June 2017 Net Worth Update

Hello and welcome to our June 2017 Statement of Net Worth Update which is extremely late even though I had the numbers ready by 6/2! I’ve been busy settling in to the summer routine, finishing up the side hustle, and I’m working on diet and exercise lately. So sorry I have neglected my blog! I get summer blues and usually find myself more motivated in the Fall/Winter seasons. I’m strange. Anyway, on to the breakdown!

Statement of Net Worth. June

Assets

You will notice an incredible decrease in our Car Insurance savings, because the car insurance became due! So all this money got cleaned out and we were able to pay the car insurance in full without a problem. That was a great feeling. I also charged it to our Capital One account before paying it off to earn 1.5% cash back. Yay, free money!

Starting July 1st we will start an automatic transfer of $325 per month in to this account so we will see it growing again soon!

The Dart lost another significant chunk of value this month as well, but looking at the liabilities section makes me feel a little better about that. The value of the liability decreased $208 compared to the decrease in the asset of $188. It still stinks, though.

Again, the decrease in Savings – Reg is a holding place for our paychecks until we pay all the bills on the last day of the month so that will go up and down in value but it doesn’t mean much for reporting purposes.

Liabilities

This was a good month, with only the Navient going up in value $121. I had planned to increase my payments to this account in order to avoid growth in my liabilities, but I have become very active in the Instagram Debt Free Community and they advised me that I should go ahead with the Debt Snowball method so that is what I’ll be doing.

I have some more liabilities that I haven’t been completely honest about. Well, not un-honest it’s just I failed to add them to my spreadsheet. They are RAC once again. My husband has a laptop on 0% interest. As of the writing of this blog, the balance is now $169.84.

We are also on a payment plan for the medical bills I discussed in a previous blog. In fact it has been my intention to write a blog about our success with the Compassionate Care program – Our $1,800 bill got knocked down to $378.83 and we were placed automatically on a payment plan of $127 per month. I just never got around to writing that blog. We also have a radiology bill for the MRI he had to have of $746 which we are on a $100/mo payment plan. These are all 0% interest of course.

Vermuelen’s didn’t come down at all because I have been counting $50 ahead somehow and just caught on to it. Whoops! This is the corrected balance.

Debt Pay Off

Hey, what is this? This is a new section where I will discuss what debts were paid off this month (if any) and where I will announce future debt pay off plans.

It just so happens we did pay off a debt for the month of June! That $1,800 bill that became $378.83 is now paid in full! This saves us $127 a month on our total bills each month. Win! Now, our 3 smallest debts at the end of June will be: RAC – $106.27, Vermuelen’s – $306, and Radiology – $346. I should have $350 left after paying bills so we will hopefully be saying goodbye to RAC and possibly Vermuelen’s as well!

Conclusion

You guys! We are now at our HIGHEST Net Worth since I started my blog in October! I only see good things from here on out, We increased $1,560 for a Net Worth of $(66,153)!

As always, thank you for reading. Please follow me on Instagram for daily updates on our journey! @networthnegative

XOXO,

 

Dolores

May 2017 Net Worth Update

May.SNWWelcome to another installment of our Statement of Net Worth updates!

I have been slacking on posting lately, I apologize for that. I have a lot of ideas that I would like to share with my readers so I’m hoping to get back in to posting once weekly. Also, I’m on Instagram! Please follow me @networthnegative.

We have made a nice recovery from last month’s decrease of $3,354 with an increase this month of $3,011!

I’m excited because I don’t foresee us having any more decreases in our Net Worth for about another year. I am considering the Central A/C replacement in March of 2018, and we will be buying a used car that same month because our lease for the Equinox is up 3/31/2018.

But, I digress. On to the breakdown!

Statement of Net Worth. May

Assets

Only one decrease in assets this month which is the Dodge Dart depreciation. Quite a sizeable decrease though. $268 in only one month!

