Net-Worth Update Jan-Mar 2016: ~$40,959 (+4,018/+10.9%)

Again, I do apologize for those following my net-worth update since I haven’t released one since last December.

However, I am not going to lie in saying that posting a net-worth update quarterly hasn’t crossed my mind. I had lots of fun with this update because there are so much more things to report instead.

That is why I have decided to change my monthly net-worth update posts to a quarterly thing. This way there will be more things to talk about in my updates and more posts on other subjects throughout the month.

As for my quarter 1 update, my net-worth saw an increase of 11%. This means that I averaged 3% each month.

Although, I am a little disappointed in the numbers here, I must take into account that my I went on two trips during this period (one to Ottawa and the other to Singapore). I also purchased a laptop and spent a sizeable amount on clothing during the holidays. On top of that, I switched from a full-time job to a part-time job which I do not regret. I definitely have more time to improve my knowledge in finance and just to grow as a person.

Anyhow, I digress. Here is how I stack right now:

Assets: $56,221 (+4.8%)

Cash: $1,685

• Immediate plans for my cash position is to save up $5,500 for my TFSA contribution.

TFSA: $39,125

• My TFSA has taken quite a hit lately. Currently, I have maxed out my TFSA to my 2015 limit and will be contribute the $5,500 for 2016 when I have extra funds.
• My immediate goal for my TFSA is to recover to $41,000 (which is my overall book value). I actually got very close to that amount last month until my share in Valeant Pharmaceuticals took a major beating.

RRSP: $13.035

• I took the opportunity to max out my RRSP for my 2015 limit prior to filing my tax returns. In order to do so I had taken out a $4000 loan from the bank which I immediately paid it off in its entirety upon receiving my tax returns. Total interest accrued is $5!

Pension Contribution: $2,376

• I have not received any updates regarding my contributions but I believe that it should be somewhere near $5,000 by now. I will be providing an update once I get one myself.

Liabilities: $15,262 (-8.7%)

Student Loan: $15,050

• Although the interest rate is still the same, I have decided to lower my monthly payment from $300 to $160 per month. I will write about why I did this in a later post.

• In the meantime, I will be looking to lower the interest rate as well. As of currently, I am looking to use my parent’s home equity line of credit to reduce it to a 2.5% annual interest rate and pay off the bank instead of the government.

Credit Card: $212

• Don’t be fooled by the low credit card spending! The only reason why it is this low is because I had just paid it off. Damn, I wish it was this low. I will definitely be looking into budgeting sometime soon.

Total Net-Worth: ~$40,959 (+4,018/+10.9%)