Net worth update: January 2015

Once again, another year has come and gone. And what a year it was. In 2014, I managed to get my finances in order and slowly increase my net worth. I am also starting to invest a bit more. It’s nothing major but it’s a start on the road to financial independence. Here’s what this month’s update date looks like.

Asset
Cash savings: $1,292.17
RRSP: $13,571.76
TFSA: $755.22
House: $260,000.00

Liabilities
Credit cards: $0
Mortgage: $235,292.99

Net worth: $40,326.16
Change: $1,747.60 (4.33%)

Last month, I mentioned that I started investing using the Canadian Cough Potato portfolio. That has also been increasing and I am getting closer to my ideal allocation mix, 80% stocks and 20% bonds.

TD eSeries funds
TD CDN Index-e (30.23%): $352.01
TD US Index-e (22.15%): $257.90
TD CDN Bond Index-e (26.12%): $304.20
TD Int’l Index-e (21.51%): $250.47
Change: $455.83 (39.14%)

I think that 2015 will be the year where I will be able to max out my RRSP contribution. At my current rate, I might be close to over contributing so something will need to be done about that. Since I recently purchased a house using the Home Buyer Plan, part of my RRSP contribution will have to go towards that to pay myself back, but it’s not necessary because I believe that I do not need to pay it back until after a year or something like that. I will have to run a few calculations but this year, more and more of my money will go towards my savings.

Happy 2015!!!