It’s time for our Net Worth update for the month of April!
We were finally able to get 100% of our April bills paid on the last day of March, which is our goal. The reason for the delay in releasing our net worth is because I have to wait for the payments to post to our student loan accounts so we can have the updated balances. We have signed up for auto-pay on both of our accounts so that we can save the additional .25% on our interest rate. Every bit helps! My husbands comes out on the 1st of each month and then takes a few days to post, while mine comes out on the 3rd of each month and posts immediately. So our net worth updates will typically be around the 4th of the month or so.
On to the update!
The decreases in our Dart, Checking, and Savings – Reg account are typical fluctuations. The checking account is a holding place for our spending money, and the Savings – Reg is a holding account for our bill money. Since all the bills were just paid, the Savings – Reg is pretty low at the moment and just beginning to accumulate money for May bills which will be paid on 4/28/2017.
The only decrease that is unexpected is in the Savings – Emergency account. We had to use $800 of our $1,000 emergency fund to take out tree that fell in our yard during a windstorm. There is only a $275 decrease reported because at the end of March we had $525 left over so it went back in the Emergency Fund. At this point any excess remaining after we pay bills will first go toward getting our Emergency Fund back up to $1,000 and then toward a liability account: either CP Visa or Personal Loan which both have an interest rate of 9%. More about that later.
We have some pretty drastic increases in value in our Liabilites accounts which I’m not proud of, the most of it being the CP Visa account. While you only see an increase of $106, this is an increase reported despite this account receiving $400 in payments since our last update. That means we spent about $500 on the credit card this month. We obviously need to put the credit cards away again.
Our Navient account increased by $135 this month, which is a bit more than March and February ($100 and $101 respectively). This account is increasing in value due to my Income Based Repayment Plan payment amount of $90.61 not being enough to offset the interest that accrues each month. We have a goal of sending this account an additional $175 per month, focusing on the account with the lowest balance and highest interest first. I believe we can start doing this in May.
The huge increase in our Home Depot account is due to buying a new furnace under a 0% for 24 months financing plan. The hope here was to save money on our gas bills, but I’m not sure if that’s going to happen because 70 degrees on the new thermostat feels so much colder than 70 degrees on our old thermostat, so the heat has been turned up to 74 at times. We have been working out the kinks of getting on a schedule where we have the heat turn down to 62 degrees when we aren’t home and when we are sleeping, but the kids were on spring break and my husband was on vacation this week so there was a whole lot of turning the heat up going on. We will see how it goes, though.
Our Capital One increase is due to fluctuations in regular monthly bills that are put on autopay, and is currently carrying a balance of $1,609.53 toward the 0% balance transfer for the HHR we transferred to our son.
Overall, we have a decrease in net worth of $3,354 which is to be expected due to adding the debt for our new furnace. Our net worth is now (70,724) which is just a bit lower than our all time low in January 2017 of (70,620).
We had planned to do a 0% balance transfer this month for the Personal Loan but I haven’t received an offer from Capital One to do so yet, so I’m just waiting for that invitation. Funny they seem to come every other month but once I am counting on using one, it’s nowhere to be found! Once we receive one we will move forward with transferring that balance.
All about our furnace replacement – and an extra repair that needs to be done which was found at the time of installation!
Medical bill negotiation – Compassionate Care Success!
Student Loan Breakdown – Look for an upcoming blog post displaying the balances of each of my 11(!) student loan accounts and the plan of attack.
As always, thanks for reading and talk again soon.