March 2013 - Money Recap

Since we're almost 9 months since the posting last July (Time sure does pass quickly!), it's about time to post something about my current financial status!

Let's see if the numbers look anything like what I projected last year: 

Debt: -$46,733

Assets: $9500 cash

Graduating net worth: $-37,233!! That's amazing!

Now I know that's still completely a red number and there's a long way to go before I pay this off. But with an annual take-home income of $36,000 in R1 and probably $41,000 in R2, it looks like at least I will be on track to get rid of this in two years. Not bad.

The really surprising thing is that I did all this without making too many changes to my standard of living! I attribute this success to the following:

1. Living at home.
2. Virtually never eating out.
3. Not owning a car - taking public transit everywhere.
4. Not having an expensive phone plan/clothing expenses/gym membership/ANY real expenses at all.

At the same time, I travelled, a lot. This last year I lived in 7 cities each, for more than 1 month each. And I did it mostly on someone else's dime. I travelled to 15 countries in North America, Asia and Europe. And all of this doesn't make a dent in my budget. :) Let's keep this up!

I'll be moving to the other side of the country in July and will no longer have the comforts of a cost-free lifestyle. However as I've done before, I think I can keep my expenses down to a minimum and achieve the following:

First year payment: $26,000

Debt balance at end of Year 1: $20,733+$1000 interest = $21,733

Second year payment: $21,733 

Debt balance at end of Year 2: $0

In sum, things are looking up! Let's see how this pans out!