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Monthly Net Worth Update and Financial Progress

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Debt Reduction

July 2019:

September 2019: (-$731.37)

 

October 2019: (-$395.14)

October Debt Reduction

 

Not so great for debt reduction at all this month. I did end up buying winter boots, a pair of black dress shoes for work, and a therapy session that won’t be covered by my benefits. This is eye opening for me, though. I plan on paying an absolute minimum of $600 a month to the line of credit now that I have some savings and my credit cards are consolidated.

Savings:

Savings account: $2350 (+$350)

I want to keep saving but I need to put a pause on this now and focus on debt reduction. I feel so conflicted about this, because I have been watching my financial stress dissipate as savings have grown.

Investment account: $506.91 (+$127.91)

This is a fun little investment account I have set up with Weathsimple.com. I’m using it because it’s easy to withdraw from and I’m planning on using this money if I owe for my taxes next year. I throw odd job money in here.

Registered Retirement Savings Plan: $13649.70 (+$382.87)

 

Total savings: $16 506.61(+$860.78). Frankly, this isn’t enough. I need to be saving way more for retirement.

Net worth (based on total savings – total debt):

$-17 573.62 (increase of $1255.42)

The line of credit payment comes out on the 15th and I’m planning on making a large lump sum payment each month. I want to pay a minimum of $600 a month to that, and increase my payroll deductions to my RRSP.

Yep. I need to spend less money.

Little Victories: 

  • applied for a no-fee credit card and no-fee checking account through Simplii (goal to close my expensive accounts by end of November)
  • My credit score became Excellent, but I don’t think that will last
  • I have a Rover gig in two weeks!

 

 


2 Comments

  • Reply c |

    I am so happy that you are going to therapy!! I’m sure there is some sticker shock there and I’m sure it’s difficult to spend that money on therapy when you are so focused on debt reduction. But it is worth every penny and it’s SO GOOD FOR YOU. 🙂

    • Reply Elizabeth S. |

      Thank you!! I found two options that won’t cost me anything for now – an EAP through my work and a provider I can expense about $850 of sessions through. I’m trying both therapists to see which one is a better personality fit.

So, what do you think ?