The September Assessment

In this post shortly after starting the site I came up with some goals to reach in September, here is my assessment of what happened.

The Goals:

  • No Credit Card usage.
  • Pay $550 onto my Credit Cards (Thus decreasing my debt a bit)
  • Deposit $125 into my Mutual Funds
  • Figure out where my Locked in Pension funds are and what control over them I have (longer term detail that needs to be addressed)
  • Come up with a quarterly goal.

The Results:

  • No Credit Card usage
  • Paid $550 onto the credit cards
  • Deposited $125 onto the Mutual Funds
  • Did not figure out what to do with my locked in pension
  • Started Quarterly Goal, but not finished.

The Notes:

I know this is still not a proper net worth statement but I did manage to accomplish some of my goals. The one goal that was flat out not accomplished is one that unfortunately can wait since there is little changing with the pension fund at the moment.

But here’s a rough breakdown of my net worth at the end of September

Credit Card #1 $ 4,781.05
Credit Card #2 $ 4,312.86
Car Loan $15,038.31
Line of Credit $14,997.01
Overdraft $743.11
Total $39,872.34
Mutual Funds $1,339.66
RSP $249.80
Total $1,589.46

I do have a pension plan worth about 30K that would put the assets total a lot higher but I have no access to this money and therefore I’m not including it. So my current net worth is – $38,282.88. This isn’t a good thing. But at least it’s a starting point for getting out of debt.

4 thoughts on “The September Assessment”

  1. Nice work, Matt, especially on the no credit card usage. That’s a good sign that shows you’re on your way to being debt free!

    Have you thought about pausing on those mutual fund contributions until you get your debt paid down? I would imagine the interest rate you’re paying on those credit cards is much higher than what you’re earning on your mutual funds. You’re losing money faster than you’re making it.

  2. Thanks Steve, the credit card interest is currently at 11.5% and I’m making about that with my mutual funds. The amount I’m setting aside is something I set up a while ago as a means to build up some savings (as an automatic withdrawl). It doesn’t hurt me at $50 per pay so I’d like to leave it there as an emergency fund.

  3. I remember getting back to a postive networth! It feels amazing- we’ll have to celebrate weh you get there! You have different ways you can increase your $ too?

  4. I’ll just have to make sure that my celebrating positive net worth doesn’t put me back into negative net worth 😛

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