Half way thru 2020 already!
It seems that the doom and gloom of covid-19 is now past us and we are all continuing on with our new normal. For us in Western Australia, it’s very much back to normal. Parks are open, cafes/pubs are running again and toilet papers back in stock!
We have earned and saved a large percentage of money over the last quarter, with extra shifts and no daycare fees helping to create highest savings rates to date. In direct comparison to the many individuals out there who are still laid off work.
Time to update the progress.
2nd Quarter Income/Expenses
Savings rate: 61%
Savings rate: 51%
Q2 Expenses Breakdown:
Home Loan Balance:
Hopefully a family holiday in Western Australia later in the year.
Highest savings rate for a quarter of 61%
Highest savings rate for a month in June of 69%
Highest savings rate for 1/2 year at 51%
We have under $200,000 left on mortgage, and we are on track for end of year goal of $47,000 paid off home loan($178,023).
We have had excellent savings rate over the past few months. With daycare fees back in July, I expect a more normal savings rate of 30% for the next quarter.
I will be doing a post about our plan for Superannuation soon, we have recently changed super funds and increased our salary sacrifice to help maximize the tax effectiveness of Super. We plan to make sure we match any co-contributions or spouse tax refunds.
Other than that, we will keep chipping away at our home loan and keeping an eye on our savings rate.