Networth November 2012

Well, still not quite where I was in September but making progress in the right direction!

Networth November 2012

I won a cash prize with my team by placing first in my class for a sponsor case competition. (small business strategy, it was fun!)  A small balance in my chequing (a rarity). On the asset side there was a 7.8% drop from last month in my emergency fund which is largely related to bathroom expenses. I didn’t save money for that renovation and cash flowing it wasn’t quite working so I did end up dipping into savings. No change elsewhere, my investments dipped but came back up to where they were at the start of the month, a few changes of cents here and there so I didn’t update those balances.

On the debt side my mortgage and heloc dropped, I paid the balances on my credit cards before having to pay interest and my networth is inching back up over $45k! I also noticed my total debt has now dropped  below $68k, nice! On to the next $1000!

For December I don’t expect much change, my income is greatly reduced because I’m paying a lot of tax right now so I end up with a $0 tax bill for the year. There’s not much to go around after the regular bills are paid. (and there’s still this issue so I’m trying to be careful) I have a roadtrip planned to NYC which is mostly paid for already. So financially my goals aren’t very lofty; I plan to get my emergency fund (listed as FU money) back up to $6k any cash leftover will go toward a small prepayment on the mortgage. (I’ve now prepaid $1,400 for the year!)

 

 

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7 Comments

  1. Canadianbudgetbinder

    December 1, 2012 at 19:12

    Good for you, seems like you made some positive upswings in your networth this month. We never know from month to month with investments how well we will do but who does really, right? Keep up the good work and congrats on the little winfall…! Mr.CBB

  2. Hope your classes turned out well. Looks like you're nearing that finish line! The budget looks like it's coming along nicely.

  3. Just curios, how did you rack up the debt in your HELOC? Was it spent on home improvement?

    • For clarification, not a single penny on that darn HELOC was spent on any fun stuff or widgets. It's entirely house. (didn't want to make that stupid mistake again so I just wrote cheques to contractors from the HELOC)

      • I screwed up the times in the comment I deleted: Yes, the HELOC was previously my student loan, I paid off all my student-related debt in full in January. Once I got it down to zero I paused for a while, then moved about $3,000 from the HELOC to my mortgage because the HELOC has a lower interest rate, the remaining $17k and change has all been sunk into the house. Makes me cry that I went from $50k debt back up to almost $70k but on the upside I now have estimates for re-sale of anywhere from $100k to $125k. I plan to sell within the next two years so trying to save for these projects and pay all cash wasn't really an option.

        • A Dash of This and That

          December 21, 2012 at 15:52

          Wow that's awesome your HELOC has a lower interest rate than your mortgage (or I guess not so much if you have a high mortgage interest rate).

  4. This is just awesome Renée. I predict you can get to $115K by the end of the year :0) Taxes can be quite annoying. I just received my GST/HST papers in the mail from revenue Canada. Don't even know how to fill that out yet >_<

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