Hello, and welcome to our March 2019 Statement of Net Worth Update!
It’s been slightly better than last month, but we still didn’t have anything extra to pay toward debt. However, our assets and liabilities played a lot nicer this month!
House – Hey, looks like the house is heading in the right direction again! We have been doing a couple of upgrades inside the house and in April we will re-paint the porch and power wash and seal our deck. Hopefully this has an impact on the value! Remember, we have a goal of getting the home value to $96k so we can have Quicken Loans come out and do a home valuation to get rid of PMI. I would ideally like the valuation to take place in the first 2 weeks of May because that’s when the magnolia tree in our backyard blooms and looks super beautiful. It probably won’t help, but it certainly can’t hurt!
Savings – Reg – There’s a bit more in this account than usual because February was so tough that we didn’t have enough money to pay our Capital One bill in full. Since the bill typically prints on the 28th of the month, it isn’t due until the end of March. So it certainly isn’t late, we are just a bit off our preferred schedule. We have to wait until my next pay day to pay the $1,150 balance in full, so $875 is waiting in savings to go toward that.
Home Depot – We paid off our furnace this month and officially avoided $1,400+ in deferred interest charges! It was a gamble for sure, but super nice to have a more efficient furnace and be able to put our money toward other bills that were costing interest.
Planned Debt Pay Off/Life Update
We actually have a couple more 0% offers from Home Depot that I am wanting to take advantage of. One of the offers will go toward replacing our kitchen floor which is atrocious. I have a quote for this project which is just under $1,800.
The other project is replacing 2 drafty and sticky exterior doors. I haven’t had an official quote on those, but I think it will be in the neighborhood of $775 – $1,000 installed.
We have been paying $200 per month toward Home Depot in order to pay off the balance for our furnace before the end of the promotional period. If we move forward with these 2 new projects, I believe the floors will have a payment of $100 per month for 18 months, and the doors will have a payment of around $50 for 12 months. In other words, the new amount due will be less than what we are used to paying.
These projects will help the home value as well. I know for sure our gross floor is the first thing someone’s eyes go to when you enter our kitchen. As for our family, we are used to it and turn a blind eye. Whenever I take pictures in the kitchen, I try to avoid catching the bad parts of the floor in the photo.It will be so nice to not be ashamed of our kitchen anymore.
Exterior doors also add value, plus I will feel better about not having such a sticky side door. Sometimes we can’t tell if it’s locked or if it’s just sticking again because the darn thing won’t open!
The other door leads to a roof above our kitchen nook which I want to enclose so it’s a balcony and not just a liability according to our home insurance company. The don’t look kindly upon doors that lead to roofs with no barricades to prevent a fall.
I’m planning on using my half of our income tax refund to fund that venture. The materials I’ve researched are about $250, and a local company has quoted $500 in labor to set it up. My half of our tax refund will be about $570, so I need to find another couple hundred to get this done. This I’m CERTAIN will add some value to our home.
A new exterior door leading to the balcony will add to the visual appeal as well as resolve a HUGE draft problem in my daughter’s bedroom.
As for Debt Pay Off at the end of March, we would have had money left over to go toward Great Lakes, but our TruGreen bills came for both our lawn service and our mosquito defense with a 7% discount option if we paid the balances in full by March 1st. Since Great Lakes charges only about 5% interest I decided it was a smarter use of money to pay TruGreen in full rather than put it towards the student loan.
Because of this, I fully expect to have no money to put toward debt at the end of March, either.
I didn’t anticipate having money to put toward debt at the end of February, and I was correct. However, with making regular minimum payments we were able to decrease our liabilities by $859, while our assets increased $2,529. That makes for a total increase of $3,388 and an overall net worth of $(11,364). Maybe we will be in 4 digits next month!
Thank you for reading!