Previous update here.
April completely flew by, and May doesn’t seem to be letting up either…it was a productive month at work, and my PhD seems to be in the final stages – I’m writing it, and just have a little bit of data analysis left to do…qualitative and quantitative, the former I’ve never done before in an academic context.
Quick Summary: Smashed the savings rate out to a very decent 35 per cent, in part thanks to $400 going into Super, finding $792 in an older Super account (it gained some interest prior to transfer), and making a $2100 investment in BWX Ltd (Sukin Skincare). The contribution to my retirement account will help make me eligible for a $500 bonus from the Government, provided I contribute a total of $1000 before June 30. This will be the last year I can take advantage of the co-contribution, as the $500 maximum is only provided for taxable incomes under $36,021 (scaling down to $0 at a maximum taxable income of $51,021). Liabilities reduced slightly and credit card debt keeps getting paid off each month.
Savings Rate: 35.02%
Cash: $9,303 decreased 1.35%
Superannuation: $37,722 up 5.15%
Investments: $2100 (deposit)
Other Assets: $10,881 down 1.20%
Total Assets: $60,165 up 6.83%
Credit Cards : ($1,439) decreased 16.96%
Student Loans: ($31,684) steady
Business Loan: ($14,250) reduced 1.72%
Other Liabilities: ($21,500) steady
Total Liabilities: ($68,873) decreased 0.78%
Net Worth: ($8,708) increased 33.53%
My blog cracked 150 followers (thanks to each of you, especially those that share their thoughts in the comments!) and nearly 10,000 cumulative views last months so 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.