You may have noticed that the Savings – Tax CD account name has been changed to Savings – Car Ins. I mentioned to you guys in a previous post how I was unable to put anything extra toward debt for a few months because we were recovering from our car insurance costs. Well, now I have made a plan to contribute an equal monthly amount to this account automatically so that we will be able to make our car insurance payment in one go. We also charge this bill automatically to our credit card and earn 1.5% cash back on it. Winning all around!

The car insurance is due 5/11/2017 so we will have a ginormous decrease in this account next month. Sad face. We are being charged an exorbitant amount due to having our son on our policy and then we recently discovered 1 error on each of our credit reports so we are working on getting those errors fixed and then we will shop around for different car insurance quotes. I heard a quote today: “Your insurance company isn’t loyal to you, so don’t be loyal to your insurance company! Shop around!” I do love my agent though, but he’s not worth $2,020.32 for full coverage on 3 cars for 6 months. Sorry, Chris!

Liabilities

2 liabilities increased in value this month and that was the CP Credit Card and Navient. The CP Credit Card continues to be a problem. We went on a bit of a spending spree for my birthday (April 5), and we spent a lot this weekend attending my best friends graduation (flowers, parking, gifts). My card has been put away since the day after my birthday, but my husband still has his and refuses to be cooperative.

Many of our credit card transactions are restaurant visits for us. I like to think that I’m doing much better about cooking dinner at home every night, but the credit card statement says otherwise. Also, my husband is a fan of picking up the check when he has lunch with friends much to my chagrin. His generous spirit needs to be reined in.

As for Navient, this was an odd increase this month. Typically we see over $100 increase each  month but this month it was only $87! I think that may be due to the timing of the month when I’m writing this post. It’s the earliest I think that I’ve ever been able to give an update on our net worth since I changed both our student loans to autodraft on the 1st instead of the 3rd of the months.

Overall, we see an increase in net worth of $3,011 and that brings our Net Worth for 5/2017 to $(67,713). Our record highest net worth was in 11/2016 of $(66,969). I’m sure we can beat that next month! We have only had 2 consecutive months of net worth increases since we started tracking in 10/2016 so having consecutive months of increases in our net worth will be another goal.

Coming up in May:

Fully funded baby emergency fund – $1,000

Drastic decrease in Savings – Car Ins

0 increases in liability accounts???

Thank you for reading and following our journey!

XOXO,
Dolores

Small Scale Home Improvement Goals

 

I have mentioned previously how I am trying to increase not only the value of our home so that it can help our Statement of Net Worth but I am also trying to increase our intrinsic value of our home.

My goal here is to make the home as comfortable for us as possible so that we stay here as long as possible. We however are not going to go overboard with a $15,000 kitchen and bath renovation! I have listed a few small things that we can improve over time that will not break the budget but will make our home so much more enjoyable.

Dishwasher

The dishwasher has been broken for quite some time. It is old, clunky, and doesn’t wash dishes all that well. I have gone through different phases of rinsing the dishes really well before putting them in the dishwasher to washing the dishes and then putting them in the dishwasher to rinse and sanitize.

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One day, I went to throw a load of laundry in while the dishwasher was running, and realized it was raining in the basement!! The dishwasher was literally pouring water through the floor and through the ceiling of the basement!  And it was falling directly in to my laundry room sink so I had never noticed because I had never happened to go in to the basement while the dishwasher was running. What makes matters worse is that the water was raining right next to an electrical box. We were risking our home every time I ran the dishwasher and I even didn’t know it.

New dishwasher: About $500

Floor

I have tried to get the dishwasher replaced before with a tax return a few years ago but learned that the laminate flooring was actually built up around the dishwasher. We were told by the Sears installer that we would have to completely rip up the floor in order to put a new dishwasher in. Which I’m kind of okay with because look at this floor!

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It was like this when we moved in and it’s probably damaged due to the leaky dishwasher.

