$7,531 Net Worth Gain – 1st Quarter 2017
Welcome to the first installment of our Quarterly Earnings Report. At the end of each quarter, I will break down our net worth and talk about major accomplishments and challenges we faced over the past three months as we paid down our debt and lived on a budget. We’ve created a worksheet that allows us to rate our overall effectiveness by comparing our total after-tax earnings with the change to our Net Worth. Eventually we would love to include more metrics but for now we’ll settle for the basics. I might even put this worksheet out for download so you can compare and see how you stack up!
Without further delay, let’s get into it!
As you’ll see in the Progress Report above, our first quarter was very successful. We began this site in January with our finances in a tailspin after moving to a new state and two months of not working. While this time off was intentional, we never anticipated the hole we would dig ourselves into by the time we started our new jobs. In the end, it was this financial hangover that inspired JustAnotherDollar and kicked us into gear to live responsibly and share our story. With my job starting in January and Alyssa working a temporary job for January and February before beginning a great new job in March, our take-home pay for Q1 was only $14,332.31. We managed to convert 53% of our earnings to increase our Net Worth by $7,531.22! Going forward, our base after-tax earnings per quarter should be about $22,000 and we plan to make faster progress towards our debt-free goal.
- I paid off the remaining $2,400 on my car loan!
- Alyssa paid off the credit card balance she accumulated while we weren’t working.
- We established a budget and have stuck with it for the majority of the quarter.
- We improved how we communicate about money in our relationship.
- After two months with no work, getting back into the routine was rough.
- Fine-tuning the budget was necessary to give ourselves some breathing room while still making great progress.
- Settling in for a two-year marathon to clear the remaining $100k in debt.
I would give us an A rating for our first quarter. We had some stumbles and setbacks, but have proven that we are committed to the process and will continue to get back on track. Our effectiveness rating of 53% is awesome and I’m looking forward to tracking it each quarter to see if we can do better. Thanks for reading and check back often for more updates!
What else would you like to see in these reports in the future? What helps you to stick with the plan when you’re looking at intimidating goals?