February 14, 2011, 5:00 am

February Net Worth Statement +7%!

by: The Financial Blogger    Category: Assets and Net Worth
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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!

Assets: $485,899

ASSETSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
CHECKING ACCOUNT $1,000 $1,000 0.0%
EMPLOYER STOCK
ACCOUNT
$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%

Liabilities: $323,393

DEBTSPREVIOUS
MONTH ($)
CURRENT
MONTH ($)
CHANGE (%)
CREDIT CARD $11,849 $7,818 -34.0%
LINE OF CREDIT $19,512 $19,431 -0.4%
HELOC $263,714 $263,576 -0.1%
CAR LOAN $23,002 $22,568 -1.9%
MBNA 1.99% TRSF $10,217 $10,000 -2.1%
TOTAL $328,294 $323,393 -1.5%

Total Net Worth: $162,906 (+7.06%)

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Comments

Hey TFB,

Is your pension plan a DBP? If so, I’d be interested to hear how you came up with the balance.

Also, no TFSA?, what gives? 🙂

it’s a Defined Pension Plan. I took the value from my employee booklet 2008… can’t wait to have my 2011 booklet in March to update the value!

no TFSA… gotta pay my debts first ;-D
I’m maximizing my RRSP contributions in the meantime…

That’s some solid stable growth right there.

I don’t know the Canadian acronyms…but why isn’t there a non-qualified savings account? Are you able to invade your acronym accounts without penalties?

by: The Financial Blogger | February 16th, 2011 (9:26 am)

@Evan,

I just have my regular bank account for now. TFSA means tax free savings account (investments are not taxed). I will get one probably next year, once my credit cards are fully paid off!