Zero Money to Hero Money

I sort of neglected the blog for a bit, but did manage to keep up with my personal finances, although i’m about $500 in debt on my credit card right now.  My car needed some repairs (new windshield), I got a speeding ticket, and I’ve been spending more on gas than anticipated.

The good news is I made about $2,500 in extra income in June and half of July, and should be receiving 2 cheques next week for about another $1,200.  My $10,000 goal for 2008 is definitely going to be attainable, and probably surpassed, this makes me feel great.

I made a major purchase, lease, which might not have been the smartest decision, but it’s something I’ve been looking forward to owning and will help my side photography business.   I leased to own a Nikon d300, grip, a new lens and some extra stuff.  I opened a 2nd bank account, where all money earned by photography sits, and all money for the lease comes out of.

I have 4 more paycheques until I move into my house, that’s pretty scary actually, I need to move my $23K up to $29K minimum to meet my 15% downpayment, but hopefully get it around $31K so i can pay my lawyer and building inspector in cash.

May was a pretty good month, 3 pay cheques, and some solid debt paying off. I also generated about $1000 of extra income this month which was great to have on top of those 3 pay cheques. My goals for May were pretty simple, stick to a budget and get the following accomplished:

Goals for June 1st 2008:

• Line of credit - under $1500 owing - Check (paid off completely $1450 used from RRSP 1st HBP)
• RRSP - add $250 - Check (added $300)
• Car Loan - under $13000 - Check (down to $12749 left)

I increased my Networth by about 30% by paying off just over $4000 in debt, wow! So I guess I need some goals for July 1st, which might be tough to attain. I’m heading to Cuba for a week, as well as a golf trip this weekend, luckily I got some extra work and am using that to fund my trip and spending money for them, so I won’t have to dip into my salary

Goals for July 1st 2008:

• House savings - Increase by $4000
• Extra Income - Make at least $1,500
• Stick to my budget
• Run at least twice a week

Assets:

• Partial Downpayment on house - $10,000
• Car - $16,000.00
• Retirement - $8,500
• Cash (checking & savings) - $0.00

Total Assets: $34,500

Liabilities:

• Line of Credit - $4000
• Car Loan - $13,250
• Couch - $1300
  

Total Liabilities: $18,550.00

Net Worth: $15,950.00

Goals for June 1st 2008:

• Line of credit - under $1500 owing
• RRSP - add $250
• Car Loan - under $13000