As a personal finance blogger, I definitely talk the talk. I write about saving up some emergency savings, spending wisely, and contributing to your retirement, even at a young age.
Well, this week marks my 1 year anniversary since I entered the real world and started working. I’ve tracked all my expenses with in my personal budget and I started off my career with $24,000 in student loans and only about $1,000 in savings.
Want to know how far I’ve come? I’m going to break down the past year in a few ways and let you decide if I can walk the walk, too.
Amount Saved in Emergency Savings: $5,000
Amount Paid to Student Loans: $4,900
Amount Invested in Retirement: $9,710
Net Income Last 12 Months (income-expenses): $23,000
% of Income Contributed Toward Net Worth (emergency, retirement, student loans, other savings): 47.5%
Pretty cool, right? I just wish I had been able to break that 50% mark!
The biggest news of all of this is that I officially have a positive net worth! I was pretty surprised to log into Mint recently and see that my cash and investments were greater than my debts. Pretty cool, right?
My take is that if I, a normal person who graduated from college and entered the working world, can get out of $24,000 in debt in just 12 months, anyone can. I didn’t live too much like a college student (it’s been a little cramped, but remember when I got an iPhone?), and setting goals and reaching them has actually been motivating and dare I say fun!