Previous update here.
Quick Summary: My goal has been to keep my savings rate in the high 20% range, but July was an exceptional flop! This was mainly due to a much lower income which essentially covered expenses with a little room to breathe. It was a productive month though, so better news in my August report. Cash decreased slightly, as did my retirement and investment portfolios (a volatile month). Debts decreased slightly, but my student loan (HECS/HELP debt) had its indexation of inflation applied, so it increased $547 (ouch!). Overall, my net worth was down nearly $1k for the month.
Savings Rate: 4.83%
Cash: $3,639 decreased 4.74%
Superannuation: $38,218 down 1.41%
Investments: $9,185 down 1.79% (market return)
Other Assets: $10,495 down 1.20%
Total Assets: $61,537 down 1.63%
Credit Cards : ($1,333)
Student Loans: ($32,231) indexed 1.73%
Business Loan: ($13,500) reduced 1.82%
Other Liabilities: ($21,500) steady
Total Liabilities: ($68,564) decreased 0.26%
Net Worth: ($7,027) decreased 13.58%
As always, thanks for following along.
How did your net worth and savings rate look this month?
- 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.