March 2017

March 2017

 

Assets March 1st, 2017 April 1st, 2017 Change
Cash $4,070.67 $3,767.05 -$303.62
Emergency Fund $3,427.26 $3,657.52 +$230.26
RRSP $12,312.80 $12,438.93 +$126.13
TFSA $3,771.95 $3,773.85 +$1.90
Lending Loop $615.69 $621.99 +$6.30
Total $24,198.37 $24,259.34 +$60.97
Debts
Student Debt $31,436.64 $29,849.86 +$1,586.78
CIBC Credit Card $51.95 $121.23 -$69.28
AMEX Card $1,349.49 $228.05 +$1,121.44
Total $32,838.08 $30,199.14 +$2,638.94
Net-Worth -$8,639.71 -$5,939.80 +$2,699.91

 

I hope every one experienced a profitable March. I was able to increase my net worth by $2,699.91 this month with the 5th week in March playing a helpful role. Doing a little math over the past few months in 2017, if I keep up this progress, I am on track to increase my net worth by almost $36,000 this year. Planning to rid myself of the big negative from out front of my net worth in the next 3 months. Keep striving for financial independence!

 

A lot of my focus this month was managing credit card debt as well as paying off my student debt. This was mainly due to my current attempt at churning credit cards for rewards points. I was able to meet my American Express minimum spend requirement of $5,000. This should award me 40,000 reward points that I will likely use for travel. $5,000 was a lot for me to spend in three months and forced me to come up with creative ways to make up the amount. This was my first attempt at “churning” and so far I was able to handle it and keep on top of monthly payments. I am not sure how some individuals manage with 3-4 cards all on the go at once but I am sure with practice I will be able to get a handle on it. I will have to do some research on which card to apply for next and ask my mentor for some assistance on where my focus should be. If you are interested in churning (applying for credit cards, meeting the minimum spend and receiving rewards points reach out to me and I could share some resources with you to get you started)

 

I will now be able to chill out on my spending and get back to saving and investing as much money as I can. I have also taken an interest in real estate investing. This has taken seed in my mind as I am getting tired of the renting livelihood I have been a part of for the past 6 years or so. It truly only takes one bad tenant in an attached house to motivate you into your own house! I am hoping some of my readers are real estate investors and are willing to reach out to me. I would love to pick your mind on a few topics such as getting started and raising the initial capital for a down payment. If you know anyone whom has experienced some success in real estate please let me know!

 

That’s all I can think of for this month. I hope everyone is having a delightful spring and are bumping up those saving rates!

 

Cheers!

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