Happy New Year everyone! Whatever your plans for 2016, I hope you have a peaceful and productive year ahead. 🙂
Regarding our regular programming…
Previous update here.
Overall I am quietly pleased with the holding of ground this month. December can be relatively more expensive due to the festivities (it doesn’t have to be of course). Gift giving this year cost approx. $220 which is actually very reasonable. I took a brief holiday overseas which included a friends wedding (they just happen to live overseas!) and had my car windows tinted and its leather conditioned (DIY) .
Cash was down and credit card debt increased slightly, despite debt repayments. Superannuation had a strong month – I’ll post about its 2015 performance, composition and strategy later in January once the fund distributions arrives (normally within 3 weeks of Dec 31st). The Novaport Wholesale Smaller Companies fund I’m invested in both in and out of my retirement account rallied this month and will provide a distribution which is yet to be reflected in the sums below.
The other major financial changes for the month were the setting of financial goals for 2016, opening an ING Direct Orange Everyday transaction account (which provides 2% cash back on Visa Paywave purchases < $100) and moving my emergency fund to the accompanying ING Direct Savings Maximiser account which pays slightly more interest p.a. than the former emergency fund account (3.5% vs 3.14%) with fewer conditions.
Cash: $8,769 down 13.29%
Superannuation: $31,905 increased 3.93%
Investments: $3,255 up 10.59% (net deposits $200).
Other Assets: $13,200 unadjusted due value add discounted at 50%
Total Assets: $57,129 up 0.31%
Credit Cards : ($2,771) increased 6.48%
Student Loans: ($30,790) steady
Other Liabilities: ($21,500) steady
Total Liabilities: ($55,0061) up 0.31%
Net Worth: $2,068 increased 0.28% (a $5AUD change!)
I’m looking forward to what 2016 brings and am grateful for the year gone, particularly that I lucked out and was born in a country which allows for such luxuries as a steady income, savings and financial aspiration (perhaps even blogging about ones financial journey).
What are your financial plans for 2016?
- Cash consists of a single transaction account and specific 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.