Net Worth (up 6.23%) and Budget Update – March, 2017
Last month’s update can be found here.
Well, this update is a bit late but better late than never. We actually do check our finances on time but then when it comes to posting, we get distracted and it gets put off till later and later and later.
Every month we check our monthly budget and net worth. At the end of every month, we sit down for an hour or so and go through all of our income and expenses for the previous month.
Here is a summary of our March budget:
Income: $13,244.08 (up 47.98% from the previous month)
Well, that’s a great result! Our March income was boosted by Toon’s ex-employer sending through the amount she was owned and yet another record income from Air BnB (click link to get $50 off your next booking) income of $670! We’re stoked by this and hope to keep increasing this semi-passive income stream over the coming months.
Expenses: $6,886.53 (up 29% from the previous month)
What a terrible result which counteracts the great income we had this month. Expenses were high due to the following:
- having to pay $670 for yet another doctor’s visit to appease the government in the bid for our partner visa application
- $1290 in travel expenses as we paid for a cruise in April and expenses for the weekend trip we took to Brisbane in March
These expenses put us way over budget but the travel expenses are self-inflicted and definitely worthwhile.
Monthly Savings Rate: 48% – although below our goal of 50%, it has still been a good month
Yearly Savings Rate: 44.34% – nudging closer to 50% but don’t think we’ll get there this year with only one regular income
We track our net worth to see how all of our assets and liabilities are moving along. We do this for two reasons; firstly, it gives us a good way of keeping on top of our various investments and secondly, it allows us to see whether we are progressing towards our goal of being financially free.
For now, we are including the equity in our home and superannuation as part of our net worth calculations.
Here are our results for this month:
Assets: $742,136.36 (up 3.13% from the previous month)
We are invested too heavily into property and are slowly trying to diversify into shares and peer to peer lending. Although the properties are a mix of one PPOR and 2 IPs in two geographical locations, we would like to spread this out a bit more evenly across the others asset classes that we are interested in.
Our investment into Acorns (get $2.50 free to get you started by clicking the referral link), a micro-investing platform, is going along well.
Liabilities: $327,761.11 (down 0.53% from the previous month)
A drop in liabilities is great! We don’t have as much control over the positive/negative direction of our assets but the good thing with liabilities is that we are always in control. We hope to continue to see this figure drop every month.
Net Worth: $414,375.25 (up 6.23% from the previous month)
And we’ve cracked the $400K mark in net worth! Pretty stoked about that and getting closer to that magic figure which will allow us to stop being slaves to money.
How did your finances look like last month? We’d love to know so feel free to make a comment below.