Hello, and welcome to our August 2018 Statement of Net Worth Update! Everything went according to plan this month and so there is not much to report on at all. This is a good thing!
None of these accounts moved much except for the normal fluctuations we see month to month.
Savings – Reg seems to have a significant decrease, but this account is just a pot to hold all our money until the end of the month when we pay our bills. At the time of writing our July update, we already had a lot of money built up to go toward the August 1st bills.
I finished inputting our August numbers more toward the beginning of the month, so these numbers are much more normal.
No increases once again!
CP Visa – On our last update, I estimated we would have about $1,000 to go toward debt. We actually had $925. Together with the “minimum” payment I make every month, we reduced this account $1,025! This is extra exciting because this account has always been one that we struggled with.
Whenever we were running low on spending money, or — I’m a little ashamed to admit this, whenever I didn’t feel like spending “real” money, we would use this account and then just pay our $100 a month.
We have swiped this card every once in a while in the past few weeks, but whenever we replenish our spending money I immediately calculate the total of the 2-3 swipes a week and put it back on the CP Visa. This is working well to keep the account at the balance we worked hard to pay off.
I have always thought that I would keep budgeting $100 a month for credit card spending, so paying it off wouldn’t affect our monthly bills, but I think I like the weekly pay offs from our spending money better. Also, we won’t be losing $25-30 a month in interest anymore, so that’s even more money we get to keep! I love how this debt pay off stuff works.
Navient – I am happy to report that I am officially back on the bandwagon for my side hustle, Shipt! I put myself on the schedule every Monday, Wednesday, Thursday, and Friday. This gives me enough to pay $25 – $50 a week extra toward my student loans after saving for taxes and filling my gas tank.
This also means my student loan reports will be coming back, so keep an eye out for that! I have a big goal of paying off Navient #1 before the end of the year. That’s going to be a pretty big feat, seeing as there’s still $2,243 remaining at the time of writing this post.
Planned Debt Pay Off/ Life Update
I have spacers for my braces in right now. I have had them for 10 days and they are still uncomfortable. I am really tired of mashed potatoes and gravy. I can eat bits of meat and real food now, but nothing as adventurous as a sub or a burger. I had a piece of pizza a few days ago and that was a major victory.
The spacers come out in 11 more days, and I get my actual braces installed! I figure I will probably be reduced to smoothies and soup again for a week after each orthodontist appointment, but that’s okay.
I found out how much my braces are costing us out of pocket, and what the payment coming out of our HSA will be: $425! Total. My braces cost $4,650. My husband’s insurance is paying $2,325 (half), my insurance is paying $1,500, and the orthodontist is giving us a $400 discount because my daughter also had braces through them. They are splitting the payment up over 5 months for $85 per month. I can’t believe how lucky we got! But preparing ourselves and planning things out strategically isn’t really luck, is it?
I mentioned last month that I had a test coming up in Chicago. I’ve since taken it. I don’t have the scores yet, but I did get reimbursed for it. That money will show up on my next update.
That test was actually very difficult and I’m not confident I passed. I’m happy with the amount of time I studied; I really think I did my best with the materials I was given, but there was a lot more stuff on the test that wasn’t covered. I feel like the materials I received taught me more of the basics, and I was given in-depth questions. I won’t be upset if I didn’t pass because I was not properly prepared. The next test is in October and I will have to pay $150 out of pocket for a re-take. I’ll let you know in the next update what my scores were. If you follow me on Instagram, you’ll know the moment I do!
At the end of August, I project we will have about $1,500 remaining to put toward debt, and it will go toward our credit card. Here is the current debt snowball:
- CP Visa – $2,548 (9.5% interest)
- Great Lakes – $3,518 (4.7% interest)
- Navient SL #1 – $2,243 (5.75% interest)
Although our net worth actually decreased this month, we decreased our debt nearly $2,000 which is pretty incredible! Our net worth is now $(22,686).
Thank you for reading!