January Assessment

Well as it turns out I came up with some reasonable goals this month and for a change I managed to accomplish that which I was striving for. Unfortunately the rough part is that I’m still trying to figure out what the reality of my financial situation is going to be with the new pay. I’m going to be ok but the two-week hump that normally occurs when you change jobs is going to be closer to a month and two weeks for me. I managed to pay most of my bills from my last pay but a couple got left in an effort to have enough money for food. I’m really looking forward to getting paid on Friday to get all of my bills back on track. Anyhow here’s my goals and results from the month of January:

January Goals

  • Get my net worth above $9,800
  • No credit card usage at all (I’m good so far)
  • Put away $125 to mutual funds
  • Find out and plan out my financial situation with my new paycheck
  • After figuring out the financial situation with the new pay, come up with a quarterly goal

January Results

  • Got my net worth above $9,800 – barely
  • No credit card usage
  • Managed to set aside the $125 for my mutual funds
  • Have most of my financial situation figured out
  • No quarterly goal.

Net worth

Mutual Funds $2,111.37
RSP $391.99
Stocks $729.53
Car(approx value) $9,000
Boat(approx value) $3,500
Pension Fund $35,000
Total Assets: $50,732.89
Credit Card #1 $6,615.41
Credit Card #2 $5,070.53
Line of Credit $15,120.67
Car Loan $14,107.39
Total Liabilities $40,914
Net Worth $9,818.89

I think I should be ok with all my bills after this upcoming pay, which is something I’m really looking forward to. Unfortunately I don’t know if I’m going to be able to get my net worth up too much over the course of the next couple months. The sad thing is there’s been little additional saving when it comes to the wedding and honeymoon funds. I’ll post up my goals later today or first thing tomorrow, I need to make sure they’re actually achievable again.

[tags]net worth, monthly planning, goals, accomplishments[/tags]

One thought on “January Assessment”

  1. a couple things about your net worth strikes me as odd. First, is the boat. Do you live on a lake, ocean, or river? How often do you use it? Or are you living on it? I’d ditch the boat unless you are a pro fisherman.

    second, if you have credit cards over their limits, you must be getting hammered by overlimit fees. so i’m not sure about investing more in mutual funds or stocks. Moreover, you do not list an emergency fund. If you do not have one, I’d fund it before mutual funds or stocks. This way, when unexpected costs like your $1000 car repair comes up, you won’t have to dig into the credit card debt.

    Third, if you rely on your car to get to and from work, it shouldn’t be an asset. If you have to sell it, how are you going to work? It may make you feel better about your overall net worth, but realistically speaking you cannot do without a car. Of course, I’m assuming you and your fiance aren’t working from home.

    don’t worry, you’ll get out of debt and into the blue soon. congrats.

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