FINANCE YO SELF

Monthly Update – March 2017

Every month I’ll post an update on my finances from the last month, with a focus on increasing income, spending less, and maintaining a high savings rate.  You can see previous updates here.

Results – March 2017

March is finally over, which means I’m about to enter Financial Hibernation – basically the first 3 months of the year are awesome in terms of financial progress for me due to lots of extra income.  The summer is pretty steady – not much changes so I focus on maintaining my spending and controlling what I can control.  It’s a time when progress seems slow, so it’s important to remind myself that what I’m doing day in and day out is progress.

I capped the month off by hitting a major financial milestone:

NET WORTH ZERO!

There’s no doubt a lot of recent progress was due to gains in the stock market.  And having a positive Net Worth doesn’t tell the whole story.  For one, there’s still a large chunk of student loans to tackle.  But to put things in perspective, at the beginning of 2015 I had a Net Worth of around -$40,000.  Looking back even two years ago the progress seemed incredibly slow.

I really can’t stress enough how much tracking your finances will change your life.  I wasn’t in a terrible financial spot in my early twenties – I was saving money and paying off debt, but in a lot of ways I still had my head in the sand.  I can’t force you to take a half hour and figure out your net worth – it’s got to be something you want to do.  All I can do is try to convince you that you have nothing to lose, but everything to gain.

2017 Savings Rate:  62%

Thoughts:

  • My yearly savings rate jumped quite a bit in March.  I finished off my 2016 IRA contributions and got a great start on this years – my goal is still to max it out by the middle of the year and save enough to front load it next January.
  • I bumped up my 401k contributions by a few percentage points.
  • Spending was much lower than last month (no doctors visits!) overall, but still spent too much on food.  Restaurants were pretty stable, groceries were high due to stocking up on a lot of stuff.

I feel good about where I stand 3 months into 2017.  Financially I feel like I’ve hit a stride and have tried to put myself in a more “relaxed” state of mind over the next few months and simply working my plan.  Personally, the beginning of the year has been hectic and stressful work-wise, despite me getting into a pretty regular routine.  I’m hoping things will slow down a little bit for the next month or so.  No vacations planned at the moment so I’m relying on making my free time My time to live the life I want to live.


Thanks for reading!  While I spend a lot of time talking about ideas and concepts in personal finance, at the end of the day I’m just a guy on the road to FI (and also a rhyme machine, it seems) who’s trying to make smart money decisions and connect with others.

If you’re interested, I use You Need A Budget for monthly budgeting.  For tracking Net Worth, I recommend Personal Capital (automatic) or NetWorthShare.com (manual).


Image by 1shots at FreeDigitalPhotos.net

    1. Thank you! I’ve noticed I’m starting to get the “debt free” itch so we’ll see how that goes – but any progress is always a win in my book!

Leave a Reply

Hibernation
Previous post
A Case For Working Overtime
Next post