Net worth update: June 2014

It may looks like I am down a bit this time but that is partly due to me buying a house. Part of the first offering was to include a deposit of $2,500. I am in the process of getting things together to complete the purchase of my first house. In about a month and a half I will be moving into my new home. I am excited by the idea that I will be a home owner but I am also excited to see how much I can save in the future. According to my calculations, I should be able to save even more once I moved in. That is due to the fact that I may not be driving as much since the new place will be a lot closer to work. Also, the amount that I will be paying for auto and home insurance will be less as well.

You can see that a good chuck of the funds has been moved out of my RRSP and into my cash account. I have opted to use the Home Buyer’s Plan (HBP) to buy a house so I withdrew about $25,000 from my RRSP to help make a 10% down payment. I have been savings for the past couple of months to cover the remaining balance and the closing cost. By the time the closing date arrives, I should have enough to cover everything.

I am hoping that by the time I move in, my net worth will start to go back up again.

Cash savings: $21,342.68
RRSP: $11,841.34
TFSA: $1,133.27

Credit cards: $798.25

Net worth: $33,519.04
Change: -$1,767.36 (-5.21%)