Category Archives: retirement funds

Retirement Savings -Mortgage changes

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The last two weeks we’ve all been sick. DH and I both ended up off work for a week – this latest cold really does knock you about! I’m going back to work today but I certainly don’t feel like I’m 100%.

Yesterday I made a change to our retirement funds. They had been in the hostplus Indexed Balanced option and I have now changed them over to the Balanced option. Although the balanced option has higher fees, it is performing better and has a more diversified portfolio. I think that we are headed for difficult times in this country with the re-election of this dreadful government – maybe even a recession? So having a wider range of investments should help to buffer our savings a bit from a downturn.

I have also been reconsidering our extra mortgage payoff progress. Our mortgage is only 4% interest, our retirement savings could be getting 12% (based on last years figures). Financially its a smarter decision to put it in retirement funds than off the mortgage which is already well ahead. What I am thinking of doing is just paying the interest amount as the extra payment each month ( now just over $400) and putting all the extra into retirement savings. So the goals for the year will change a bit as we head into the new financial year.

Retirement savings & hard to find good tradies!

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I check our retirement accounts each fortnight after the payments have gone through. I was happy to see that we have now reached our goal for 2019 which was $420,000!  … and its only 3 months into the year.  Of course the market fluctuates and its been up lately, but its a good feeling being able to cross off one of my goals so early.

The mortgage is now down to $124,287. next goal is end of Year 17 balance – $119,519.

No painting got done again this weekend – DH wants to do a bit more prep work and it will need undercoating in one area. I just want it done asap but I’ll have to be patient – he’s not the most enthusiastic handyman but he’ll get there eventually.

We’ve been having problems with our tap in the kitchen for a while and with a banging water pipe in the bathroom.  We had a plumber organised to come and fix on the weekend but he was a no show and no notification he wasn’t coming – its very frustrating.This is the second plumber we’ve arranged to fix it and the first one did the same thing. Why is it so hard to get a tradesperson to just turn up!  So we’ll have to try a third one now.

On a good note we had a second solar heating company come and measure up. They have a really good system that would see us change to gas hot water and any excess KW gets used to heat water first, then excess over that goes to the grid. It does a cost a bit more and we’re waiting on quotes. They also commented on how low our electricity use is which was nice as we do try and not waste it, without being misers. It will be interesting to see both quotes and the savings projections.

Well its 5.45am here and its raining steadily. The sound of it is lovely. We need the rain and the cooler change is great.  I have only about a month to work and then I’m having some more time off which I’m looking forward to. Time to do a few chores before work.

Good news!

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Well the good news is that DH still has a job!  His job will be part-time and he will be paid out for the days lost. So his actual income will stay the same for a few months while that payout happens. It really the best option we could hope for in the current workplace environment. Someone else was laid off yesterday so we’re just glad he’s still got a job.

So in looking at our finances my first goal now is to pay down the redraw to $0 and then cancel it. Then we’ll get back to our mortgage payoff goal.

This weekend I’m finishing up our tax paperwork so I can submit it next week. Our tax return will go a long way to reducing the redraw.

Its a relief to know whats happening and now we can get on with redoing the budget.

In other good news I checked our superannuation fund and we have reached our goal for for 2018 – $380,000 in retirement funds!   and theres still five months of the year left.  Thats two goals for the year achieved and three more to go (mortgage $100,000, redraw $0 & weight 70kgs).

Time to go – I’m heading outside to try and watch the lunar eclipse.