Tuesday, February 3, 2009

January update

January is over, and we're into the second month of 2009. Let's take a look at how I did with last month's goals:
  • Reduce my revolving debt to $14,800 - Bingo. I ended January at $14,791.24, a drop of over $400. Not a bad start to my year of debt reduction.

  • Grow my Emergency Fund to $1,650 - Another triumph: I'm currently sitting at $1,653.29. Not a huge growth from December's $1,589, but it's moving in the right direction.

  • Grow our Wedding Fund to $1,260 - I hit this one, too, ending the month at $1,318.03. We'll likely need to put down a deposit for a photographer within the next month or two, so it's nice to have this cushion set aside.

    NOTE: Since this money is earmarked to be spent on our wedding next year, any valid wedding expense that we pay for from this account will not reduce my progress on this goal. This may seem like funny accounting, but the real goal here is to pay cash for the wedding, so I don't plan to penalize myself for using these funds as intended.

  • Run an average of twice per week, and play squash at least once per week - Whoops. I did manage to play squash once a week, but only ran once, and briefly at that.

  • Try two new recipes, with a focus on doing as much as possible from scratch - Another flop. Our weekends ended up being far more chaotic last month than we anticipated, and although we weren't too bad about eating out, we didn't get to be creative in the kitchen.

  • Write detailed posts on three subjects - I did manage to churn out three posts (besides my update posts), but hardly the treasure trove of insight I was hoping to produce. Shall I now throw down the gauntlet and attempt to redeem myself during the year's shortest month?
Now, on to my month-end update:

Online Savings - $1,750.45
Self-Directed RSP - $29,744.12
Employer Group RSP - $13,164.00

Revolving Debt - $14,791.24
Student Loans - $22,315.18

Net Investable Assets: $7,552.15
Net Liquid Assets: ($35,355.97)

My liquid savings (which don't include our Wedding Fund, since this money is already pretty much spoken for) held steady, with some expenses coming out of the Freedom Account offsetting the Emergency Fund growth. This month saw a jump in my RRSP, due to my year-end bonus and some payroll contributions. These changes translated to a net increase of $4,590.72 in my investable assets, along with a $987.62 drop in my non-mortgage debt.

Overall, my net investable assets increased by $5,497.34, and my net liquid assets increased by $850.72. My NetworthIQ profile has also been updated (including loose cash, home, car and mortgage).

1 comment:

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First time I see somebody to have so exact and precise personal finance plan! I always advice my clients to have a proper plan, but who is following it, when there are so many nice things to buy, so many opportunities how to get rid of some loonies ...