Friday, January 29, 2010

January 2010 Monthly Report…

January has come to a close. My annual bonus was received and savings allocated. With the bonus came a large $10k improvement in my net worth. I have $9k allocated into savings with the following breakdown: $2K - Emergency Fund and $7K - Short-term Savings. My spending is a lot better and I am looking forward to making progress in 2010.

Tuesday, January 26, 2010

January 2010 Update…

I am only a couple days away from receiving my annual bonus and this is the first year that I will be putting it into savings instead of paying down debt. I no longer carry any credit cards in my wallet but I have adequate funds in my Checking/Operating Account for any Irregular Expenses.

From my bonus and a little extra money that I put aside, I am going to deposit $2,000 into a separate emergency fund and $7,000 into my HSBC account for Short-Term Savings. I have a $10,000 goal for Short-Term Savings so I will be 70% to goal. I plan to deposit any tax return that I receive into this account as well so I should be close to 100% by summer.

All of my $23,000 in credit card debt is consolidated on one card with an average interest rate of 3% through 1/2011. I plan to reduce this balance by $500/month through 2010. That is the best that I can do with my current budget.

All of my student loans will be in repayment by June 2010. Right now, over 75% are in repayment with a monthly payment of $850.

Monday, January 11, 2010

Status Update...2010

This is a big month and a big year for me.

I consolidated all of my little credit card debts onto one card at 3% until 1/2011. At month end, I will receive my annual bonus which will net after taxes approximately $6,400. I have a small emergency cushion right now a little in excess of $2,000 so I removed all of my credit cards from my wallet with the goal of no more debt. 66% of my student loans are in repayment. The remaining 44% in federal loans will enter repayment in June 2010. That’s it for now. Stay tuned...