Financial Journey – October report
This will be the start for my monthly blog entry on tracking our goals online, similar to how pfblog did. I won’t be technical with accounting softwares and graphs but will just provide a summary every month for the total savings, money earned online and maybe net worth increase. One of my primary goal is to pay off our bad debts but also save for our emergency fund. Then set another goal.
Through the years of working we have accumulated some small assets but have no savings in the bank. I have a car on mortgage which still has 5 months remaining on it, a paid off residential lot in a subdivision and some money ventured on a buy and sell business for used cars.
Total net worth so far in dollars is ($18,000+), I know, pretty pathetic. But that is the challenge. Before I started on this personal finance journey, I had no savings, money I earned is money spent, no savings planned of any kind. We were living beyond our means.
Today was payday plus I just got a downpayment for a gig with a local client. The plan is with the extra money I earn from freelancing I would put 20% to our savings, the rest to add on debt payments. My monthly income from my regular clients I would put 10% to savings, then budget the bills and allowance, the remaining would be to pay off card debt. Money earned online will not be touched and act as a saving as well to be used on any future investments.
October Breakdown:
Assets
First Savings: $192.00
Money Earned Online: $10.05
Liabilities
Debt: $1,000
Car Mortgage: $1,000
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