January 2020 Net Worth

January Net Worth

 

Hi everyone and welcome to my first net worth post of 2020. I hope everyone had a great Christmas, I was able to take a week off work and spent it with family. Now that Christmas is over we can all get back to saving and investing to put us all in better places. My net worth improved slightly from my previous report, I keep inching my way towards $200,000.

Cash & Savings ($7,702.07)  -$1,481.70

Royal Bank of Canada

December January 2020 Change
Cash $1,793.03 $233.86 -$1,559.17
Emergency Fund $1,835.00 $1,836.35 $1.35

In December I paid off my credit card so that is why you see such a big decline in my cash from RBC. Sadly I did not put any money into my emergency fund in the month, the $1.35 increase is the interest I earned.

EQ Bank

December January 2020 Change
Yearly Bills $1,261.59 $1,703.00 $441.41
Car Fund $702.10 $753.47 $51.37
Travel Fund $1,203.79 $720.89 -$482.90
Future Housing $2,388.26 $2,454.50 $66.24
Total $5,555.74 $5,631.86 $76.12

I decided to change the name of one account and give it a purpose. I changed the General/Investing to Yearly Bills, I did this because I thought it would be a good idea to have an account where I could save up for yearly bills such as car insurance, any subscriptions I have (newspaper). I was able to save a little bit of money in every account except for the travel fund, I paid of the rest of my airline ticket so that is the reason for the decline.

Investments ($180,146.44)  + $1,086.85

December Jan 2020 Change
RRSP $118,732.89 $118,910.54 $177.65
TFSA $54,396.01 $55,094.52 $698.51
LIRA $5,930.69 $6,141.38 $210.69
Total $179,059.59 $180,146.44 $1,086.85

I saw some good growth from my TFSA and LIRA accounts this month, my RRSP was a little disappointing the dividends I received in this account accounted for the growth. I guess I can’t really complain because there was growth it could have been worse.

Liabilities $83.50   -$2,416.50

I paid off almost all of my credit card balance going into the new year I still owed $83.50.

Net Worth

On January 1st my net worth stood at $187,765.01 an increase of $2,031.43 compared to last month.

Net Worth Jan 20

Thanks for reading the post everyone, please feel free to comment below.

Thanks

Matthew

 

9 thoughts on “January 2020 Net Worth

  1. A solid month Matthew! We moved higher mainly thanks to the markets and came pretty dang close to crossing off another milestone. Great job getting that credit card paid off! Well, almost paid off!

    Liked by 1 person

    1. Thanks buddy, it was a great feeling when I became debt free last August. Now I have more money to invest with (TFSA) and I can save more as well. Become debt free helped pay for my trip to FinCon next September in Long Beach.

      Like

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