Whoah! January ran by so fast that I just realized I didn’t do a Net Worth update! The good news is that I wake up this morning, richer than yesterday!
I got my bonus deposited, paid my Xmas credit card debts and paid my municipal taxes as well. I am up and running to keep paying off my debts in 2011! As I mentioned yesterday, I was quite shocked to see that I have spent 57K on my credit card last year!
This is actually what I did with my bonus. As you will see in the chart, I invested 5K in my RRSP (my maximum contribution since I have a pension plan) and used the rest of the money to pay off my credit cards. Unfortunately, the biggest part of my bonus was taken by taxes… Man I love living in Quebec, sometimes!
I managed to avoid paying interest on my main credit card ‘cause I borrow money from my HELOC to pay it off completely each month and then I pay off the HELOC with my salary. It really is playing around with money but it was necessary at that time. I should be able to keep dropping my credit cards in the upcoming months as I don’t have many expenses forecast for February.
I have made the statement to pay $22,000 of my debt in 2011 and this is a great start with $5,000 right away. So now I am down to $17,000 as an objective! I’m pretty sure I’ll be able to crush it!
So here’s my assets and liability charts!
CHECKING ACCOUNT $1,000 $1,000 0.0%
$2,339 $2,922 24.9%
RRSP ACCOUNT $18,079 $23,769 31.5%
PENSION PLAN $12,000 $12,000 0.0%
HOME $338,640 $338,640 0.0%
COMPANY SHARES $75,000 $75,000 0.0%
MAZDA TRIBUTE $23,002 $22,568 -1.9%
MAZDA RX-8 $10,400 $10,000 -3.8%
TOTAL $480,460 $485,899 1.1%
|LINE OF CREDIT||$19,512||$19,431||-0.4%|
|MBNA 1.99% TRSF||$10,217||$10,000||-2.1%|
Total Net Worth: $162,906 (+7.06%)
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