I’m a big fan of monthly net worth updates because they’re extremely effective at keeping me on track with my finance goals. No matter how slow I’m going (and trust me, I’m going real slow), it’s still encouraging to see the progress I’ve made already. And, if the numbers are a bit too small, it gives me the extra kick in the pants to try harder.
January was a pretty slow month, but let’s take a look at how well I did with tackling my debt…
|Debt||Last Month||This Month||Change|
|Student Loan A||$7,016.05||$6,952.79||-$63.26|
|Student Loan B||$4,093.31||$4,015.38||-$77.93|
|Student Loan C||$11,925.46||$11,818.22||-$107.24|
|Student Loan D||$7,144.36||$7,083.84||-$60.52|
|Student Loan E||$3,394.09||$3,394.09||$0|
I did very well with paying off my debt, but I could have done a little better. This month, I took advantage of Student Loan E’s quarterly payments and didn’t throw any money towards paying this loan off. Now, that’s not a huge deal per se, but I’d like to get back into the mindset of doing whatever I can to pay as my debt off as much and as quick as I can. Beginning this month, I plan to continue my monthly payments.
Now, let’s take a look at my assets:
|Assets||Last Month||This Month||Change|
This area is another example of where I did well, but could have done a lot better.
First, I’m really proud of myself for saving $400 out of my paycheck to keep in my checking account for extra cushion. Although small, this $400 has given me much-needed relief on rent days when Matt’s share of the rent takes a little bit longer to get deposited into my account. That being said, my target savings amount to reach $10,000 savings this year is $833 per month. I’ll need to find some other way to make up the difference.
Last Month’s Net Worth: -$33,171.22
This Month’s Net Worth: -$32,434.63
Change: ↑ $736.59
All in all, I did pretty well but – as you can see from the chart above – I can do a whole lot better. In August, September, and October of last year, I made net worth gains of at least $1,200. So, for February, it looks like I’ll have to curb my spending and squirrel a bit more money away.
Wish me luck!