My Debt Quest: Debt and Savings Update 2007 #2

Friday, December 14, 2007

Debt and Savings Update 2007 #2 - 12/14/2007

Checking - $1,483.31

Savings - $670.94

Short-Term Savings (USAA) - $400.41 - I am within $100 of fully funding my short term savings account at USAA. The goal for this account is $500, to use as a personal "line of credit" in the event of unexpected expenses to float until the next paycheck.
Short-Term Savings (Key) - $100 - I just opened this account today and plan to use it just as I use the USAA Savings account, as a short-term "credit" line to cover unexpected expenses until the next paycheck.
Goal Oriented Savings (ING) - $170.53 - The first of my biweekly $20 contributions went through today. Still no specific goals for this account, though I'd like to step up the contributions for the account and use this for our vacation this year.
Long-Term Savings (ING) - $0 - I still haven't started the emergency fund account yet, but this is going to be a priority for 2008.

Investments - $1,826.69

Primary Investments (Edward Jones) - $1,676.69 - I started $50 monthly contributions in November and will make the second monthly contribution on the 20th. I am also sending $150 on Monday, to bring the cash balance in the account to $250, the minimum to jumpstart my new fund. Progressing towards the downpayment for the house.
Prosper - I moved $150 to Prosper, the peer-to-peer lending service. I have my concerns about investing in personal loans for two reasons - the risk of default is small but nevertheless present, and Prosper does not currently offer any means of selling loans if I need cash in a hurry. However, the returns are promising and the default rate is only 3%.

Credit Cards - $21,520.00

Other Debt - $9.948.68

Net Worth - $27,629.07 (-)

Comparison:

12/3/07 - $27,994.99 (-)

10/1/07 - $30,175.92 (-)

Until Next Time,

Jonathan

My Debt Quest