December 2017 Navient Review

The assault continues on Navient #9!

The wonky billing cycle from Navient breaking all of my loans up continues on this bill cycle. For the January update we should be back to a full one month cycle.

This billing also reflects my first increased payment of $217.47 that was paid 12/1/2017. Thanks to the larger payment, many of my individual loan accounts decreased.  In addition to my minimum payment, I was able to pay extra each week to Navient #9 thanks to my side hustle, Shipt!

December 2017 Breakdown

This is an extra special update because I am finally done paying the accrued interest on this loan!

The Story of Navient #9

I was awarded Navient #9 on 10/3/2012. It is an unsubsidized loan, which means it has a higher interest rate, and it also accrued interest while I was attending school and any of the time that I was in deferment or forbearance. This was awarded the same semester as Navient #8 which was subsidized so that one has a much lower interest rate and did not accrue interest while in forbearance and deferment.

This was my last semester before graduation. It looks as though I was trying to be smarter about taking out subsidized loans and minimizing the unsubsidized amount.  I think at that point I had seen what trouble my student loans could become so I took out only what I needed: $939.

I then let that loan sit for almost 5 years while I hid my head in the sand and ignored all of my loans. In that time of inaction, I allowed this account to grow from $939 to $1,264.77.

 

Weekly Breakdown

11/17/2017

  • $122.32 Paycheck
  • $36.70 Saved for Taxes
  • $30 Gas
  • $50.00 Sent to Navient!

11/22/2017

  • $160.78 Paycheck
  • $48.23 Saved for Taxes
  • $20 Gas
  • $100.00 Sent to Navient!

This pay came a little early thanks to the Thanksgiving holiday. It was also a HUGE pay check due to Shipt offering incentives for orders that no shoppers have claimed yet, also known as promos. Some of these promos can be $20 on top of the regular pay and tip. The downside to that is if too many orders are going unclaimed it triggers a hiring wave in our area, which means less orders for all of us.

I picked up a couple $20 promo offers this week.

12/1/2017

  • $38.46 Paycheck
  • $11.54 Saved for Taxes
  • $25.00 Gas

This pay was super short. Shipt was offering a holiday bonus for members that could shop a certain threshold of orders in 3 days. They may have been trying to avoid the promo snafu that happened the week before.

Since there was no way I could meet the threshold in 3 days with my one order a night rule, I stayed off the schedule to support the other shoppers who did have a chance.

After taxes and gas, I didn’t have anything extra to give to Navient.

Recap

For the billing cycle 11/14/2017 – 12/7/2017 I was able to pay a total of $150 extra to Navient, but according to the Breakdown above, Navient #9 reduced a total of $200. I am obviously still having a little trouble making the amounts match up.

In the November 2017 Navient update, my breakdown was off $25. I think that maybe my last payment of $50 on 11/9/2017 perhaps didn’t post until this month’s cycle. I will figure this out eventually! Sorry for the confusion.

As of 12/7/2017, my Navient #9 is $940.04. Every payment I make from here on out to this loan will be applied to principal.

November 2017 Navient Review

I’m still struggling with a clear and concise way to relay my journey to paying off my student loans to my readers. I think my last attempt at an excel spreadsheet showed too much information so things became unclear.

While I would love to display all the details of each individual loan: The award date, the accrued interest, the interest that’s added each month minus the minimum payments and the extra payments, all of that information muddies the heart of the matter and I think it’s only valuable information at the beginning and the end of each individual loans pay off.

I’m going to attempt to update once a month the overall progress and then go deeper in to each week of that month

*EDIT* 12/9/2017 –  The balances reflected in this billing cycle include the minimum payment of $90.61 which was paid 11/1/2017.

November 2017 Navient Breakdown

This billing cycle was a bit wonky because my Navient customer service rep offered to break my loans up for me so I could pay one loan individually online instead of calling in and waiting on hold each week to make the payment to a specific loan. Calling in and saying out loud that I wanted to pay X amount to my loan was kind of rewarding and I miss that. I knew my coworkers could hear me say it out loud, and the rep taking the call was my witness as well.

Breaking up the loans sounded like a good idea at the time, but what I didn’t realize is that once a month I would get 11 individual emails, and my bank would have one page of transactions all from Navient for each minimum payment being made on those 11 accounts.

Now it appears that the act of breaking up those bills tweaked my billing cycle.

Getting all of my student loan balances now is a process. Since each loan is individual, they each have their own bill so I have to open 11 different PDFs, and only 10 are visible on the first page. I have to click “view more” to get my last student loan balance.

Soon I will have all the PDFs on one page! It’s the small things.

I’m currently working on my lowest balance and highest interest student loan, Navient #9. My income based repayment plan is automatically drafted from my checking account on the first of each month so I can take advantage of the 0.25% interest rate deduction.

On top of that, I put all the earnings that I can from my side hustle, Shipt. Read more about my experience with Shipt here.

