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February Net Worth, March Goals

February 29, 2008

I updated my NetworthIQ page in mid-February, but I updated it again today (slightly downward) to reflect my “end of month” state for consistency. I also quit including “short term savings” in my calculations. That money is earmarked to be spent, and now paying for things like car insurance won’t have much effect. I can see reasons to include it, but the whole point of net worth calculations is to track progress, so it really doesn’t matter a whole lot.

So, let me just say this. I wrapped up 2007 with 13k net worth. After dipping lower in January, I’ve rebounded to almost 15k! The reasons have to do with my new job–I received $2000 in relocation money and $3000 in a signing bonus. Taking that into consideration, the increase isn’t all that impressive. I also probably spent about $600 on random moving in stuff (dresser, file cabinet, cleaning supplies, food, power drill, new art…) Anyway, progress from here on out should be more linear.

March goals

  • Follow my budget. If I do that, I’m simultaneously meeting every spending/savings goal I have for myself. I do reserve the right to adjust my 401k withholding by 1% this month and adjust the budget accordingly.
  • Get my work development plan in really good shape before my meeting with my manager and find out (specifically) what I need to do to be promoted next year.
  • Continue to run 3 times a week (or more)

I’m excited for March, because this is the first month of really using a formal budget! I hope that I can be successful at it!

I’m not certain that my budget is sustainable long term. Ultimately, I would like to spend more on travel and have more room in the “Misc” category. However, my favorite travel partner is a grad student and probably can’t afford big vacations anyway. There has been some rumblings of some friends meeting in Vegas, but I think I can fit that into my current budget. I’d also like to visit a friend in Portland at some point, but the main cost there would be the plane tickets (not too much). I also would like to seriously start saving for a newer car next year, and $100-$150/mo isn’t going to cut it there. I guess my idea is, if I end up having to increase my budget, I will, but if I can stick to this one for awhile, I’ll really get a boost to my savings.

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3 Comments leave one →
  1. March 2, 2008 9:53 am

    I’m glad to find your blog! Great job on building your retirement and savings so soon out of college, and best of luck this month!

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  2. March Goal and net worth update « Stacking Pennies

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