Here is the breakdown for the month:
Assets
Car Value - $2,480
Prosper Loans - $232 (I am pulling out of Prosper)
Cash Savings - $394
Debts
Student Loans - $2,3821
Credit Cards - $5,547 (AmEx $750, BoA $4,797)
Scooter Loan - $2,445
Net Worth
-$28,707
I may have paid off my car this month, but I was a bit lax and increased my credit card debt by a couple of hundred dollars. I'm a bit disappointed in myself.
Savings
This month showed a steady increase in savings, though I'm not making nearly the headway that I would like.
Emergency Fund - 9.9% (7%)
Thailand Fund - 0.8% (0.8%)
Medical Fund - 8.3% (5%)
Auto Fund - 0.0% (0.0%)
Down Payment Fund - 0.08% (0.08%)
The numbers in Parenthesis indicate last months status. As you can see, I've been stable or increasing all month. I gave my Savings a raise this month by increasing from 5% of my paycheck to 6% of my paycheck. It's not an enormous increase, but every little helps!
I did indeed manage to pay off my car this month. It was a great feeling and not having that $200 payment allowed me to reanalyze everything. I made the decision to quit my extra jobs which will enable me to be less stressed and focus on my writing more. It's already lifted a huge weight off my shoulders. I'm finally in a position where I am earning more money than I need for bills with my regular job.
I did indeed manage to pay off my car this month. It was a great feeling and not having that $200 payment allowed me to reanalyze everything. I made the decision to quit my extra jobs which will enable me to be less stressed and focus on my writing more. It's already lifted a huge weight off my shoulders. I'm finally in a position where I am earning more money than I need for bills with my regular job.
This month I'm going to try very hard to pay off my American Express card. It won't fit within my current projected income, so I'll need to try and make a little extra money somehow this month. If I pay it off, I'm down to just three debts.
So, my November goal is to pay off my American Express card!
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4 comments:
Your progress is good right now. Doesn't it feel great to have a debt paid off so that you can reallocate the money to something else?
It is good to see more people tracking their finances so they can get rid of debt.
My net worth is negative too....but I am working on it.
Redd,
I came from DBT Blogging Idol 2. I was inspired to start blogging after following few personal finance blog like yours. I'd never think it will change my life.
Good Luck to you.
Thanks so much for the encouragement, Lulugal and Raghu!
I'm glad that you are here sharing my journey with me.
yu are on the right track
http://ashok-discoverindia.blogspot.com/
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