The current state of my life

First post, woo! Welcome, welcome.

My name is Bec, and I’m a writer. I’m also intensely interested in personal finance and my long-term aim is to achieve financial independence, preferably through my writing.

This blog is a way to track my progress, thoughts, setbacks, and whatever else floats my boat.

I’ve had a taste of financial freedom in the past (I’ll post about that another time), and I want to get back there. Not having to worry about money sure feels good!

Current situation:
Age: 32
Marital status: Engaged, living together.
Location: Melbourne, Australia
Job: Part-time CRT (Casual Relief Teacher), part-time author.
My income: Varies. I make AUD$300/day from the CRT work. I usually work 2-4 days/week as a CRT, while schools in session. My author income also varies from month to month depending on sales. At present, it’s only bringing in around US$60-180/month. This is an area I am aiming to grow. Last financial year my taxable income was about $25,000. Not counting any publishing income, I’m on track to make $30k+ this financial year from CRT work. Publishing money is a bonus at the moment.
Partner’s income: He makes around $80,000 a year working in warehousing for a major international food company.

My finances are pretty sad at the moment.

Debts:

  • $2500 that I owe my mother.
  • $1500 I ‘owe’ my partner (the cash is going in the joint savings account, but, still…)
  • $4616 I owe on a credit card (0% interest until June)

Total debt: $8616 + $25,730 HECS debt (this is not a priority to pay off at present – payments get automatically taken out of our pay once we earn over the repayment threshold – currently somewhere around the $58k/year mark)

My partner is smart and has no debt (yet). He also has no degree (yet) so this situation may change if he ends up going back to uni once his Aus Citizenship comes through (he’ll be able to get a HECS loan).

Assets:

  • Superannuation $10,300 (this is pretty low for my age, but I worked 4 years in Canada and was paying into the Canadian Pension Plan during that time, instead of my super…). My partner has about $18,000 in his Super account (only been living/working in Aus for 4 years).
  • My personal savings $500 – depressingly low at the moment, and something I need to rectify in the coming year! Fiance is doing much better on the savings front…
  • Partner’s savings ~ $40,000

 

Goals: 
Within the next 12 months:

  • Pay off all my debts (apart from HECS).
  • Not go any further into debt!
  • Make twice as much money in 2018 as I did in 2017.
  • Have $10,000+ in savings by the end of the year.
  • Publish 6 more books.

Within next 3 years: 

  • Make a living from my fiction. CRT only if I want to, not because I need to.
  • Have over $100,000 in savings between the two of us.
  • Get married.

Within next 5 years: 

  • Buy a house?
  • Pop out a kid?
  • Be earning enough from my fiction to support us both.

Some of it feels very far away at the moment, but that’s where I want to be. Come along for the ride?

 

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