It’s that time again! Time to check in on all my bank accounts and tally it all up to see where my net worth stands.
January 2013 Net Worth
Liquid Assets: $1,250.84 (-$727.87)
Checking Account:: $1,200.84 (-$777.87)
Emergency Fund: $50.00 (+$50.00)
Long-term Assets: $11,471.42 (+$885.13)
Roth IRA: $11,471.42 $10,586.29 (+$885.13)
Debt: -$4,972.82 (-$1,327.20)
Credit Cards: $776.26 (+$19.30)
Student Loans #1: $0.00 (-$956.96)
Student Loans #2: $4,196.56 (-$50.66)
Current Net Worth: $7,749.44
Change in Net Worth: +$1,484.46
Thoughts:
Net worth wise I moved in the positive direction by a lot! Quite proud!
The stock market helped a lot with the rise of my roth IRA. I also went crazy midway through the month and decided to use my emergency fund in a non emergency way – paying off my student loans. Let’s call that one a mental emergency.
Though the numbers aren’t bad this month I’m a little worse off than I was before. This mainly is in the terms of cash flow as I’m more or less doing paycheck to paycheck right now trying to stay afloat after impulsively paying off a student loan.
I still need to pay rent and utilities for this month so that $1200 in cash will disappear quickly in the next week leaving me with paying off my credit card balance on next paycheck. I’m still able to do it, but I am getting more nervous about not paying off a balance.
I’m down to just one student loan though and it’s only $4k. I can see that getting knocked out pretty quickly if I can reign in our family spending a bit. That’s the biggest problem right now so I’m hoping this month we get with the program and find ways to spend less but still have fun. Fingers crossed.
My next goal is crossing the $10,000 mark for Net Worth. I know it’s pretty small time for most people, especially other personal finance bloggers, but that will be a huge celebration for me. I can’t wait! Just a couple more months I think. :)
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Nice job on the net worth gain, that’s like over 20% in just one month :0) I think it’s better to pay off debt than to keep a large emergency fund anyway because you’ll be saving money on interest :D