We have original hardwood throughout the house so you would wonder why they covered it up with a fake wood sticker, but my husband pointed out that it was probably so the transition to this added room would match.

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Ripping up a whole floor is way out of our budget, though. I was told by another handyman that we could actually lift up the counter top, swap out the dishwasher and then put the counter back down and re-caulk it. That will be the plan, and I would like to of course replace the flooring (cover it up) at some point with a realistic tile like this:

http://www.homedepot.com/p/Armstrong-CeraRoma-16-in-x-16-in-Cliffside-Beige-Groutable-Vinyl-Tile-24-89-sq-ft-case-A6207161/202709126

Approximate cost for flooring materials for approximately 124 SF: $300+

Garbage Disposal

I would really like a garbage disposal and I think it would make my life easier because my family is constantly throwing scraps in the sink with their dishes as if we have one!

http://www.homedepot.com/p/InSinkErator-Badger-5-1-2-HP-Continuous-Feed-Garbage-Disposal-BADGER-5/100091168

Garbage disposal: About $100

Speaking of the laundry room sink….

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This thing is dark and scary looking. Especially with our old washer that used a ton of water! Sometimes it would get clogged and I would have to reach down in to the murky depths to clear hair and lint out of the drain while imagining dead mice and other scary things that I might be touching that I couldn’t see!

When we bought the house, the hot water faucet was broken, and when we swapped out the old washer and dryer my husband had a hard time with the pipes because they are so old and corroded.

I’d love this one:

http://www.homedepot.com/p/BigTub-Utilatub-Combo-40-in-x-24-in-Polypropylene-Single-Floor-Mount-with-Pull-Out-Faucet-P-Trap-and-Supply-Lines-in-White-28CF/203155730

New laundry room sink and faucet: About $200

Interior Doors

We have old fashioned bedroom and bathroom doors with the old fashioned doorknobs, the kinds that screw on to a square pole. Our door handles are completely stripped out so they go flying off their poles and sometimes they go missing.

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My daughter is taking advantage of the situation by using it as a way to lock her door. This is a safety concern however; if there was a fire we would have to bust her door down!

Not to mention the bathroom door. Our husky, Aspen is a bit claustrophobic. We tried kenneling him and he would poop and pee in his kennel and pace and try to chew his way out, and actually broke a tooth! So we tried leaving him in the bathroom while we were gone to work and school for the day. He pooped and peed and paced in there, too and it would take forever to get the smell out of the house, and well, this happened:

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We have since discovered if we leave him loose in the house while we are gone and make sure that our house is completely dog proof all he does is take a nap on the sofa (where he’s not allowed) and looks out the window. I just have to sweep off the sofa every day, and I’m okay with that.

I found some really great door handles on Amazon for $12. Similar door handles with privacy locks run about $30 at Home Depot.

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We were advised by the handyman that we could fill the old door holes, sand them down and repaint them so they look nice, and drill a larger hole for the more modern door handles . This would be ideal since our house is very old, these doors all have very odd dimensions, however I’m not sure if that idea will work on our bedroom door. It has a weird block of wood that I’ve never really noticed before, and I’m not sure what that’s all about.

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Cost of modern-izing doors: Unknown! My handyman quoted me a price of $75 per door and then promptly stopped answering my calls. I also don’t know if I need new doors, or if the ones we have can be salvaged so I can’t even make a good estimation of what that would be.

One of my best friends advised me of an app called ThumbTack where you can list the work you need done along with pictures, and handymen will bid to do your work for you! I got some quotes for doing that work but then we had to go to the funeral in NYC so I haven’t followed up on them yet.

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And finally, the furnace and air conditioner. I have a HVAC company coming out today at 3pm to give a quote on a new system through Home Depot’s 24 month 0% interest financing. If the system costs $4,000 this will increase our monthly bills about $175 a month but I have faith that it will make our electric and gas bills so much more affordable. Also, it increases our value of the home because it will be more comfortable and the heat will reach to all the rooms in the house.

