Monday, December 1, 2008

November update

Somehow, December is already here. I'm not entirely sure how this happened, but the holiday season is upon us, and we're in the final stretch of 2008. How are your holiday savings coming along? Have you been planning ahead for the shopping season? Are you scaling back on your purchases this year?

I didn't set specific goals in November (two months in a row equals a big slap on the wrist for Mr. Loonie), but here's a summary of my progress for the month:
  • I reduced my revolving debt to $15,892.86 - This $498.99 drop pales in comparison to the $1,041.94 I paid off in October, but it's still a good-sized chunk of debt that's now gone. Not much new to see here, but it's movement in the right direction.

  • My Emergency Fund dropped from $2,067.70 to $1,701.46 - What happened??? Did I have car repairs? Did I need to cover a health emergency out of pocket? No, things are fine in the Loonie household, which brings us to the third point...

  • I proposed to Ms. Loonie, and she said yes! - The slowdown in debt repayment and the slight dip in my Emergency Fund are due to my purchase of an engagement ring last month. For most of the year, I've had some money stashed away in a savings account, and I finally put it to good use to pop the question to the woman of my dreams. We're looking at dates in early 2010 for the actual wedding, but for now we're just basking in the glow of being engaged.
Now, on to my month-end update:

Assets:
Online Savings - $3,549.33
Self-Directed RSP - $31,128.93
Employer Group RSP - $7,130.00

Debts:
Revolving Debt - $15,892.86
Student Loans - $23,445.00

Net Investable Assets: $2,470.40
Net Liquid Assets: ($35,788.53)

My liquid savings grew slightly in November, which reflects some substantial contributions to my Freedom Account, offset by the withdrawal from my Emergency Fund. This month had a much smaller drop in my RRSP, which shed only $2,789.20 (as opposed to $6,200.26 in October). Still, the last time my retirement savings were this low was July 2007. These changes translated to a net decrease of $2,590.82 in my investable assets, more than offsetting the $1,066.52 of progress I made in reducing my non-mortgage debt.

Overall, my net investable assets decreased by $1,524.30, and my net liquid assets increased by $1,264.90. My NetworthIQ profile has also been updated (including loose cash, home, car and mortgage). The market took a much smaller bite out of my retirement savings this month, which is a relief. The continuing forward motion in my net liquid assets is good to see, considering that the Loonies have a wedding to plan. Let's keep building those savings and shrinking that debt!

3 comments:

Jewel of Toronto said...

Hi Mr. Loonie, Congrats on the engagement!
I am a new reader and was wondering how to get started tracking my debt, assets etc. Do you use software? If so what?

Thanks!

Shevy said...

Congratulations on your engagement!

Jerry said...

There is one thing for sure... your reason that leads into cracking the emergency fund is a solid one, and very happy news. Congratulations! With dedicated saving you will have some insurance that the fund will be re-stocked in no time, I'm sure. Good luck to you both!
Jerry
www.leads4insurance.com