Net Worth Update

I am LOVING January.  I did really, really well on my spending and really, really well on my Roth IRA contributions.  I managed to contribute just over $1,400 to my Roth and I didn’t spend any money on clothes.  I’ve been loving my shopping “cleanse” and am thinking about turning it into something I do once a quarter which my finances would love.  Let’s check out how I did this month:

·         January:

o   Assets: $12,781.87

o   Liabilities: $(24,986.64)

o   Net Worth: $(12,204.77)

o   Bottom line: + $3,849.09

·         January GOALS:

o   Spend no money in the clothing category (I typically budget $250/month, but I went overboard in December.  I am going to buckle down for this month to balance it out!)

o   Achieve a net worth of $(14,500.00)

o   Contribute $1,200.00 toward my student loans (I ended up reallocating this to my 2013 Roth IRA contributions since this is my top priority at the moment)

o   Build my assets to $9,000.00

I managed to hit every single one of my goals this month and even blew some of them out of the water (net worth, Roth IRA ,assets)!  My goals are going to be pretty similar for February as I’m really focusing on that Roth.  I also decided to start including my checking account balance and Discover card balance.  Typically I budget everything out by the last day of the month and get myself to a card balance of 0, but this month I have about $400 still on my card (don’t worry it will get paid in full!) and about $450 left in my budget (not for paying Discover, purely unspent).

I’m thinking about putting the extra $450 in my Roth, but am also contemplating just sticking it in my regular ole’ e-fund.  I can always put it in my Roth later, but we’ll see what happens!

·         February GOALS:

o   Achieve a net worth of $(10,000.00)

o   Contribute $1,200.00 toward my Roth IRA

How was your January?  Are you on track to hit all of your financial goals?