October was another pivotal month in my personal finance journey. I fully implemented a new tighter budget and I still managed to have a little left over at the end of the month. Here is a link to my October budget. I also made a huge decision in October! Keep reading to see how this affected my net worth!
Cash $1080 –Sometime in October, I felt that it was time to use my six-month emergency savings to pay down my student loan debt. Although I had mulled over this for a while, the timing felt right this time around. I already had a new job in a city that I liked, and I was close to my family. So I did it! I typed $17,500 in the payment box, took a deep breath and hit send.
I can’t say I felt relief or fear afterwards. To be honest, I felt nothing. All I know is that it felt backwards to be trying to get out of debt fast, while sitting on a huge sum of money that could cut that time in almost half. I did keep $1,000 in my savings account for true emergencies.
Car $14,630 –The current value was obtained from Kelley Blue Book. I fully paid off the auto loan on this car in April 2016. Nothing new here, just slowly losing money every month
Investments $72,595 – The entire month wasn’t a great month for the stock market. Even with the contributions to my 403b, I had a net decrease compared to September. On the bright side, the stock market was on sale right?
Student Loans $25,689 – Yes! My student loans are almost 50% less than last month! I am on track to fully paying them off on or before June 2017.
Credit Card $0 – My credit card balance starts and ends at $0 at the beginning and at the end of each month. I do use my credit card for gas, grocery shopping, and recurring bill payments, but it is fully paid off at the end of each month. And as long as I stick to my budget, this is easy to accomplish.
I may not hit my goal for December 2016 of a $75,000 net worth, but tracking my net worth has been the best part of this journey.