Our air conditioner is from the 1980s and our furnace is much older than that and they are both very inefficient!

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*UPDATE*

I originally wrote this post on March 11, 2017 and today is March 21, 2017. The HVAC Company did come out and quoted us $7,100 for both the furnace and the air conditioner. This would have increased our bills $300 a month for 24 months which I was sure we could afford, but my husband talked some sense in to me.

He said that right now everything is perfect, but we should figure our bills on what we could afford if one of us lost our income. That’s a huge factor because with Home Depot 0% financing, the fine print is that if you are ever late on your payment, or if you take longer than the 24 months to pay off your purchase, then you agree to pay your regular interest rate amount retroactively, back to the date of the original purchase! I already knew this of course, but I hadn’t thought so far as to think “What if something happens?”

So long story short, we decided to just go with the furnace for now. The cost of the furnace alone is $3,852 and will get us the Wi-Fi thermostat installed which will also help with the cost of cooling in the summer because we can change the heat and AC from our phones, and also set up schedules with the app.

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Shannon over at financially-blonde.com often asks what our “sacred cow” is. You can only have one, and I think mine is home improvements and/or 0% financing. I know that this will decrease my net worth quite a bit, but having a comfortable sanctuary to come home to is more important to me. And, as long as we always keep that buffer I think the risk we assume when taking on a new loan is minimal.

Finally, here is a repair that we have finally accomplished! Meet our old bathroom sink, Mr. Sink Face.

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Oh, how I hated Mr. Sink Face. I hated it because there was no cabinet space, it was bolted to the wall and sloped downward so everything slid off of it (phones, toothbrushes, soap dispensers). My son, who has Spina Bifida couldn’t lean on the sink to support himself while brushing his teeth and washing his face. It was hugely inconvenient.

When we got our income tax refund my husband and I split it in half to use on each of our “sacred cows”. His is travel, mine is home improvements. We each had $340 that we put in a cash envelope.  I posted the job for the interior doors on Thumb Tack, but we know that didn’t work out. In the meantime, I saw someone on one of those Facebook For Sale groups selling a vanity with attached sink for $75! I quickly jumped on that, talked her down to $70, got my husband and his friend to install everything, and now we have this:

IMG_0353

 

I am in love.

Do you have a sacred cow? Tell me what yours is in the comment section!

As always, thank you so much for reading!

XOXO,

Dolores

Blindsided by Medical Bills

The medical bills for my husband’s therapeutic phlebotomy started rolling in. I did not expect each visit to be $720 a pop! Insurance reduced the $720 charge to about $600, and then we needed to meet our $1,000 deductible. These blood draws started in December and continued weekly for about 5 weeks. Into the New Year, and into a whole new $1,000 deductible. I could throw up, guys. So far we have about $1,800 in medical bills! We are expecting another $1,350 in bills to come in soon, too for a sleep study and a CT Scan.

My husband is healthy which is the most important thing, they just don’t know why he has elevated red blood cells. All the tests have come back normal!

Luckily, we have our emergency fund of $1,000 and the Savings – Tax CD that I set aside to pay our tax bill, which we won’t need since we got a refund this year. So theoretically we can cover the expense, but it will set us so far back!

Fortunately for me, I heard an amazing podcast by Shannon Lally-Mclay over at Financialy-Blonde.com in which she interviewed Pat Palmer. The episode is called Medical Billing Questions Answered. Using the advice from this show, I learned some actionable steps to work out an arrangement with this bill.

  • Request an itemized bill to look for billing errors
    1. This didn’t help me much. There was hope originally because each of my bills that were originally $720 had a charge of $628 that was listed as “other charges”. ‘Great!’ I thought. ‘Let them explain that!’ The itemized bills came, and the $628 changed from “other” to Therapeutic Phlebotomy. Boo.
  • My second plan was to negotiate a reduction in the bill BUT, I found that my particular hospital has a program called Compassionate Care in which you submit your financial information and if approved, 70-100% of your bills will be forgiven. That will be a God send!

