First Pay Day – Hooray!!!

i.e. The Light at the end of the Tunnel

light-end-of-tunnelI finally received my first paycheck today and let me tell you – it’s an incredible feeling. It feels as if there is finally a pinhole of light at the end of this debt-ridden tunnel, as if i just discovered that this abyss isn’t bottomless and that I’ve just found a rope, as if I just stopped sinking towards the bottom of the ocean and started swimming upwards. It also tells me I’ve really got my work cut out for me if I have any hope of meeting my goal by year end, but let’s take it one step at a time.

I’ve been trying to guess what my take-home pay might look like, but late this afternoon, the guessing game was finally over. $734.43 shall be mine each and every Friday!

I prefer keeping $500 in our checking account just in case, so I topped up our account and transferred the rest ($614) to our savings (which is where I used to set aside our funds for upcoming bills), allotting it towards our next mortgage payment on September 14. I’m still $447.44 short, but thankfully, we both have another pay day before then.

Sept 3 expenses

By my estimates though, it looks like we’ll still be in a position of financial instability for the entire month, which means we may have to dip into that HELOC even more 🙁 . So I guess Goal #2 will be to move from financial instability to financial stability before the end of October.

I played around with our Balance Sheet numbers for quite a while before deciding how I wanted to track our progress visually. I finally decided on a nifty little line chart comparing our Net Worth & Liabilities on the primary axis (i.e. the one on the left) and our Home Equity Line of Credit balance on the secondary axis (i.e. the one on the right).

Sept 3 graph

Initially, I wanted to include Assets instead of Net Worth, but the difference between Assets & Liabilities was so large that any progress made would be visually lost in the scale. Since Net Worth = Assets – Liabilities anyways, I figured if Net Worth is increasing and Liabilities is decreasing, that means we’re on the right track 🙂

So as you can see, there was the tiniest little increase in Net Worth from today’s paycheck, but no change in Liabilities or HELOC just yet. As the month progresses, I’ll update this and hopefully see some progress in the right direction soon!

Mrs. Unchained55

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