Personal Finances – February 2009

I made some more progress in reducing my debt this month, with even more reduction next month. My promotion to assistant manager is definitely helping me pay down my bills. My debt causes me a lot of stress. I am always wanting to pay it down as fast as I can, but still have some left over to invest. I am starting to get my future finances planned out a little better along with plans for the site.

There has been some significant negativity for my passive income generation. My savings account yield has been cut drastically in the past year from 5% down to 1.8% now. This year so far has seen a drop from over 3% to the 1.8% mentioned. With such a small yield on savings, I am forced to use it to pay off some of my debt instead. While that should be a priority before savings, since I have an 18% APR on my credit card, I really liked the idea of my money working for me. That’s my whole objective for my finances now! I guess I haven’t thought out my financial position completely, but this certainly helps me see things a little more clearly.

Cashing in my bonds last year to purchase my new car turned out to be a hindrance on my tax returns. I received around half of what I did last year, but what I did receive went towards paying down debt. Most people I know get their income tax check back and buy a new computer, television, or some other luxury item they have been wanting for a long time, but haven’t had the cash to make it happen. It is very tempting to do that too, but luckily I have some discipline to do what is better for me in the long run.

$1,880.62 Total Income

$1,800.00 Monthly Pay
$3.30 Checking Account
$1.01 Savings Account
$6.80 Dividends ($20.40 / qtr.)
$62.30 Prosper Loans

$1,229.47 Total Expenses

$188.00 School Loans
$192.00 Car Payment
$300.00 Food & Utilities
$100.00 Gas
$81.60 Cell Phone
$30.00 Entertainment
$116.90 Insurance
$32.97 Personal Loan
$88.00 Medical Bill

$751.15 Net Monthly Cash Flow
$80.62 Passive Income
7.14% Passive Income % of Expenses

$7,004.47 Total Assets

$989.51 Checking Account
$706.42 Savings
$54.45 Scottrade Account
$62.30 Prosper Account
$9.78 ChaCha Account
$2.98 Paypal Account
$96.82 OneSeason Account
$1,212.27 in Stock
$1,193.00 Loans to Friends
$1,914.97 Loans on Prosper

$27,213.83 Total Liabilities

$14,201.65 School Loans
$9,409.85 Car Loan
$2,314.89 Credit Card
$787.44 Prosper Loan
$500.00 Medical

Related posts:

1. Personal Finances – December 2009
2. Personal Finances – April 2009
3. Personal Finances – March 2009
4. Personal Finances – January 2009
5. Personal Finances – Beginning 2009