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2020 review

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I’ve been gone from here for quite some time, my last post being a Q1 2020 review. Reading the intro of that post again it was spot on;

The beginning of 2020 marked the start of a new year, a new adventure and much optimism about what such an awesome sounding year would bring (who wouldn’t love a little more 2020 vision in their lives?)…… Then the world was thrown another curveball.

And that’s where I left off. The world wasn’t even sure what was happening yet, and nobody (well not in my circle) could have predicted what was to come.

I’ll jump straight into some thoughts and reflections on each category and then offer some final thoughts at the end.

Edit: reading back it feels as if this post is a bit of a personal monologue – check out my Instagram for more finance-specifc content.

Health – mental and physical

As per Q1 update we started the year on a positive note, a little trip away, the freshness of a new year and the beautiful sunshine.

Q2 & Q3 saw work pick up. I was placed on a special project team to support the business and our staff through the pandemic. Of course, this was on top of my already busy workload with no additional financial incentive. I love a new challenge and was of course on board with it, having no idea how long it would last and ever so grateful that I had a job and steady income when so many around the world were not as fortunate.

Q4 was when the mental strain really started to show. Work wasn’t slowing down – though thankfully my workplace recognised this and I was promoted to a new role and my previous day job was backfilled. It tends to work out that just as I’m about to hit the end of the line, a new life raft is floated my way. This certainly helped ease the stress momentarily.

However, despite that, I had to train a new backfill, as well as a new assistant as the incumbent went off on parental leave and jump in as a lead on a new large project. I continued with all my private clients outside of work hours as they were all essential services, people with disability and the elderly need our support more than ever during an uncertain time.

Then just like that, it was summer again. Christmas was coming, the restrictions were easing slightly. I was able to attend a few social gatherings, which really seem to recharge me. I also ensured I dedicated 1 hour 4 times a week to do my favourite nature walk to the lake and spent more time with family planning Christmas and finalising year end projects, conscious to schedule new ideas for 2021.

The above couple of paragraphs really highlight for me how much my work (including 9-5 and extra work), where I spend 50+ hours per week, really impacts on my mental health. This isn’t really news to me, though it is something that I very nearly let take over my life towards the end of 2020.

The last week of 2020 again threw another curveball with a new cluster appearing, the restrictions tightened up again and suddenly half the family were not able to attend Christmas celebrations. Whilst disappointing, I had recharged and re-optimised my thinking and was able to acknowledge and accept it was for the best with no hard feelings. Christmas would not be ruined, just celebrated slightly differently.

Community & Spirit

Years like 2020 really show how important it is for the community to come together. Humans are hardwired to seek out connection and relationships; with romantic partners, friendships and those whom we can share resources with.

After the initial confusion and uncertainty, people found their feet and were able to make do the best they could. In person gatherings moved to online platforms, some people connected more, some less. I found that in no way did online connections recharge my energy as much as those in the flesh, though was grateful they were an option none the less.

Unfortunately, my regular volunteering hours were no longer an option as many in-person gatherings were cancelled or replaced with doorstep drop-offs. My giving moved to donations of money online, though reflecting back I don’t feel they were anywhere near as generous as I had hoped. I may set some more specific giving targets next year to boost this.

Wealth

I like to focus on goals that are within my control. There is no point hoping that the markets will double my money, as that is not something I can take action on and I’m setting myself up to fail. What I can control is my spending, what I earn (to an extent) and where I invest the difference.

In 2020 I aimed to achieve;

  1. A 70% savings rateACHIEVED
    • In 2019 I had an average savings rate of 62%, in 2020 I hit 77%!!
    • This was in part due to a promotion at my 9-5 as well as an increase in hours in disability and aged care support
  2. Invest $40,000 into the share marketACHIEVED
    • Due to the extra income, and lowered expenses, I was able to invest just over $60,000 in 2020. I’m very happy with this amount.
    • The share market went up and down throughout the year. Overall I’m still achieving an average of 10.1% gains.
  3. Match my superannuation contributions – PART ACHEIVED
    • I started the year matching my employer contributions, however as my income increased I did not increase my additional amount. My super is on track for my age and goals, so I’m comfortable with continuing to contribute an additional amount, without completely matching for now.
    • Many people seeking to retire early would not choose to add in any additional amount, preferring to keep their money in investments outside of super. I understand this, though my aim is to build my investments up in 2 phases, before super and after super. At the moment this gives me the best chance of
      • topping up early and not worrying when I take time out of the workforce to raise a family
      • lowering my taxable income now
      • taking advantage of compound interest over time
  4. Be grateful every day for the wealth I have accumulated ACHIEVED
    • I didn’t really think about how I would ‘measure’ the success of this goal. Though I can say that regularly throughout 2020 I took the time to remind myself of all the things I was grateful for, wealth, health and the community I am part of so I shall mark this as achieved as well 🙂