I submitted the application a few weeks ago and we are waiting to hear back regarding it. Now that I know the hospital is willing to forgive up to 100% for charity, I feel much better negotiating our balances!

What Now?

Here are some more steps as I interpreted them:

  1. Ask for a payment plan on the negotiated amount. Medical bills are a 0% interest payment plan! We will not bust the budget if we don’t have to! It doesn’t cost anything to stretch the payments out as long as possible and make it easier on ourselves. However….
  2. We can request a further discount for prompt payment in CASH. Like, today. Right now. I will bring you $500 to make this go away. That’s what the good ol’ Emergency Fund is for! Also, always make sure your negotiation is in writing.
  3. If we cannot get a further discount for prompt payment in cash, we will use our Flex Spending Account to make the payments. If we don’t have enough on my Flex Spending Account to make the monthly payments, I’ll make post tax contributions which we can claim on our Income Tax at the end of the year regardless if we itemize or not. This could mean a further discount of however much our income tax rate is for the year.

Wish me luck in battling these medical bills! Thanks for reading.

 

XOXO
Dolores

February 2017 Net Worth Update

Welcome to our February 2017 Net Worth Update! We are getting closer and closer to having 100% of the bills paid on the last pay day of the month.

statement-of-net-worth-february

As promised, we are seeing an increase in net worth this month! We had some surprise medical bills come up. A LOT of medical bills, so I’ll be making a post about how we plan to deal with that in the next few days. I suppose at that time I’ll have to add those bills to the Statement of Net Worth if we decide to make a payment arrangement on them. If not, we may do a combination of our Tax CD and Emergency Fund to pay them off. But, I digress! On to the breakdown.

Assets

The house, man! I have been entering numbers in Excel since I started paying February’s bills on January 27th. The house has been steadily decreasing in value since then. It started off with $500 decrease and now we are at $984! Darn it!! There really isn’t much I can do about it.

At the time of writing this blog, I’m waiting for our handyman to arrive and take measurements of our doors and give us a verdict on whether he thinks they need to be filled and sanded with a new door hole installed, or completely swapped out. I have $350 cash to pay him for the job and I think it’s going to cost about $250 plus the cost of one new door. I think the bathroom door is beyond repair. Note to Self: Claustrophobic dogs are no less claustrophobic when enclosed in a bathroom rather than a kennel. Since we will have about $100 left in the Handyman Labor budget, I think I’m going to ask him to install a new dishwasher because ours has been broken a long time, and it would just make my life so much easier! Some other things I considered asking for repair with this $100:

  • Bathroom vanity and faucet – you guys know how much I hate my bathroom sink. Oh you don’t? Perhaps I should show you sometime. That would be a fun blog post. Small Scale Renovation Goals!
  • New kitchen sink with garbage disposal – Oooh how I long for a garbage disposal. Plus my drains in the kitchen sink are shot. One side of the sink is not functional at all, and the other side ate the drain guard thingy. It’s stuck in there now and broken. #oldhouseproblems My ideal sink would be a 60/40 double sink or maybe even 70/30 if those exist.

Moving on…

The Dodge Dart also went down quite a bit. I’m trying to keep track of what I’m entering in to Kelly Blue Book so I can be sure to get an accurate depreciation each time so I can be sure these fluctuations are actual increases and decreases in value and not just me mistakenly entering in the wrong model and wrong mileage.

Savings is a little higher in recent months than it typically would be when I show our Statement of Net Worth because I have been needing to wait later in the month to make our credit card payment, so you’re seeing the savings we are building up for the next month’s bills.

Our Emergency Fund and our Savings – Tax CD might be leaving soon due to the medical bills I discussed earlier. I have a plan of attack for those, though. Will write more about that in a later blog.

