$14,578 Net Worth Gain – 3rd Quarter 2017
Net Worth Update – Q3 2017
Welcome to the third 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 launched this site in January, 2017 with our finances in a tailspin. After moving to a new state and two months of not working, we desperately needed to get our act together. 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 Just Another Dollar and kicked us into gear to live responsibly and share our story. These reports will likely change over time as we learn more about our financial habits and receive reader feedback. We may 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 third quarter was very successful. We continued the progress from Q2 and worked on the most challenging aspects of living on a budget. Every category we track saw an increase over Q2! We were able to increase our effectiveness while our income remained unchanged. We managed to convert 67% of our earnings to increase our Net Worth by $14,578.51! Our debt total dropped by a total of $7,321.84 and assets increased by $7,256.67! If you’re interested in reading more about our debt destruction and savings journey, check out our monthly updates for the quarter.
- Alyssa finished paying off the $15k car she purchased in November, 2016.
- I finished paying down the $15k in credit card debt we had accumulated before and during our move.
- We continued to fine-tune our budget and stuck to it.
- We continued to improve our communication about money.
- Balancing others’ expectations with our own goals and dreams.
- Finding a balance between financial priorities and living life.
- Setting priority between side-hustle income and downtime.
- Remaining patient and sticking to the plan.
I would definitely give us an A rating for the quarter. Naturally, we had some stumbles and setbacks, but overall we are achieving our targets and maintaining our sanity and happiness. Our effectiveness rating of 67% was beyond our expectations, considering we spent some time (and money) celebrating a debt milestone in this quarter. I’m looking forward to next quarter to see if we can achieve $50,000 Net Worth Gain in 2017. 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?