Time for a March financial update.
February 1, 2013 Recap
What I’ve Got
Chequing $ 190.00 (goal is $1,000)
Yearly Expenses Saving $ 541.00
Car Saving $ 50.00 (started saving for a car)
RRSP Mutual Fund $2465.00
TFSA Emergency Saving $ 161.00
Daily Saving RRSP $ 100.00
Work Pension $3476.00
Total What I’ve Got $9847.00
What I Owe
March 1 2013
What I’ve Got
Chequing $ 45.00 (goal is $1,000)
Yearly Expenses Saving $630.00
Car Saving $95.00
RRSP Mutual Fund $2,501.00
TFSA Emergency Saving $ 261.00
Daily Saving RSP $200.00
Work Pension $3,556.00
Total What I’ve Got $10,343.00 (an increase of $496.00 from February)
What I Owe
HELOC $19,167.00 (down $855.00 from Feb.)
March 1, 2013 Net Worth Update
I have decided to NOT include my home (approximate value $200,000) in my net worth. I will be staying here for a very long time and if I move I will still need to live somewhere so I can’t count it as part of my net worth. I would love to move to somewhere that I like better than this beige box but that is not in the picture. Frequently my house is more a drain on my finances than an asset anyway.
I owe $19,167.00. I have $10,343.00. That means my net worth on March 1, 2013 is -$8,824.00. I have a net worth of much less than zero.
Desperate times call for desperate measures. That is why I have come up with a 2 month experiment in frugality inspired by the great Mr. Money Moustache. For March and April I will commit 50% of my net income to saving and debt repayment. 40% toward debt reduction and 10% toward savings.
My average take home pay is $1,300 every two weeks or $2,600 per month. That means I could put $1040 towards my HELOC in March and $260 in to my savings accounts. Taking in to account the interest that I must pay I could reduce my debt by $1,900 in just 2 months.
That would be a great accomplishment. I just have to figure out what I am going to eat and how I will put gas in my car for those 2 months. If I want to move my net worth to a positive number in 2013 then there must be drastic actions taken.
I still have $65.00 in Shopper’s Optimum points so I can get some groceries there. I am well stocked in the personal supplies like shampoo and the all important toilet tissue and should be able to make it through 2 months without any of those purchases. I do not hoard toilet tissue but Costco had a big sale and I bought a couple of giant packs.
I will have to purchase some car registration stickers but that will be covered with the money in the yearly expenses savings account. I will hope for nice weather because my entertainment for March and April will be dog walking.
Aside from my financial goal for March and April I have a blogger goal as well. I need to figure out how to get these numbers in to some sort of a chart so they are easier to read. I would also include a chart listing the first month’s totals and the current month’s totals on the side of the blog. These charts will be 1000% more difficult than living on 50% of my income.