Friday, August 1, 2008

July 2008 Financial Report: Back on Track

July was an important month for me. I actually became an investor for the first time and saw a very modest increase in my IRA over the closing week of July. My raise at work kicked in, although due to accounting errors this won't have an effect until this month (starting with paycheck #1 for August). Overall the month was far better than June, as I got back to increasing my net worth.

Assets increased but by far too little. I need to focus more on saving. I started rebuilding my emergency fund this month with some snowflakes as well as the monthly $100 deposit from my checking, but I borrowed that $100 to pay for other stuff. I really cannot do this if I hope to rebuild my emergency fund specifically and my assets in general. I'm hoping to pay this back to myself this month.

Debt reduction is continuing apace. I can't say I'm necessarily pleased with the progress, but it's ok as I'm trying to maximize my savings at the same time.

I'm heading in the right direction, although I'm getting somewhat frustrated by a lack of discipline, and also pressure by way of various social obligations that inevitably cost money. Tack onto that my obligation and desire to eliminate a lot of personal debt and things aren't going as well as I'd like. I need to ramp this program up significantly. This end-of-month accounting is great though, as it exposes everything - the holes, the guilt, but also a few bright spots. Due to my taking on more debt last month, I still haven't hit my highest net worth. It'll be a good day when I surpass that.

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