What would a yearly wrap up be without a pervy look at what I spent? The below table shows my yearly expenses broken down into a monthly rate for all your comparison needs.

Average monthly expenses breakdown

CategoryComments 2020 / month
Total average per month$1816.64
Home & utilitiesElectricity $60.10
Home & utilitiesInternet$65.00
Home & utilitiesMobile$15.00
Home & utilitiesRent$778.69
GroceriesAnything you can buy from the supermarket; mostly food but also - some cleaning supplies, toilet paper etc.$231.54
Toiletries/Skincare$40.16
Medical Finally signed up for private healthcare due to being 31 and earning over the threshold for MLS$92.53
Celebrations & gifts$79.38
Charity donationsI also volunteer time where I can on average 4 hours per month (pre-covid)$33.43
Eating outRestaurants & take away$52.52
EntertainmentGirls weekend away in Q1, a couple of date nights$34.74
Public transportPretty much non existent one the pandemic started$0.83
Petrol2016 Toyota Corolla. I can walk to my day job so this is only used sometimes for side hustles or on weekends.$36.27
Other car costsInsurance, rego and servicing will appear here when it is paid for$123.27
Sports/Outdoor activitiesBike helmet, life jacket$5.00
Clothes & Shoes$40.78
‘Me’ Haircut, books$19.77
Travelroad trip along the coast in Q1, camping trip$67.84
Household GoodsBunnings for mostly plants and Kmart $21.32
MiscAdvert for a new flatmate, parking, domain hosting$25.96

Final Thoughts 

2020 was certainly an interesting year.

There were highs and lows, and even lower lows for some. The uncertainty is not something that humans generally cope well with, myself included. Again this year more than others had reminded me of the incredible privilege I have and urges me more to ensure I am helping to build a better future for not only myself but for others as well.

I was fortunate enough to not only maintain steady employment but to also grow my income and achieve far more than my financial goals for the year. I was also able to nurture a small number of relationships, though was not able to be as active in a wider community as I would have liked. Missing those wider connections highlighted to me that those are still very important and things to continue to pursue in future.

The benefit of hindsight is amazing and being able to clearly look back and acknowledge the hard work that went into the year, identify the triggers that show times when I should have taken a break, and be satisfied that overall the year was still a positive part of the journey with valuable lessons.

One other thing 2020 highlighted more than ever to me was the impact of online platforms. This had both positive and negative results. People were able to get information more quickly and easily than ever before. However, incorrect information was more easily being spread. Some large social platforms also made decisions to delete certain content, and curate (which they’ve been doing for years but seem to be getting better and better) so people are only reading information that confirms their own personal beliefs. Something to keep in mind for future online presence.

Whilst I didn’t find a lot of time to make blogging a priority during 2020, I still chose to renew my domain for another 2 years and reassess as I go. This blog was started to track my thoughts and goals on building a ‘balanced life’ and to network with likeminded people. I believe I have achieved this in many ways. I, like everyone, will stumble from time to time and need to pull back and remember what I’m working towards, though overall I’m very happy with my progress, and with the community I’ve been able to connect with.

The blog has opened up a few other avenues as well, people have reached out this year, despite almost no new posts, to connect, work together or simply say hi. Even this yearly wrap up has forced me to reflect and evaluate the year and to consider what I want the next one to look like. For now it is serving its purpose in my life and I shall continue at a pace that works for me.

Do you reflect on where you are and how far you have come? Have you set a plan in motion for where you want to go next?

Let me know in the comments below what kind of year 2020 was for you and what you are most looking forward to in 2021.

Until next time,
Miss B

The post 2020 review appeared first on All About Balance.


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