I feel like this blog post should be titled “Hello, World!”, since it’s the first time, I’ve blogged in what, two months?
Admittedly, my blogging break was unscheduled but very, very needed. I’d never taken a blogging break before, and after almost five years of cranking out post after post, I needed to take time for myself and regroup.
That doesn’t mean I haven’t been lounging on the couch watching TV for these past few months. I got up to all sorts of exciting happenings that I can’t wait to share with you. But before I do that, I need to update you on how my net worth has faired since my last update at the beginning of November. I’m happy to report good news, which you can read below:
(If I say “my” below, I mean “our” because my husband and I have combined finances, including retirement savings.)
Net Worth: $73,741 (+3%)
Despite December being an expensive month (Christmas gifts and time in New Brunswick mostly), I was able to add about $2,200 to my net worth. This means I’m finally, firmly in the $70k range, which I’m pumped about because it felt like I was floundering around in the $60k range for ages. This increase came mostly in the form of freelance income, my mortgage payment, and my 35% savings rate.
Here’s how the individual accounts in the snapshot above faired:
Consumer Debt: $0
In May, I talked about my relationship with credit card debt, finding balance with my finances, and how I needed to give myself permission to spend money on myself. I’ve since paid off the credit card debt, and I’m happy to say I have not had a relapse.
I made another $1,089 payment on my mortgage this month, which uncovered around $615 in equity. I’m not in a hurry to pay down my mortgage right now, so you can expect this section of my net worth update to be pretty boring for the time being.
I paid less for my home than what it was worth because my realtor is awesome and convinced the seller we were the best owners for this home. As a result, we have some instant equity.
Retirement Savings: $21,650 (+17%)
In December I finally paid off the rest of the money I had borrowed from my RRSP to purchase my home. It started in August at about $4,611, and I’ve used a portion of my freelance income to pay it off. I finally ended up with about $1,000 left owing at the end of this month and I used the money in our renovation fund to make the final payment. Now that I’ve got that taken care of I can divert my resources to other endeavours.
TFSA Investments: $525 (+1%)
Now that my retirement savings are topped up I can focus on growing this account!
Emergency Fund: $10,037 (+1%)
Another month, another 1% added to this account.
I now have some smaller accounts that I’m using to save towards various goals like travel, home renovations, and a new car. Instead of listing them all out separately, here is a summary of where they stand:
- Reno Fund: $1,063
- Travel Fund: $887
- Car Fund: $780
Lots of fluctuations happen in these accounts, but try as I might, I cannot get that car fund over $1,000. That is depressing since I’ve been dedicating a lot of money to this account every month, but car repairs keep leeching away any progress. It’s an exercise in futility.
If you’re doing the math, you know that there is some unexplained money in my net worth. I’ll tell you where that money is: in my planned spending account for taxes, mortgage payments, gas, the internet, taxes, etc.
Previous Net Worth Updates
This time last year, my husband and I were starting out our second year living in Halifax. We were already in full-blown save-for-a-house mode and had a net worth of $44,905. We were living in our small two-bedroom apartment with our two cats and dog, and slowly adding cash to our house fund, which sat at around $16,000 on January 1st, 2016. I had no idea we would be able to improve our net worth by $28,836 in just one year.
Two years ago my husband and I had just moved to Halifax. He didn’t have a job yet, and I was about to start working remotely full-time. We had no debt and a net worth of $26,000. $7,000 of that was an RRSP, $10,000 was an emergency fund, and another $7,000 was savings to get us through the transition.
Hello, 2017, nice to meet you!
You can read all of my net worth updates here; those early ones are pretty hilarious.