January Progress Report

Another month gone and its time for a progress report. 

Mortgage

• current balance: $60,089
• down from: $62,992
• total reduction: $2,903

Savings

• current balance: $576,578
• up from: $562,738
• total increase: $13,840

Work

Its been quiet so far this year on our campus and student numbers are down which is a concern. Some classes have delayed their start dates hoping they get more enrolments. I think due to Covid people are taking whatever work they can rather than studying in these uncertain times which is affecting enrolments. I've applied for a higher position and have an interview this week. Other than that its been nice to catch up with colleagues in person after only seeing them on zoom for most of the last year.

Health

Well I set a goal to lose 3kgs (6.5 lbs) this month and I did it!  I started the year at 97.2 kgs & today I weigh 92.8. Thats a total loss of 4.2kgs - 9lbs.  I've been walking about 3 days a week and eating better so its good to see that result. I had my eye checks done, got new glasses & booked my mammogram.

It's raining here, lovely and cool and it will do the garden good - soften it up for weeding. I've got to go into work for half and hour to deliver a quick talk and then its back home for an afternoon of crochet & movies.

Ups & Downs... overthinking

 

The last week or so has felt like a real emotional roller coaster. 

All self created mind you, and all in my head, worrying over which way to go with my finances as I start the 4th year of this goal to retire. 

 Feeling panicky and anxious about running out of money, worrying if I'm doing the right thing.  Crazy stuff! 

I've had days of feeling really good, that all is going to plan and we're going to be fine financially. Then I've had days of real anxiety thinking 'what were you thinking! you can't retire!You won't have enough!" and so on...

Then I go over and over where to put the money - the mortgage - the savings - or the work that needs doing around the house - each day preferring a different solution. Just overthinking everything.

Yesterday I started to get a grip on it and reminded myself that the whole reason I made a plan and a blog in the first place was to help keep me on track - on the path that I planned out in my year off. I made a specific financial plan so that I wouldn't be on this emotional roller coaster, so I wouldn't make impulsive decisions or get sidetracked. And so far we are doing better than we thought we would.

Remembering that helped and I do feel better this morning. Its the worst worry/anxiety I've had about it since I started this blog -perhaps its normal to worry as you get closer? I don't know...  Anyone else suddenly panic as they get closer to retirement? 

What I've decided to do is reset my goals for 2021 back to the original goal of reaching the $33,000 mortgage balance. That is the minimum I need to do to reach our five year goals -If we do more thats OK but $33,000 is now the goal. The $650,000 savings goal for 2021 is our salary sacrifice + employer contributions + 7% interest. We already blew past our original savings goal of $500,000 in super so what am I worrying about?

If I have extra I am going to start to build a bigger buffer in the IP offset accounts and start with some of the work that needs doing on the house.

So hopefully I can quiet my racing mind next time it starts to panic and just focus on being in the here and now, not worrying about what the future holds. I'm a firm believer in just keeping on with consistently taking small steps in the right direction - eventually that really adds up to a lot of progress! Right now I need to just work the plan and not buy into the mind chatter.

Aside from that I've been busy at work & have an interview for the higher position next week. Fingers crossed it all goes smoothly!

Image by Gerd Altmann from Pixabay

New glasses.

Yesterday I finally got my eye tests done and my new glasses ordered. It was due about six months ago but I just never got around to it. 

I've noticed I've been squinting more the last few months. I spend far too much time looking at a computer screen so I was pleased to hear my eyes are healthy but I still needed a new prescription. 

My last glasses were wire rimmed, not very noticeable against my face. But now the hair around my face is grey and my eyebrows have gone white so I decided I wanted to get some brightly coloured glasses to add a bit of colour to my face. So the frames I chose are a mix of shiny purple/blue/pink colours - very noticeable! I also got new prescription sunglasses. The cost for both was $349 which I was pleased with. Now I just have to wait three weeks to pick them up.

I also booked my mammogram. They have hardly any appointments outside of work time so its not until February. But that gets another medical check up out of the way. 

Yesterday I was in the library at work looking through a stack on Country Style magazines. The librarian told me I could have them all if I wanted as they were going to be tossed out. Well I said thanks and I now have lovely big pile to read for free. I don't buy magazines as I find them expensive but I do enjoy some of the home & garden magazines so these were a nice freebie!

Do you put off medical check ups or are you up to date with them?  Do you buy magazines?

Back to work!

Yesterday was my first day back at work after the holidays. I always enjoy that first day back as theres few people around and no-one else working in my building so it gives me some time to get organised before it gets busy again.

One of the first things I did was swap my Year 3 printed calendar for my 'Year 4' one. When I set my five year goal I printed of five years of calendars on that first day back at work. Every week I cross the days off as I get closer to my retirement goal. I've saved them all and they do help keep me motivated.

So at the moment I'm working on my job application for a higher grade position for 12 months. I had a meeting about it yesterday, it's certainly going to be a lot of work to get my head around in a short time. 

Our tenants gave notice and moved out last week. Our new tenant has moved in and we raised our rent as it was little behind the current market. So now the rental income completely covers the loan repayments which is great. 

I've also signed up for course/mentoring for the next year to help me create an online business doing the consulting I do in my second job. My plan is to spend this year planning & setting up so that next year I can start doing a bit of work part-time & I will continue that when I retire. That way I can work for myself just one day a week & use that money to live on, leaving my savings to grow for a bit longer before accessing them.

I'm off now for a morning walk!

 

2021 Goals

2021 is Year 4 of my five year plan to retirement! Woohoo!!!!

So far we are doing better than I expected.  DH has decided he wants to work another 3 years and then go part time. I have decided to apply for a higher grade position for 12 months.  My second job is now only an hour a week so the higher grade job at work will replace some of that income. My main goal this year is to pay off the mortgage asap. Its a huge stretch goal for us, but we're going to give it our best shot. Our minimum mortgage goal this year is $33,000. We'll continue to salary sacrifice into super as well and our superannuation goal for 2021 is $650,000

Financial Goals

• mortgage: $33,000 min
• redraw: $10,000
• retirement savings $650,000