Hello and welcome to our November 2018 Statement of Net Worth Update!
We are very near December at this point, and although procrastination does have a little to do with the lateness of this update, we were mostly delayed due to our account being cleaned out by a debit card skimmer! We had to wait for our money to be returned to us which took a few days, but we are back on track now.
It’s been a good month with a pretty good increase in net worth! Our numbers are current as of November 12th, 2018.
I have rearranged our breakdown so that it makes more sense and looks neater. On to the breakdown!
401(k) – Our 401(k) accounts are starting to feel the downturn in the market, but it’s nothing we are concerned about.
Christmas Club – This money was transferred from the Christmas Club savings account in to our checking account on November 1st. It was part of the stolen funds from our NYC trip but it’s since been returned. Unfortunately, it was hard to tell what funds belonged where once the dust settled, so it just got mixed in with our regular spending money and didn’t go toward Christmas gifts at all.
We usually use the Christmas Club money for Black Friday shopping. Sometimes we can find bargains on items that we think would make good gifts, but it’s also a night to spoil ourselves if we see a good deal on something we really want.
Our Thanksgiving consists of me cooking, and then a big, fat newspaper with all the Black Friday ads arrives sometime in the morning. My family spreads the paper all over the living room and we all take notes on things we are interested in while the turkey cooks.
We eat our dinner and form a plan of attack, then start shopping! It’s really fun and I wouldn’t change a thing, especially now that we plan in advance for it. Do you shop on Black Friday? Would you be interested in a haul report?
Vacation Club – There isn’t a change to report currently, but I do plan to take some money out of this to cover $350 that we spent during our travels to NYC. I am also toying with the idea of paying for an Air B&B with the other half, to do something fun in the summer. I want to start taking a long weekend away once a quarter.
Travel is important to my husband, and since we are doing so well with improving our net worth and paying off debt, there should be some play time, too! If not, what is it all for? That’s what I keep telling myself because travel is not high on my priority list. It kills me to blow $350 on one weekend, or $2,000 on one week for a real vacation. I would prefer to watch my money grow and grow, but I’m sure that’s not healthy.
Navient – I didn’t make any extra payments to Navient this month, because I am on a hiatus from Shipt. The days are getting dark early, and the roads are getting snowy and slippery. There’s nothing worse than driving on these dark country roads looking for an unfamiliar home and watching out for deer
Plus, at the end of this month, I should be able to start throwing our end-of-the-month money at Navient which will really reduce the balance quickly. I hope to start Shipt again when the days last a little longer.
Also, we are having a problem with my Income Based Repayment Plan. Since I have been making extra payments to SL #1, that account is actually paid forward more than one year which is throwing a wrench in getting my new Income Based Repayment Plan set up, because it’s a 12 month plan.
I’m currently $360 past due because I was charged my Standard 10 year minimum payment amount of $595 instead of the new Income Based Repayment Plan amount. The customer service representative I spoke with corrected my 11/1/2018 auto draft so that it drafted $217.42 (my old IBR amount), but Navient still wants the remainder.
I was told the amount due would be corrected for my 12/1/2018 payment, but the bill came out and it’s again asking for $595 (my standard repayment amount). I’m going to go ahead and pay the full amount due. I’ll request that this be fixed every month, but from here on out I’m going to budget for $595 to be drafted from my checking account and then whatever is left over will go toward the student loan with the lowest balance and highest interest rate.
Great Lakes – Look at that decrease! We were able to pay $1,550 in addition to the minimum payment. I think this debt will be paid off at the end of this month which will lower our bills $50 per month!
We reduced our debts by $2,357 this month and increased our net worth by $2,884! We now have a total net worth of $(15,593).
Last year, I hoped that we would be net worth positive by the end of 2018. It looks like that’s not going to happen, but I’m still surprised by how much we have grown. Last November our net worth was $(46,408), so we have had an increase of over $30,000! Amazing!
Planned Debt Pay Off/ Life Update
At the end of November, after paying all our bills, I predict we will have about $1,625 remaining to go toward our smallest debt. Here is our snowball as of 11/1/2018:
- $1,553 – Great Lakes
- $1,914 – SL #1
- $3,543 – SL #2
There will be enough money to pay off Great Lakes, and throw a little at Navient SL #1 as well! This is in addition to covering the $365 past due amount and the $595 standard minimum payment. Not bad at all!
Thank you for continuing to follow on our journey, as it gets more and more exciting as the months go by! Don’t forget you can follow me on Instagram @networthnegative.