Previous update here.
Between work and my PhD I was pretty busy in March. Despite being short on time, I enjoyed working, got to the gym, out for a run or two and caught up with friends reasonably often. The end of March also marked the end of Q3 for FY2017, i.e. I can claim some GST credits from the Australian Tax Office on behalf of my business. This will flow through sometime in Q4. Aside from rent, my two biggest expenses on my personal accounts were food and a repair to my car, which happened to have a power steering issue early in the month. Luckily I was able to nurse it home, top up the fluid and get it to a mechanic without causing major damage, but it still cost a decent sum to repair. My goal in April is to increase my savings rate above 10 per cent.
Quick Summary: Cash was up moderately, so too my Super fund entirely due to market returns. Credit card debt decreased and the great thing is I’ll pay it out in full within a week (although reported in these updates is the month end balance, which will almost always be in the red). Other loans were steady or marginally reduced. The result of all this – net worth was up just over 10 per cent for the month, although is still negative. A positive net worth by Jan 2018 would be fantastic.
Savings Rate: 5.30%
Cash: $9,430 increased 5.07%
Superannuation: $35,874 up 1.70%
Investments: $0 (nil holdings)
Other Assets: $11,014 down 1.20%
Total Assets: $56,318 up 1.67%
Credit Cards : ($1,733) decreased 16.12%
Student Loans: ($31,684) steady
Business Loan: ($14,500) reduced 1.69%
Other Liabilities: ($21,500) steady
Total Liabilities: ($69,417) decreased 0.83%
Net Worth: ($13,099) increased 10.31%
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 $54,869p.a. or more in 2016/17.
- Other Liabilities consist of two loans which are interest free.