Net Worth UpdatePersonal Finance

Net Worth Update (February 2016)

 

Montauk_Point_LighthousePrevious update here.

February may turn out to be the calm before the storm; my annual professional registration fees are due in March and although I was told I didn’t owe any this year (I’m finishing my thesis and not practicing) I’ve since received a notice that I do in fact need to remain registered which was confirmed in Feb. ahem. It’s not something I’ve budgeted for but I’m going to do my best not to use my credit card.

Monthly income was down (no semester classes to teach!) while expenses remained roughly the same. I sold an older laptop I had laying around for a decent chunk of change which added to my scholarship income. Ultimately I used the funds from the laptop sale to pay out my credit card debts! As a sideline notice account interest provided ~ $17. Investments recovered some losses but my Retirement fund remained pretty much at the $30K mark (obviously there are no contributions when I’m not working).

Finally a quick note to celebrate reducing my eating out expenses another $50 this month. I’ve made it to $100 below my 2015 average but still a way to go to his my < $250 per month goal. I’ve started saving for an overseas trip so I’m very motivated to reduce that category further.

Assets:
Cash: $6,025 down 3.09%
Superannuation: $30,431 fell 0.16%
Investments: $3,441 up 4.71% (net deposits $200).
Other Assets: $12,885 down 1.20%

Total Assets: $52,782 down 0.46%

Liabilities:
Credit Cards : ($0) -100% (!!)
Student Loans: ($30,790) steady
Other Liabilities: ($21,500) steady

Total Liabilities: ($52,290) reduced 0.87%

Net Worth: $492 increased 77%*

*You’re unlikely to see me posting an entry titled “How I Increased My Net Worth 77% in Just 1 Month!” 😛

Notes.

  1. 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.).
  2. Superannuation is the Government mandated retirement savings system in Australia
  3. Other Assets consists of one car at market value, depreciating monthly.
  4. 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.
  5. Other Liabilities consist of two loans which are interest free and don’t require repayment until I finish my Masters degree.

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