February Assessment
By Matt - Sunday, March 4th, 2007
Well I took a really long hard look at my spending habits this month including the how’s and more importantly the why’s my spending. The results were a bit scary for me since I saw a bit behind the senseless spending that I’ve done in the past and now I’m trying to move past it. I pulled some of my mutual funds in an effort to get ahead and start being smarter about my spending. I thought this would have a drastic impact on my net worth but in the end it really didn’t because I got an updated statement regarding the value of my pension fund.
The biggest impact this month will have will be in my goals over the next few months and in my spending. I have needed to be more careful about this for nearly as long as I remember, now there are no excuses. Here are my February goals and the results
February Goals
- Get my net worth over $10,500
- Get both my credit cards below their limit
- Don’t use my credit cards at all (unless I need one for ebay to sell stuff)
- Pay all my bills on time
- Get my finances in order finally and start planning ahead a bit rather than struggle from pay to pay
- Set up some realistic goals for the next couple months/quarter
- Finally start selling some stuff on eBay
- Start tracking all of my expenses again
February Results
- Net worth is up to $11,824.11
- Both cards are below their limits
- Used one of the cards sparingly but still used it
- Got caught up on most of my bills – there’s still a couple out there
- Spent time thinking about my spending habits and I think it’ll help me in my overall finances as a result
- Have some goals in place for March that should be achievable
- Reviewed what selling some stuff on eBay might net me and it wasn’t worth the hassle
- Haven’t started tracking my expenses yet though I think I’ll add it to my March goals
Net worth
| Assets | |
| Mutual Funds | $543.83 |
| Cash | $310.32 |
| Stocks | $729.53 |
| Car(approx value) | $9,000 |
| Boat(approx value) | $3,500 |
| Pension Fund | $39,500 |
| Total Assets: | $53,039.85 |
| Liabilities | |
| Credit Card #1 | $6,436.71 |
| Credit Card #2 | $4543.93 |
| Line of Credit | $15,103.10 |
| Car Loan | $13,844.86 |
| Overdraft | $1,287.14 |
| Total Liabilities | $41,215.74 |
| Net Worth | $11,824.11 |
I’m not happy that I no longer have as much money in my mutual funds but getting caught up on my bills was far more important in my opinion. I think the little exercise I went through to help understand why I spend money the way I do really opened up my eyes and now I can affect some change and start forcing myself to think about my spending honestly.
Technorati Tags: net worth, monthly planning, goals, accomplishments
This entry is filed under Monthly Planning.
2 Responses to “February Assessment”
1 Oshun says:
March 4th, 2007
at 7:01 pm
Wow! This is pretty good if u ask me. I think I read your net worth was about $9800 at the end of January. I am only able to increase my net worth by about $600 a month.
2 Matt says:
March 6th, 2007
at 8:37 am
This month was good because I got my updated statement from my Pension Fund - it grew close to 15% for the year which is great. Otherwise I might have lost net worth value this time around.
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