Due to the decrease in our home’s value and the Dodge Dart, our assets decreased in value this month $654. Darn. It. All. But on the good side, other increases in assets offset the loss so that’s a bonus.

Liabilities

This month, only one account went up in value and that’s the Navient account which is to be expected. I know I mentioned that I would start sending extra to this account soon, but until I know 100% what’s going on with the medical bills I’m just not sure what I can do with this.

All in all I think our medical bills before fighting and negotiating are going to be more than $2,500. Scary stuff!! But the love of my life is healthy and that’s what matters most.

So all in all we have an INCREASE in Net Worth (just like I promised) of $1,167!! This is by far the largest increase we have seen in our journey and is much more typical of what we can do every month when we aren’t buying new cars and giving vehicles to our children 🙂

Thank you guys so much for reading and keeping me accountable!

Coming up in March 2017:

  • Stupid, stupid medical bill post. Booo….
  • An Increase in the Liability Account – Home Depot for the purchase of a new interior door and dishwasher on special 0% interest financing

January 2017 Statement of Net Worth Update

Hello, and welcome to our January 2017 Statement of Net Worth Update. I’m sorry it is so delayed but as I said in my previous post, Christmas and some mighty big insurance changes have knocked us on our butt this month.

First of all, we pay our insurance in full every 6 months so we can take advantage of the 5% discount for doing so. It’s always a bit of a stretch to pull this off, but this month our policy went up $50 from the last statement, then we added the Dart which added $400+ dollars to the policy but then we made sure my son had full coverage on his car which made the policy go up another $350! Great googly moogly! So now we are “behind” again. Being behind means I have to wait for payments to post in order to give the update on our Net Worth.

We did hit over negative 70,000 in Net Worth but I am committed this year to not have any other decreases in our net worth. It is onward and upward from here! I am pretty sure we are done shuffling around assets and taking on new debts… Except for the new doors, I forgot about that. Eh. And new Furnace/AC…. Okay maybe one more decrease. I am terrible! Okay, on to the breakdown!

statement-of-net-worth-january

Assets

Our Home went up in value $96 which I was feeling pretty good about until I looked at our very first Statement of Net Worth and saw it was worth $75,373! It still hasn’t made up that huge $1,452 decrease in value we saw in November! I was wondering if that big decrease was due to the house that sold a couple doors down that I told you guys about in a previous blog, but I looked up the address and found it sold in 3/2015 for $25,000! What a buy! I can’t blame the decrease on that house anymore but in any case, we are still recovering nicely. The landscaper comes back in April and we are planning to plant petunias and break up some huge mums I have in the front of the house. I’m certain the increased curb appeal will amount to an increase in home value.

The HHR is off the books and now belongs to my son. I hope he enjoys it for many years to come.

My 401(k) went up $113 but we should be seeing some huge increases in this account in the coming months! My work has changed from a 2% contribution they just gave with no contribution necessary on my part, to 4% matching. I of course will be contributing 4% now and getting the company’s 4% so I’m excited to see how this grows over the coming months!

Liabilities

3 accounts increased in value this month: The Dart loan, CP Visa, and Navient. Wait, I can explain!

Dart – We refinanced our loan through our local credit union for a .25% interest rate reduction and also to add GAP insurance for $399 since we owe nearly $5,000 more than the car is worth. GAP insurance will cover 100% of the loan in the event that our car is totaled plus give us an additional $1,000 to go toward the purchase of a replacement vehicle. I was happy to add this insurance and I feel much better knowing it’s in place now. We are seeing a $461 increase in this account due to the $399 cost of GAP insurance and because we had no payment due in January. Not the smartest decision I know but I did need that $250 since I was short on paying the bills on the last pay day of the month.

CP Visa – We used this card for Christmas purchases and have been paying it down $100/week so we are only seeing a $118 increase in this account. We have put our cards away and hope to have this account paid in full by August so that we can start using that $100/week toward saving for a down payment on another home.

