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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!

 

 


It’s Been a Year since He Went Away

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This is more of a personal update and while this event had significant financial implications, I am not discussing them in this post.

It was one year ago today that I prepared to say good bye to Gymnast as he left to move in with his dad. He enjoyed a final Halloween at my Grandmother’s and left early the next morning to drive to Illinois with his dad. I HATED it! I was devastated.

And I spent Halloween night crying in the dark of my room. Already missing my baby and plotting the demise of his dad. (Just being honest.) As hard as raising Gymnast alone had been up to that point, I was not ready for him to leave. I would have never chosen that. I didn’t think he would have either.

But Now…

I know that move was the best thing that could have happened for all of us! I was able to turn my focus to the other kids. Gymnast had taken over my life, all of our lives really. And Gymnast has been able to grow and mature in a way I was not able to help him with.

Our relationships are beginning to heal – mine and Gymnast, the twins and Gymnast and Princess and Gymnast. It has not been an easy road. The years leading up to the move were not easy. But I think we have all turned a corner.

As I look back on that very dark time, I am grateful for the lessons and growth we have all gone through this year. But I would never, ever wish the separation of a family on anyone.

Tonight I celebrate a year of change and growth. I went into it kicking and screaming and crying and terrified. And here I stand, proud and happy, we have overcome so much, together and separate. I am truly blessed.