Previous update here.
Five months into 2k18. Pretty fricken crazy. Autumnal scenes have definitely come and gone – but at times the trees were stunning. The highlight of my month was the birth of my nephew. God he’s adorable. I’m really glad my brother and I live fairly close so I can visit him pretty often! 😀
I received feedback from my supervisors regarding my PhD and it was pretty positive. 95% of the feedback was about formatting and flow rather than content which means revisions will be straight forward. I’m writing the final paper now and then just need to write a couple of linking chapters – chapters that sit between the main Chapters. Hopefully done with it in a month or two. 😀 😀
Business wise I had the busiest and most profitable month since I started out on own. I haven’t yet netted $10k in a calendar but that’s the next big milestone.
On the financial side, cash savings increased. One of my goals for the year was to increase my emergency fund to $16k – 4 months expenses. I’ve finally reached it!!!!! Woohoo!!
I added $500 to the WF30 portfolio – where I keep my personal investments. The portfolio fell around 4% but some dividend income helped stem losses. The loss was largely due to the remainder of my holding in Smart Parking declining 50% after a recent 100% rise from which I took profits. After the fall I took the opportunity to buy more. I also sold my holding in Telstra – I’ll write a little about that in a separate post when I get some time.
Credit debt decreased but as always, is paid out end of month. The business loan decreased and all other debts were steady.
It’s a great feeling to have the fund nice and plump.
The next big goal is saving for a deposit on a commercial property.
End of June is EOFY in Oz and that means an imminent tax bill. I have a little cash set aside for that but haven’t factored it in to my Net Worth calculations. Mainly because running my business for the first full FY in 2017/18 I don’t have a clear idea of what my tax bill will be. So next FY I’m going to put a portion of income aside each month for peace of mind but for now, I’ll just brace for impact.
Overall I was really happy with my saving progress in May.
Savings Rate: 40.6% Schweeeet!
Cash: $18,585 increased 17.73%
Superannuation: $43,318 up 1.04%
Investments: $21,452 down 3.99% (market loss + $500 deposit)
Other Assets: $9,301 down 1.20%
Total Assets: $92,656 up 3.47%
Credit Cards : ($1,449) down 12.46%
Student Loans: ($32,305) steady
Business Loan: ($10,450) reduced 2.79%
Other Liabilities: ($21,500) steady
Total Liabilities: ($65,704) decreased 0.76%
Net Worth: $26,952 increased 15.5%
What goals did you set for 2018? Knocked any out of the park?!
Welcome to the world little guy! xxx
- 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 with Pocketsmith. 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 $55,874 p.a. or more in 2017/18.
- Other Liabilities consist of two loans which are interest free.