Naked With Cash is the year-long series on Consumerism Commentary where seven readers’ households share their financial progress on a monthly basis. I’ve partnered with financial planners who will offer some guidance along the way. Read this introduction to learn more about the series.
Kathleen is thirty-one years old, single, and living in Portland, Oregon. She loves her job, even if it isn’t very lucrative. With her $33,000 income last year, she’s looking to make more money from “side hustles” this year, such as her blog, Frugal Portland. To learn more about Kathleen, read her bio here. Kathleen is on Team Sara, with Certified Financial Planner Sara Stanich.
Kathleen’s report this month, below, includes Kathleen’s progress over the three months leading up to the end of April 2013. Following Kathleen’s own self-analysis, Sara Stanich will offer thoughts from her perspective. Sara’s comments are followed by feedback from budgeting expert Jacob Wade from iHeartBudgets.
Comments and analysis from Kathleen
April was the first month since I’ve been keeping track that my net worth went the wrong direction. But I can explain! I’m buying a condo (I close May 23!) and I had to take a big part of my savings and put that into earnest money, so the sellers could be certain I actually wanted to buy the thing.
Next month should be better. I mean, sure, I’m adding several digits (and a comma!) to my overall debt, but I am also adding approximately the same amount to the asset column, so it shouldn’t affect my overall net worth dollar amount by much at all. Thanks for asking last month what I was going to do once I was debt free! Now, I won’t have to think about that for another couple of decades. Phew.
Feedback from Sara Stanich, CFP
Buying your first home is a big deal, Kathleen. Congrats!
Your finances are definitely in flux this month. Moving into your new place will be a big adjustment. I can’t wait to get the details next month!
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Feedback from Jacob Wade
Woot Woot! Pretty darn excited for you, Kathleen. And yes, I know you still don’t want to put together a budget, but now that you’d got a few more monthly expenses on your hand, it might be nice to see it all on paper. Just sayin’. Looking forward to next month!
Updated June 22, 2016 and originally published May 28, 2013.