1st Quarter 2019 Update

We are already past the 1st Quarter of 2019! Time to update our progress.

Mrs FMT’s small business made a nice extra bit of income this quarter.

Total Income $24,854 

Total Expenses $14,940 

Savings Rate 40%

Home Loan Balance $-268,503 (Down $10,854)

Putting us $8,500 off our goal for 2019 (will need to update our target of end of year.)

Travel $824.5

We had a week pre-babies in Dunsborough in the South West of Western Australia. Beaches, animal farms, parks and ice creams.

7 days $414.5 spending and $410 accommodation

Total $824.5 $117.78/day

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Goals Update

  • Hit 50% savings rate – We have not hit a 50% savings rate yet, March was close at 46% but on average 40% which is a great improved on 25% last quarter.
  • Under $260,000 Home loan – $8,500 to go

New Goals for 2019

End of Year to have Home Loan balance at $245,000

Overview

Spending was higher then expected due to one off purchases for the twins coming in next few months.

We managed to put away a nice amount onto the mortgage, although this is expected to drop in coming months. With Mrs FMT  finishing up work and Mr FMT pay to be reduced whilst taking time off to be with the new babies.

March was our first full year of expenses tracked, which is a great milestone as this is a huge part in increasing our savings rate by being aware of all expenses.

Thanks