In order to keep track of my financial progress or lack of progress I have decided to calculate my net worth each month.
My net worth as of today (2/2/2016) is as follows.
Cash – $2012.63
IRA – $20,651.40
Roth IRA – $9299.93
Loan – $900
Car/Stuff – $5000
Credit Card – $4400.00
Student Loan – $126,334.94
Net Worth = $-92,870.92
My net worth decreased $1101.34 in January. A big part of the decrease was due to the stock market reducing the value of my IRAs. The almost $600 monthly interest on my student loan didn’t help either.
On the bright side I was able to reduce my credit card balance by almost $2600. Once I have this credit card paid off I plan to take advantage of another 0% credit card balance transfer offer to pay down my student loan.
It will be difficult to make much progress this month. The stock market will have to help me out in order for me to be able to increase my net worth since I don’t think I’ll increase my income this month.