Net Worth Update For March
As a means of tracking my progress towards my 2007 goals, I am going to be running this as an on-going series of posts. As a bit of background, here are the opening posts in the series:
As of right now I am still proceeding with my plan to pay the minimum amount due on my 0% balance transfer from American Express.
For the month of March, I reduced the outstanding non-mortgage debt by 2.22% which brings the total reduction to 42.72% since the beginning of the year. According to my current plan, I will continue to pay the same amount until late in the year when I transfer the remaining balance out of my HSBCdirect account to pay the balance in full.
With a stated goal of eliminating non-mortgage debt by 100%, I feel this goal is on-track since all of the money is currently sitting in my online savings account earning me money.
Increase Net Worth
With a disappointing close to February that resulted in a 0.33% gain to my net worth, I am happy to report that March was a much better month. The increase for March was a little more substantial as a result of the payout of a company bonus, which was immediately directed into savings.
My net worth has increased by 4.06% for the month of March and that brings my annual increase to 11.10% since the beginning of 2007. With an annual goal of increasing my net worth by 35%, I think my performance in March has helped me recover from the less than stellar increase in February.
It is still going to be an aggressive goal to meet but I believe that I am still on track to accomplish that goal. Right now my biggest concern is the looming expense of replacing the windows in our home. While we have set aside money to cover this expense, it will reduce our savings by a considerable amount. In addition, we will be looking to replace all of the blinds in the house once the windows have been replaced.
Plans for April
As April begins, I am looking to continue funneling money into savings to help offset the expense of the windows and blinds that will be coming in the next month or two. In addition to that, we will be celebrating my wife’s birthday this month but we are not planning anything too extravagant.
As of right now, I still have not completed my income tax return but we have received a modest refund the last couple of years so that may pad the savings by a small amount. My tax software has been shipped by Amazon so I should be ready to start in the next day or two. If you haven’t completed your taxes yet, be sure to enter to win a free copy of TaxCut.
That concludes my progress report for the month of March. The first quarter of the year is in the books and I feel that my goals are on-track and within reach, which means I will be striving to surpass my goals again this year! How has the 1st quarter been for you?