Finally, a month to see some positive numbers, unspoiled by new student loans or car repairs! After three months of down, down, down, I was really glad to be able to calculate some gains and progress this morning. Here’s the result:
Change: $276 or +0.87 %
I made some slight differences in how I arranged the accounts within my NetworthIQ page. It didn’t affect the total (after all, every dollar that I don’t have is still a dollar that I don’t have!), but I think it better reflects the debts I have, because of the changes I made this month.
Money that I’ve set aside in my ING savings account for paying off my credit card is counted against the credit card balance. Also, money on my second credit card, which is paid off in full each month, is counted against the cash account.
Therefore, the credit card balance is my first card, minus the total of my special savings account. Cash is the total of all my other cash accounts, minus my second credit card balance. This, I feel, better reflects my credit card balance and the amount of cash I have on hand.
Just today, my school withdrew the funds that will make up my last student loans for this school year, so there will be another significant drop in March’s net worth! I’m going to do what I can to cushion the blow, but there really isn’t much to be done about $3,000 in loans!
However, that will be the last drop of its kind until the end of the summer. It will be nice to see the graph climb upward for a few months in a row, again!
For a breakdown of my assets and liabilities, check out my NetworthIQ for February. Since I’ve changed the way I do things a bit, here’s an updated explanation of the different categories used in the calculation:
Cash: NetworthIQ lumps together all cash, checking, and savings accounts into one “cash” category. I have a checking account and a savings account with Bank of America. I also have several high yield savings accounts which are counted, except for my Credit Card Payoff savings account at ING Direct, which I count against my credit card balance.
I also count the balance of my second credit card (which I use to buy gas and incidentals and then pay off in full every month) against this Cash account, since that money is already spent.
Stocks: I have one share of Eastman Kodak stock, given to me by my grandmother. We Rochesterians are fiercely protective of Kodak, and I just keep hoping that they’ll hold on through this digital photography revolution. (Fuji is a four letter word to a Rochesterian!)
Cars: I have a 1996 Oldsmobile Delta 88. I don’t check the blue book value of it every month – it stays pretty steady, since I don’t put too many miles on it, and it had less than 50,000 miles on it when I got it!
Other assets: If there’s anything in this category, I explain it in the notes on NetWorthIQ – usually it’s checks that I’ve received, but haven’t cashed yet, or money someone owes me.
Student Loans: All of my loans are federal, I have no private student loans. They’re currently in deferment while I’m in school, but the unsubsidized Stafford loans are accruing interest, so those are my next target once my credit card is paid off.
Credit card: This number reflects the balance on my first credit card, which is mostly purchases from 2006 that I’m still paying off! Subtracted from the balance is the money in my Credit Card Payoff savings account.