June Update

Greetings all!

Can you believe it is the end of the financial year? How exciting! I look forward to those lovely tax offsets and a slightly nicer return than last year. That return sure as heck won’t be used how the government intends for us, being funnelled straight into our debt commitments.

As mentioned last month we’ve deviated quite a bit from the revised forecast. So naturally, I revised it again. The current forecast suggests at the end of February 2019 we will have a whopping $0.48 left of consumer debt! It is an exciting prospect, being only 8 months away. Heck at this stage I can’t wait until the total figure is under $10k, that will be a great psychological achievement. The below details the revised revised forecast! What a mouthful.

Enter the numbers:

 

Forecast June
Consolidation Loan  $ 12,570.42
Credit Card A  $ 1,450.44
Credit Card B  $ 4,562.88
Credit Card C  $ 4,988.20
Total  $ 23,571.94

 

Actual June
Consolidation Loan  $ 12,696.11
Credit Card A  $ 1,462.44
Credit Card B  $ 4,687.00
Credit Card C  $ 4,988.00
Total  $ 23,833.55


So as you can see we are behind our revised forecast by 
$261.61. This is partly due to the whopping $149 annual fee from Credit Card B hitting this month, as well as the way I account for interest from the consolidation loan. For simplicity I ignore the monthly interest the consolidation loan accrues with the intent of paying the gap the next month. I could figure it out precisely, and have in the past, but I haven’t had the time to automate it in excel, perhaps something I will get to this month. Last month we were $95.07 behind our first forecast position which was made back in August 2018. Happy to say we are only $58.33 behind that forecast now.  I am sure once we receive our tax returns in the coming weeks we will be back in front, which is something to look forward to.

Lately I have been pondering our slowing progress, and it has been getting to me, but just looking back at the August update now and seeing I was happy with an actual result of $50,100.00 only 10 months ago is a testament to our achievement and progress over the last 10 months. Paying down $26,266.45 in debt during that time is a great feat for us. We’ve also moved during that time, had unexpected expenses pop up, and all the while kept moving forward. Here’s a nice visual of the new forecast, the old, and our actual trend:

June 2019

 

Net Worth
Net worth is one of my favourite things to look at, because it shows you exactly how much your wealth has grown by, even though you can’t ‘feel’ that wealth increasing. This month I recalled that I had some old shares through a company plan and tracked them down. They are currently worth $1,273.80, and have been set to repurchase additional shares over the last few years. This was a nice find as the shares combined with our super balances pushed our assets over the psychological hurdle of $100k! Our combined assets are now sitting at $100,509.49. Not a bad position to be in at our age, with our focus squarely on increasing these assets.

Our super balances increased $2,113.06 this month, to a combined $99,235.69. Bringing our net worth ignoring HECS to $76,675.94 and including HECS $49,769.64, shown below visually:

NW June

And our assets:

Assets June

It sure is nice seeing that asset line creep over $100k, even if it is all super at this point. Looking forward to next month’s update, see you then.

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