I figure a good place for me to start on my journey out of debt, is to evaluate my net worth. As this is my first Net Worth post, this will be the base for all other changes. So lets dive right in!
Debt:
Student Loan: -$18,696 After graduating from a 3 year college program in business, and working hard through the summer, I have managed to get it under $20,000! This may not seem like a lot, but just 7 months ago (April) I walked out of that school with over $25,000 in debt. So in the last 7 months, I have paid off almost $7000 in student loans, with the help of a $2,450 government grant.Credit Card #1: -$1,143 This is so high because I decided I was going to try to put all my expenses on my credit card, then pay it off at the end of the month. Theoretically a good idea to help me build up my credit, but I found I just overspent, and it went up way to high, way to fast. This should be mostly paid off by the end of the month.
Credit Card #2: +$35 I know, I know.. a credit card in the positive?! Well, what happened was It was fully paid off (yay me!) and I used my reward points to earn $50 cash back, which was applied directly to my card, therefore making it positive!
Assets:
Cash: +230 This is my daily account, so it changes all the time.TFSA: +$150 I recently opened a TFSA with ING Direct to start putting money away for a new car and a house. My car is old, a 2002 Neon with 175,000 km. I figure it will last me hopefully another year to year and a half. I do a lot of driving though, with my family being 1-2 hours away. This will be changing though, as I am moving home as of January, but in the mean time, I have increased my daily commute to about 2 hours round trip. When I opened this account, I deposited $100, and got the $50 referral bonus, which was a nice increase!
RRSP: +$100 I recently opened this, as a way to start saving for a house. I have been putting $25 ever 2 weeks, I figure this is better then nothing. This account is with Scotiabank, but I do plan on switching all my accounts to ING Direct in the near future. I don't want to be paying $50 a month anymore!!
No comments:
Post a Comment