$14,320 Net Worth Gain – 2nd Quarter 2017
Net Worth Update – Q2 2017
Welcome to the second 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. If you’re wondering why we decided to track our Net Worth, read The Importance Of Knowing Your Net Worth here.
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. These reports will change over time as we learn more about our financial habits and receive reader feedback. I might even put this worksheet out for download so you can compare and see how you stack up!
If this is your first visit, check out our previous updates first so you can understand our total picture.
Without further delay, let’s get into it!
As you’ll see in the Progress Report above, our second quarter was very successful. Alyssa started a great new job in March, and our take-home pay for the second quarter increased by about $7,500 over Q1. We managed to convert 65% of our earnings to increase our Net Worth by $14,320.90! Our debt total dropped by a total of $19,297.40! If you’re interested in reading more about our debt destruction journey, check out our monthly debt updates for the quarter.
- We paid off another $19k+ in debt in three months!
- Alyssa took a more active role in our blog and we learned to work together.
- We fine-tuned our budget and stuck to it.
- We continued to communicate effectively about our money.
- Planning out the next few years of our life.
- Balancing others’ expectations with our own goals and dreams.
- Continually working to balance our budget with other wants and needs in life.
- Finding a balance between side-hustle income and quality of life.
- Settling in for a two-year marathon to clear the remaining $80k in debt.
I would definitely give us an A rating for the quarter. Naturally, 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 65% was well beyond our expectations. I’m looking forward to tracking it each quarter to see if we can do even 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?