carrying cash in Q1 2015 and make 95% of my transactions electronically, for more accurate and up to date record keeping. I have a small transaction account holding around a tenth of my cash funds with the balance held in an ’emergency fund’ and a smaller account for rent savings/payments, both in modest interest bearing accounts (2-3%p.a.).
- Superannuation is the Government mandated retirement savings system in Australia
- Other Assets consists of one car at market value, depreciating monthly.
- Student Loans consist of the HECS/HELP debt provided by the Australian Government, indexed to inflation. The loan repayments are based on taxable income, with repayments required from taxable incomes of $54,126p.a. or more in 2015.
- Other Liabilities consist of two loans which are interest free and don’t require repayment until I finish my Masters degree.