Our 2016 year in review

In many ways, 2016 was a good year for reviewing our plans for the future. We used the Christmas holiday season to review our intended future and although we never really cemented any plans until now we had some loose ideas about buying a home, retirement and in the event we are blessed with children. More about this in my “Our 2017 year in review”, I think.

Back to 2016, we had a great year in terms of very little surprises that bit into our savings and therefore we kept on track with our Debt Reduction Plan (DRP). We finally gained some ground the last few months when my Child Support payment finally came to an end giving us the benefit of stepping up our DRP.

My wife changed jobs and took on a new role in a field that she truly enjoys in Pharmacy. The good news is she is getting more hours than she did in her previous job which is also good for our DRP. The strategic plan is that in the future when I take the semi-retirement plunge at fifty five, we will be migrating to my wife’s home country and setting up a small Pharmacy of our own. The Superannuation laws in Australia will mean that I must wait until I am sixty before I can draw down any funds so having some savings and small income source will go a long way until then.

Although I have been on the lookout for a better job in 2016 I haven’t been quite lucky enough to land a new one. I have worked for the same government department in law enforcement for twenty years specialising (these days) in training and development. I guess you can say I’ve ‘been there and done that’ and looking for a new exciting challenge. Paying out my accrued Long Service Leave will also go a long way to paying down our debt.

Our Plans for 2017

We currently rent our home for $300 per week; however we have a rather large back yard that takes a considerable amount of time and effort to mow. Our lease ends at the end of March and we considered staying on for another six months. However, doing the sums we have made the commitment to move this March to another property and continue to rent for another year. This will give us time save enough for a deposit on our own home. Also by March 2018 all of our debt we will be gone, nice. That will also help with our Debt Service Ration: the formula most lenders use to determine our ability to pay back the loan.

The Aircon in the Honda (2006) gave up on us last weekend so I have booked her in for some TLC. I did consider buying another vehicle this year but at 175,000 km’s I think she still has a lot of give in her yet. I think repairs over the next four years will be better than a loan and interest. If I can get a new job where I don’t have to drive so far it will also benefit the situation.

Jobwise: My wife is very happy in her new job which is great. However, I am not so happy and will continue to search for a higher calling.

Have a great 2017 everyone.