May Update

Another month down on our path to FIRE!

It is crazy to think that it has already been 10 months since we started tracking our financial position, and during that time I am happy to say we have paid off $27,194.73 at an average of $2,719.47 per month. This is a great achievement that we are very proud of. There have been some set backs along the way, but we continue to do our best each month.

This month wasn’t as good as in the past. Our finances are still playing catch up from our move and all the additional expenses that come from it.

 

And to the numbers:

Forecast May
Consolidation Loan  $ 6,766.61
Credit Card A  $ 0
Credit Card B $ 4,727.73
Credit Card C  $ 5,136.57
Total  $ 16,630.91

 

Actual May
Consolidation Loan  $ 13,170.42
Credit Card A  $ 3,645.44
Credit Card B  $ 4,704.00
Credit Card C  $ 5,090.00
Total  $ 26,609.86

As you can see we are behind our revised forecast to the tune of $10,000. Again this is a little disheartening, but the move had to be done. We should be at our current residence for some time. Hopefully we are up for some decent tax returns that we can funnel straight into our debt! We are also $95.07 behind our original forecast, shown visually here:

 

Forecast

Once our finances stabilise next month, I will adjust our forecast again to try map out where we will end up debt free. My assumption is February 2020 at this stage, which would still be ahead of the first forecast when we started the blog and tracking. I think even though many things have changed over the last 10 months it is very valuable to keep my initial forecasts for comparison. How I like to view it is, if we didn’t make changes, such as selling our car, we would in fact be in an even worse position, and likely have debt to the tune of $36k still.
Net Worth
We’ve seen some positive growth again to our net worth. Our super balances have grown a combined $1,385.13 this month, or $44.68 a day. Visuals below:

Net Worth May

 

Super Balances May

 

See you next month for some more positive numbers I hope!

 

 

2 thoughts on “May Update

  1. Great to see you keeping the focus even through a rocky patch. This is when a lot of people get disheartened and go back to their old ways.

    I like that you are prepared to revise targets as times change, many other bloggers just seem to have this chiseled out plan with charts, numbers all worked out to the decimal like they are Nostradamus! Everything just works, it’s just maths they say. It’s just life I say. Not that predictable.

    It is great for them but for the average Joe that doesn’t have that type of aptitude for numbers it can make what they already think is impossible seem just that.

    Like

    • Thanks for the reassuring words Adam. It’s a hard pill to swallow being a bit behind where we want to be, but like you said that’s life. It’s still better to know exactly where we stand and how long we have left on average til we achieve our goals.

      We are in a much better financial position than we were this time last year and that is the main thing to keep in mind moving forward.

      Like

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