Tuesday, September 2, 2008

August update

August is over, Labour Day has come and gone, the CNE is closed for another year, and the 2008 school year has begun. How did last month treat you?

Let's take a look at how I did with my August goals:
  • Reduce my revolving debt to $18,000 - I missed this one by nearly $80, coming in at $18,078.20. August had us hosting friends from the U.S. for a week, as well as spending some time up at the cottage, so there were a number of exceptional expenses that needed to be covered. Excuses are all well and good, but the end result is that I paid down the debt by less than I was hoping for. Still, a $576.02 reduction is nothing to sniff at.

  • Grow my Emergency Fund to $1,900 - Once again, things look rosier on the savings front than on the debt reduction front. I ended August with an Emergency Fund of $1,912.41 in total. This gives me a nice cushion between my bi-weekly paycheque and Ms. Loonie's semi-monthly payday, while also putting me comfortably above the $1,500 target I set for the year.

  • Run at least twice per week - Fail. Between hosting our friends, traveling to the cottage, and getting caught up at work, my exercise plans were thoroughly derailed. I did do a fair bit of waterskiing and swimming at the cottage, but I didn't manage to fit in any running.

  • Try two new recipes for foods that we would usually buy prepared - I'd call this a success. Ms. Loonie and I made gazpacho this weekend, and I whipped up a few batches of guacamole throughout the month. The soup was delicious, as well as being easy (and fun) to make, so I think we'll be making it again soon. I think I'll be setting more goals like this, to give myself some "project" meals to prepare over the months to come.
Now, on to my month-end update:

Online Savings - $2,608.31
Self-Directed RSP - $44,073.75
Employer Group RSP - $7,517.73

Revolving Debt - $18,078.20
Student Loans - $25,420.83

Net Investable Assets: $10,700.76
Net Liquid Assets: ($40,890.72)

A number of irregular expenses and gift purchases hit my Freedom Account this month, so even with the growth in my Emergency Fund, my cash savings dropped by $245.55. However, thanks to a market uptick at the end of the month, my retirement investments finally showed a month-over-month increase, growing by $1,290.77, for a net growth of $1,045.22 in my investable assets. I was able to knock $576.02 off my revolving debt, in addition to progress made on our student loans.

Overall, my net investable and net liquid assets increased by $2,180.39 and $889.62, respectively. My NetworthIQ profile has also been updated (including loose cash, home, car and mortgage). It's nice to see my RRSP grow by more than my monthly contributions for a change, and the substantial growth in all three net worth metrics is encouraging.

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