The November Assessment

When looking at what happened this past month I’m blown away by the sheer impact of what happened. My goals were to get my net worth up by about a thousand but the net result is that it went down over $1500. I did end up having a rather costly repair on the car which ended up going directly onto the credit cards.

Other than the car repairs this month was also impacted by the fact that we didn’t really try to save money we just spent it. Eating out a lot as well as a trip to check out a resort for the wedding and visiting some family. Overall I’m very disappointed with myself for this month but at least I can now see the direct impact of spending on my net worth.

November Goals

  • Don’t use the credit cards, and if I do pay the amount back right away
  • Get the credit card debt down to $8,750
  • Increase my net worth to over $12,000
  • Take care of the pension plan details that I’ve been meaning to address for a while now
  • Invest $250 in my mutual funds
  • Track every expense I make for the month and keep my spending to a minimum.

November Results

  • Unfortunately I used my credit cards a bit this month (unexpected expenses)
  • Credit Card balance is at $11325 (up $1967)
  • Deposited $125 into my Mutual Funds
  • Tracked all of my expenses this month.
  • Still sitting on the Pension info
  • Net worth at $9,466.01 down $1,513.48.

Net worth

Assets
Mutual Funds $1,806.71
RSP $331.07
Stocks $630.22
Car(approx value) $9,000
Boat(approx value) $3,500
Pension Fund $35,000
Total Assets: $50,268.00
Liabilities
Credit Card #1 $6,471.62
Credit Card #2 $4,853.03
Line of Credit $15,051.14
Car Loan $14,426.20
Total Liabilities $40,801.99
Net Worth $9,466.01

About the only good thing that came out of this month is that my Assets grew, not a lot but they still grew. If I had been able to get my liabilities down like I had planned then this would have been a good month.

Next Steps

I’m already trying an experiment using pocket cash instead of pulling out my debit card all the time; hopefully this will allow me to cut back on the spending a bit. I guess time will tell; I can’t have another month like this one.

[tags]Monthly planning, credit card usage, net worth impact[/tags]

2 thoughts on “The November Assessment”

  1. Dont be too hard on yourself. November is a hard month, as will December.
    I would suggest trying to NOT use your credit cards at all. It’s a slippery slope even if you have good intentions to pay it back right away. You know what they say “the road to hell is paved with good intentions.”
    As soon as I made a committment to NOT use my credit card, it was alot easier.
    Good luck- I’m sure December will be alot better.

  2. Thanks, Ive been really good about not using my card for close to a year until November. I guess I should go back to not spending money on the card and slowly start paying it back again.

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