It’s September 1st, the end of a beautiful summer and the beginning of another financial month.

That means it’s time for another update on how I’m doing on the financial front, whooptidoo! I’m sure you’re not all jumping for joy like I am. =) If you’re looking for previous posts, my updates for June and July can be found here and here. [links expired and now removed, sorry!]

August was an important month for several reasons;

1. I was able to catch up with my credit card use and at the end of the month had not only a zero balance on my card but also money in the bank to pay bills with. HUGE achievement! It has taken me almost one whole year since beginning this journey to get to this point financially.

the small balance owing is because I haven’t transferred the money yet, as you can see by the last statement balance I only owed a few pennies!

2. I made my first ever lump sump payment on my mortgage. It was not a significant amount, only one hundred dollars but it was $100 bucks that went straight to the principle and shortened my repayment period by about 10 days. My normal mortgage payment covers mostly interest. If I can keep doing this I will own my house quite a bit sooner than if I only make the payments the bank requires and I will end up paying significantly less for my house in the end. I hope to continue to make regular lump sum payments even though they may be small! Every penny counts.

and;

3. My net worth increased because of the first two things I’ve mentioned here. While my net worth has been increasing steadily for quite a while, I thought this month was especially noteworthy because my net worth increased by $916. I added $170 to my emergency savings fund, my student loan stayed the same but the mortgage dropped and I managed to have a little bit left over to tide me over until next payday. Icing on the cake.

A good month all in all, completely unexpected too because for the first three weeks of the month I was really not expecting a good final result. As it turns out though my last paycheque for the month really helped me get solid footing with regards to my credit card debt.

My goals for September are;
– Make one $100 lump sum mortgage payment
– Aim for about about $400 in emergency savings
– Make an additional payment of at least $100 towards student debt

I have a few other expenses coming up, there’s a sale on windows and doors I will be taking advantage of this week to replace another window and add a storm door to the house, and I will have to pay for supplies to fix up my dilapidated shed before winter comes around. More on that later!

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