Good morning and welcome to February!
Just one month into the new year, I’m happy to report that I haven’t yet busted my New Year’s resolutions. Alongside three sub-goals, I set one big personal finance goal for 2015:
- Get to a net worth of zero after starting the year with a net worth of negative $47,000
Let’s see how I did in January working toward that.
February 2015 net worth update
Here’s how my numbers looked last month:
What I’m proud of: Paying off $2,400 in student loan debt feels great! After a 2014 where I had some good months and long stretches where I hardly paid off any debt at all, I’m looking for both progress and consistency this year. I’m proud of this strong start.
What challenged me: I had a surprise monster cavity that needed an expensive crown, for which I had to pay a budget-busting $500 out of pocket! Luckily, I have an emergency fund to deal with these sort of surprises — and a Health Savings Account for tax-advantaged payment.
What I learned: This is simple; the lesson here was definitely to brush and floss regularly.
Here’s how I spent money in January:
- 59% Debt repayment and retirement savings. Slightly lower than my 61% goal for the year…stupid crown
- 15% Rent
- 15% Food, health, and personal care. Stupid crown…
- 7% Travel and transit. A bit overblown because I pre-paid for some travel I’m doing in February and March.
- 4% Utilities and everything else
Sorry, did you say you needed that as a pie chart?
2015 goal progress
As for my greater goal of getting to a net worth of zero by the end of this year, $3,900 gets me eight percent of the way there, so I’m definitely on track. Here’s that in graph form:
Thanks for reading and thanks for all your help! How was everyone else’s January?