Navient – Like I said in previous blogs I was keeping an eye on this account to see how much it grows even when I make my minimum Income Based Repayment Plan payment. It only grew $114 this month vs. $161 last month. I called Navient and they advised me that my account accrues about $275 of interest every month. I have listed in my 2017 Goals blog post that I intend to start sending an additional $175/mo on top of my Income Based Repayment Plan amount of $90.61/mo in or around 4/2017. I will keep you posted! I intend to write a blog post in the future detailing each of my Navient student loans, their amounts, and interest rates. The smallest loan is around $1,200 and I know I will be able to knock that one out quickly.  I can’t wait to get started!

So, due to the HHR coming off the books, and adding GAP insurance to the Dart loan we are once again seeing a decrease in net worth. We have to stop getting deeper in the hole! This blog keeps me accountable, and without it I wouldn’t even realize just how much trouble we are in. We now have a negative net worth of $70,620 with a decrease of $3,651 this month.

Coming up in February 2017:

  • An increase in net worth!
  • An increase in 401(k) – D account due to increased contributions

Thank you for reading!

XOXO,

Dolores

2017 Goals

It took me a little while to come up with some goals after I realized how far behind we were due to the major changes we had with our car insurance this month which I will cover more on the January Statement of Net Worth post. I was left feeling defeated and depressed.

be·hind
bəˈhīnd

1. The inability to cover all of the next month’s payments on the last payday of the current month

According to my calculations we should be caught up at the end of March. Once we are caught up it should be smooth sailing from there on out and I thought I would share some of my financial goals of 2017.

Financial

  • Bills caught up (approximately 4/2017)
    • Send extra payment of $175 to Navient
      • Focus on smallest student loans first
    • Increase automatic deposits in to Christmas Club and Vacation Club accounts from $5/week to $20/week
  • Personal Loan sent to 0% for 18 months balance transfer 4/1/2017
    • This will increase our monthly bills $50 for the next 17 months
    • Will cost approximately $101 (3% balance transfer fee)
    • Saves $336.60 in interest
    • Cuts loan maturation date from approximately 8/2019 to 9/2018
  • CP Credit Card paid in full 8/2017
    • Currently send $100/week
    • After paid off, will set up automatic transfer of $100/week in to savings for down payment on a new home
  • HHR 0% balance transfer paid in full 10/2017
    • Currently send $275/mo.
    • After paid off, will set up automatic transfer of $250/month in to savings for future car purchase (projected 3/2018 when Equinox lease is up)

After 8/2017 we will have extra money to send to bills or to send to a retirement account. I’m really unsure what to do at that point. I think I should get in touch with a financial planner to ask which I should focus on. After 8/2017 I could:

  • Send extra money to the home to bring balance down to $56,160 and get rid of PMI payment of $54.54/mo.
  • Send extra money to Navient which has interest rates up to 6.55%
  • Send extra money to retirement account which would earn 8-10% interest over the next 29+ years
  • Could work on complete debt freedom

Perhaps I should add seeing a financial planner as a goal in 2017? What do you guys think?

Home Goals

  • Install new interior doors upstairs 4/2017
    • Safety issue as well as an increase in the financial value (eventually, if we were to get it appraised) and our intrinsic value of our home

 

  • Purchase a High efficiency furnace and central AC 6/2017 with Home Depot special 0% 24 month financing option.
    • Our central AC was installed in 1988, and our furnace is probably older than that. This will not only increase the value of the home, and our intrinsic value of our home but it should also drastically reduce our gas and electric bill which is currently $187/mo.
    • Will increase monthly bills about $150/month for the next 24 months assuming a price of $4,000 for the pair.

 

What are your goals for 2017? Feel free to link me to your blog I love reading and commenting on your ideas.

 

Talk again once the net worth update is ready.

 

XOXO

Dolores