Well its New Years Day and here are the numbers for the month and also for the year.
In 2019 we both earned less than in 2018 so I’m really pleased with how we’ve done.
Mortgage
Our goal for the year was to reach a balance of $100,000. We didn’t quite make it because I’ve had to save the money that would have been extra payments to replace our heating/air conditioning, but we are close!
- current balance $101,991
- down from $104,192
- total decrease $2,201
Retirement Savings
Our retirement savings have exceeded all expectations! We have almost reached our FIVE year goal of $500,000 – and its only the end of year TWO! – A lot of that gain is down to the sharemarket doing well.
Our retirement savings have exceeded all expectations! We have almost reached our FIVE year goal of $500,000 – and its only the end of year TWO! – A lot of that gain is down to the sharemarket doing well.
- me $157,700
- DH $341,226
- total $498,926
- total increase $7,459
Annual Progress Totals
Mortgage:
- 2019 start : $134,483
- 2019 end : $101,991
- 2019 total mortgage reduction: $32,492
Retirement Savings
- 2019 start me: $109,221 – end: $157,700 – increase $48,479 (44.4%)
- 2019 start DH: $267,200 – end: $341,226 – increase $74,026 (27.7%)
- 2019 total start: $376,421- end: $498,926 – total increase $123,505 (32.8%)
Goals for 2020
In 2020 we will be adjusting to a lower income again as I am now just working one job. Its the third year in my five year plan to retire – we’re almost at the half way mark which is both exciting and scary! To reach these goals will require a tighter budget so I’ll be tracking our daily spending more closely. Also I should find out this year if I will be keeping my job or being made redundant which will impact on our plans.
Finances *edited to note goals later changed due to covid impacts
- Mortgage: $67,200
- Retirement Savings; $500,000
- Emergency Fund: $2,000
- Redraw: $10,000
Home
- replace roof insulation
- paint bedrooms x 2, bathroom, toilet, laundry, hall
- clean out garden beds & mulch
new air conditioning family room- repair retaining walls
Health
Theres no point doing all this prep for retirement if I’m not healthy enough to enjoy it so health is my #1 focus for 2020.
- goal weight 75kgs
- lower cholesterol
- regular exercise
Life!
2019 has been a year of starting to step back from being very career focused – its a big change for me as its always been a huge part of my identity. 2020 is about starting to build a bigger, better, life outside of work.
- increase sewing for charity
- more quilting
- more reading including 1001 books list and group
- start attending non-work related workshops/events * on hold due to covid
