Net Worth = -$33,329.80
Total Liabilities = – $20,985.25
Variance from Last Month: $2614.52
This month is a double whammy with two months rolled into one – I’ve been working on a few side projects (which summised would be me quietly frothing over Personal Finance) so have left my self a tad time poor. Back into a groove now and very keen to provide my latest nude selfie a.k.a. Net Worth Update.
Wins This Month
1.) I’m $2614.52 Wealthier than before!
Even though my liabilities have remained pretty stagnant, my savings and investments have increased leaving me with a $2.5K gain. Still feels like a drop in the ocean but if I’m going to get anywhere, not to mention ensure I keep my focus, I need to celebrate every little success. I’d reccomend you do the same! Hopefully this time next month I will be celebrating paying off the sum of one of my debts with a romantic little dinner for two!
2.) Acorns Make Mighty Oaks
Thanks to Abbie at Ferdydurkingblog.com I stumbled across a nifty little app called Acorns. Having wanted to start investigating an investment portfolio but being too busy turfing out the remnants of my consumer debt, I was struggling to work out how I would be able to launch out into that field any time soon. With Acorns however you can automatically invest spare change into a diversified portfolio for a minimal fee. I currently only have a handful of dollars invested across a diverse portfolio but it’s proven the perfect, low risk opportunity to learn a little bit more about the markets.
The real winner though with this app for me, is the fact that it rounds up each of your purchases made on your Debit card to the nearest dollar, the makes an automatic debit of that balance a couple of times a week (they wait until the round ups equal $5). As I mentioned after my Minimalist challenge in this post, the more you can automate, the better to avoid decision fatigue. The fact that Acorns is forcing me to save/invest means that with every transaction I make, I am saving. So if you see me smug smirking while handing my card over for coffee, this is the reason why!
Be sure to be speak to an independent financial advisor before you start making any significant financial decisions. For some guidance as to how to go about this I’d recommend checking out ASICS – their resources and advice are a great start.
Spins this Month
1.) Keeping my Finger off the Trigger!
As it is wont to do, life has happened at various point in the past few months, leaving me responding in an emotional way. As I’ve mentioned before money is inherently emotional, you only have to look at the markets/investors respond to any significant event to know that emotional triggers dictate people’s financial decisions. When I found my self in a few challenging spins over the past 60 days the important thing I have cut my self a little slack on the savings front and indulged in a casual box of three or Mars Bar Ice Creams. 3 times a week. For 3 Weeks.When I go for some food based relief, I go all in!
It wasn’t ideal but the important thing is I do know my self well enough to know that this is my go to coping mechanism when challenges arise, I make allowances for my ‘triggers’ by planning in advance with a little bit of money put aside just in case. Prevention would be better than cure but aside from fire-bombing the freezer aisle of Coles Supermarket just in case I think having some chocolate funds is a good half way house, right?
Until next time Finance Fans