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 9/1/2016 is as follows.
Cash – $3313.19 (-$1080.23)
IRA – $23,904.31 (+$64.57)
Roth IRA – $10,378.74 (+$58.49)
Solo 401k – 992.54 (NA)
Car/Stuff – $4600 (-$100)
Student Loan – $129,663.70 ($111.47)
Net Worth = $-86,474.92
My net worth increased by $46.84 since the last update. An increase is better than a decrease but my net worth is still less than it was in July. I need some bigger increases. I’ve put in a couple of job applications the past week. I’m hoping one of those comes through so I can increase my income.
Although I paid over $700 on my student loan last month the balance only decreased a little over $100. Since the loan charges over $600 a month interest it is really difficult to make progress on paying down the loan. I need to increase my income dramatically to be able to get ahead on this loan.
I’ve been using Personal Capital (affiliate link) to help track my net worth. It keeps track of all of my financial accounts and my student loan making it pretty easy to calculate my net worth each month. It is free to sign up. If you would like to sign up I’d appreciate you using my link. All blog income, including affiliate income, goes to paying down my student loan.