Anyway, due to me more or less tracking my expenses for the entire month because of the limit, I'm omitting the expenses category for this update if for no other reason than it'd be pretty redundant to do so.
So let's see what my limited variable expenses did for my net worth!
DEBT REPAYMENT: A lot has happened and changed for my debt in this month than any previous month since I finally paid off my credit cards of all consumer debt. First there was the credit swapping I did. Which then led to my student loans dipping under $30,000 owed for the first time ever.
With that said, I still owe someone over $30,000. I still have a debt over that amount. Just that right now I don't owe one person, I owe two people.
What does that mean for my payments as a whole? Well for now, I'm slashing the extra cash that normally goes to my student loans and contributing them to my credit card for now.
So student loans will only be serviced minimally for now, and will depend on various contributing events next month, including taxes and some freelancing and other things. regardless of the expected interest rate on that card, I would like it paid down sooner than later. Mostly because there's a 15 month expiry date on paying back that balance transfer before it hops from the promotional 0.99% owed to my regular 18.99%. And I'm not exactly keen to find out if I will be charged for the full transfer and not just what's left to owe at that time or not.
So essentially, this month to service my debt, I not only paid the minimum in student loan repayment in my own actual money, I also paid an extra $257 dollars on top of that of my own money to pay down my credit card.
I almost paid back more this month than I did last month... with only two pay cheques.
INCOME: Yes I am back to two pay cheques this month, and no holiday pay too, mostly because uh... they forgot to credit my Christmas overtime to me. Again. Whoops!
Anyway, I did end up getting a cheque from my job for some freelance work I did on a different project so that was a nice boost but other than that... nothing special came to pass really this month as far as my earnings went.
In other words, the kind of month I usually plan my spending around. And for that reason have to be more or less careful with my money all the time.
SAVINGS: It was a pretty good month. I saved over $150 more than I had originally planned to, and that is mostly thanks to the additional saving I made by limiting my variable expenses. Because I'm boring as heck and more or less redirected all my extra money into my savings accounts this month, hopefully to make up for my craziness of the previous two months.
Now to be honest, none of that money ended up being directed to my TFSA other than the obligatory $40 I send it's way at minimum a month, even though I managed to succeed in getting a brokerage account within it to actually start doing something in it. But that's another story in which to share.
Most of the extra money went in two other places rather: my emergency fund and my short-term savings account.
The emergency fund because every month I get more nervous as to how small that is compared to what so many personal finance people say it "should" be and so wanted to get reasonably closer to $1000 in that fund and more or less succeed in socking away a full month's expenses for me.
The other place went to my short term spending account, one because I have a birthday dinner to treat in March (my sister's) and I also have that dentist appointment I've been procrastinating but getting more necessary to do.
So what's the damage for the month of February?
CURRENT NET WORTH: $-29,927.91 (+2.92%)
I HAVE ASSETS!!!
Okay, my assets are still relatively tiny compared to what they should be at my age, not to mention that I am still way way way in the negatives when it comes to my actual net worth, but you see that number above?
That number says that despite the fact that I currently owe over $30,000 somewhere to someone, I have enough cash saved and set aside that my net worth value is under $30,000, proof that my new habit of squirreling money is actually finally starting to do something for me that I can see with my own eyes in the fact that, like my student loans, I'm worth negative five digit figures that starts with a two, but not a three!
As for the actual dollar value difference while on my quest for a $15,000 net worth increase by year's end... well I actually only went up around $900 net wise, $100 under my minimum $1000 that I generally need to look for monthly.
Which is fine.
This month was a bit of a lean month for me due to work and earnings. But next month, between my refund, some freelance cheques, a holiday payout not to mention I'm working a day's worth of overtime thanks to the Canadian unofficial holiday known as Trade Deadline Day... I should be getting some extra cash that can hopefully make up for that missing $100 (and perhaps then some) in short order.
And so, on to the next month!
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