Previous update here.
Hey there! I was hoping to do a couple of blog posts in September (actually, in August) but I placed blogging on the back burner – as much as I love you guys! October was productive, in that I continued working 3 jobs (lecturer, tutor, academic) and setting up my own business. My PhD sits like a giant iceberg in the North Atlantic, cold, drifting and intimidatingly large (hopefully the analogy doesn’t extend to sinking ships). I’ve been busy enough that I’ve been a bit quiet on blogs I regularly visit (you know who you are!), but I’m still following along!
I also want to say a real thank you (thank you!) to everyone who has passed on some form of encouragement about my going out on my own and working for myself. To be supported by people I haven’t met in person has been genuinely touching and I’m grateful for that. I’ve had a few people ask me what my line of work is, and that’s something I still haven’t figured out how to respond to. The idea of anyone who has access to the internet knowing my monthly income/expenses and my line of work seems mildly discomforting, so I’m still figuring it out (perhaps I’ll drop the net worth updates at some point, and talk more about savings rates but I’m not sure yet). Suffice to say my work is immensely satisfying to me (and I hope, others) and since it’s fairly intimate in nature I feel it’s best to keep it offline.
Ok folks, on to the regular program!
Quick Summary: The business loan from the bank is still being processed so I made some initial purchases for the business from my savings account. That results in a little over $3200 being spent on top of my regular budget, and cash declining substantially. Once I get the loan I’ll ‘re-fund’ my accounts the exact cost, so on balance it will recover. Superannuation continued to enjoy a market rally, primarily via the two Australian small-cap funds held by my Super. Credit card debt increased due work expenses, such as registration fees and insurance yet all other liabilities remained stable.
Cash: $11,768 decreased 16.56%
Superannuation: $34,968 increased 2.02%
Investments: $0 (nil holdings)
Other Assets: $11,841 down 1.20%
Total Assets: $58,577 down 2.96%
Credit Cards : ($1,798) increased 119.59%
Student Loans: ($31,539) steady
Other Liabilities: ($21,999) steady
Total Liabilities: ($55,336) increased 1.8%
Net Worth: $3,241 down 46.06%
How was your financial September?
As always, thank you for following along!
- 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.