End of December means the end of the 4th quarter of 2018, which is a good chance to look over our spending.
We had a bit of a bump in income due to Mrs FMT’s small business.
Total Income $28,344 Oct to Dec
We continue spending extra on the planned necessary house repairs this quarter. Now with the repairs out of the way we can continue increasing savings as of 2019
Total Spend on Home Repairs $7,690.83 Oct to Dec
Even with the home repairs we managed to pay down some extra money on the home loan.
Total Extra Payments on Home Loan $6,074 Oct to Dec
Current Home Loan balance at $-279,357
Just beating our target we set last quarter for end of 2018, to pay down the home loan to under $280,000
Travel for 2018 $2,406
We had two family holidays in 2018 a interstate holiday to South Australia and a trip to the South Coast in Albany.
- Hit 50% savings rate – We have not hit a 50% savings rate yet, December was close at 40% but on average with home repairs was around 25%
- Under $299,000 Home loan – Done $279,357
- Essential house repairs that had been put off – repairs are now done
New Goals for 2019
Under $260,000 Home loan
Home repairs to only come from Home repair fund. ($208/fortnight transferred to a offset account for use on future home repairs)
Earn 100,000 frequent flyer points. (in 2018 120,000 qantas points and 65,000 virgin points were earned) Virgin points were used for South Australia Holiday.
At start of 2018 we had sold one investment property but still had one investment property loosing money monthly and no idea on what our monthly expenses were.
Fast forward to today and we have
- 9 months of expenses tracked
- a separate 6 months emergency fund
- budgeting for future months
- sold investment property
- carried out outstanding home repairs
- have a clear view of where we will be in the coming months and years.
This has not only helps us sleep well at night but to make plans ahead into the future.
Which is handy as the FMT family is growing from 3 to 5 in 2019 with twins expected in May 2019.
How was your 2018? and what goals are you planning for in 2019?