Previous update here.
Quick Summary: August was an awesome month. Work was productive, my PhD edged towards getting done (by the new year, I hope) and I ran in my first half-marathon, which was freakin’ cool. It was also really nice to revamp the blog and go self-hosted. Finances this month improved nicely, so much so that I can finally taste a marginally positive net worth is just around the corner!
A portion of my tax savings for last year became available, so they went straight into my fortress fund, aka the emergency account. By end of August this sat at a healthy $7,763, or somewhat more than 2 months expenses. My goal is to hit $12,000 as a minimum.
I added $90 to my investment account and $90 to my Superannuation retirement account. Overall, I managed to save over half my income, although excluding the tax benefit my savings rate would be around 30%. Not included here was also some dividend income – the first since starting the blog – of $192.80, after accounting software provider Reckon de-merged its Document Management business via an in-specie dividend payment.
For a bit of finance-fun during August, I read The Barefoot Investor, which is an Australian personal finance book by author / financial advisor Scott Pape. Even though I found some of his writing grating (tons of stereotypes etc.) it’s a very decent roadmap to someone starting out, wanting specific steps on how to get their finances in order.
I’m really excited going forward. Can’t wait to finish my thesis. I’m also really keen to round out my emergency fund so I can start directing savings toward either a house deposit or a deposit for a business premises (I rent in both cases at the moment). That will most certainly be a multi-year project though.
Savings Rate: 52.2% (inc. tax refund)
Cash: $8,667.32 increased 146.44%
Superannuation: $38,468 up 0.65% (+ $90 investment)
Investments: $9,480 up 3.21% (market return + $90)
Other Assets: $10,369 down 1.20%
Total Assets: $67,285 up 9.34%
Credit Cards : ($1,591) up 19.34%
Student Loans: ($32,231) steady
Business Loan: ($13,150) reduced 2.23%
Other Liabilities: ($21,500) steady
Total Liabilities: ($68,472) decreased 0.06%
Net Worth: ($1,187) increased 82.99% (mmmm, you can taste it right! Delicious).
As always, thanks for following along! How did your savings grow or debts shrink in August?