Every week on Friday, my Shipt paycheck is direct deposited in to my account. Since I’m a 1099 employee, I tuck 30% of the earnings in a savings account specifically for taxes. I then fill my gas tank.

The gas I get each Friday not only gets me to the grocery store and to my customers but I also go to my full time job and take my daughter to and from school on the same tank of gas. After these two things are taken care of, any money that is left goes toward Navient #9.

 

Weekly Breakdown

October 6, 2017

I received my first paycheck from Shipt this day in the amount of $76.97. I saved $23.09 for taxes, put $30 in the gas tank and sent $25 extra to Navient.

October 13, 2017

I was paid $12.84 from Shipt this week because I decided of the two participating Shipt grocery stores we have in my city, I liked one better than the other so I chose to shop exclusively at that one. I got one order. I quickly got over myself and decided to shop both stores from here on out.

I saved $3.85 for taxes, and put $10 in my gas tank.

October 20, 2017

I was paid $92.12, saved $27.64 for taxes, put $30 gas n the tank and sent $25 extra to Navient.

It took about this point for my husband to come on board with this side hustle of mine. He didn’t like it at all so we came to a compromise: I would only deliver orders as late as 8pm, and I would work every day necessary until I reached my goal of $100. I figured $100 was the minimum I could make to save for taxes, fill the tank, and put $25 – $50 toward my student loans per week. This compromise has been working well for us!

October 27, 2017

I was paid $106.79, saved $32.04 for taxes, put $20 in the tank, ad sent $50 extra to Navient! This plan is working!

November 3, 2017

I was paid $100.93, saved $30.28 for taxes, put $35 in the tank, and sent $25 extra to Navient. It wasn’t my $50 goal, but $25 a week is respectable, too.

November 9, 2017

I was paid $117.34, a little above my $100 goal but that was due to promotional orders and good tippers. I still held up my end of the compromise: Stay home on my hubby’s day off, but working on his day off if I haven’t yet reached $100 for the week.

This pay was also a little early due to a bank holiday.

I saved $35.20 for taxes, put $30 in the tank, and paid $50 extra to Navient.

Recap

For the Navient billing cycle 10/6/2017 – 11/14/2017 I was able to pay a total of $150 extra to Navient. According to the breakdown above, Navient #9 reduced only $125.53.

This is something I’ve been struggling with when attempting to share my student loan pay off progress. I can’t get my numbers to match up! I’m thinking that perhaps the payment I made October 6th may have credited on the previous month’s bill.

I think this is the format I’m going to stick with from here on out, so the payments should match up when I make my monthly updates.

December 2017 Statement of Net Worth Upate

Hello and welcome to our December 2017 net worth update! We were able to pay off our Equinox lease this month and I am so excited! Cue the confetti! We paid $475 a month on this debt and it is going to free up so much money in the future. Even though it was a 0% interest debt, we went forward with paying it off because of the sheer amount of money it would free up.

That’s our big update for this month! We had some short comings as well that were kind of sort of planned. We usually do splurge for Black Friday so we went ahead and did that but we didn’t spent very much at all. We got a couple of Christmas presents so those are taken care of, my husband got a new recliner for his game room, and I bought some Hunter rain boots and a North Face jacket. I also got an Ancestry DNA kit for myself which I have been wanting for eons.

But, even though we had our little splurge session above (about $500 worth) we were still able to pay off debt which I am ecstatic about. Without further ado, on to the breakdown!

December 2017 Breakdown

Assets

Looks like the home is on the rise again! When I checked Zillow.com our home is projected to raise 7.2% in the next year bringing it to $90,000! Don’t mind if I do!

The car insurance fell a bunch because we paid the car insurance this month. I have our car insurance come out of our credit card automatically every 6 months, so we get a 5% discount from the insurance company for paying in a lump sum and we earn 1.5% from our credit card rewards program for paying it through them! Discounts on discounts? Yes, please.

The Savings – Emergency account is growing unusually because I have been chucking my tax savings from Shipt in to it since I don’t have a Savings – Tax  account currently. Hubby is also earning bonuses now and he wants to open another savings account to keep that separate for big ticket items in the future. Not sure where he’s going with that, but it’s his bonus so he can do what he pleases. Anyway, I think a trip to the bank is in the future in order to set up a Savings – Bonus and Savings – Tax account so we can track these more accurately.

All other assets are fluctuating as normal.

Liabilities

We have two stars of the show over on this side of the ledger. The first being that the Equinox is at a zero balance! Hooray! Seriously, where is the confetti?

The second is *drumroll* our Navient account for the first time EVER in the 14 months that I have been tracking our net worth for the world to see did not grow! We are now in for 11 more months of increased payments due to the reevaluation of my income based repayment plan, and Shipt looks like it’s something I’m going to be doing for the long haul. I feel really comfortable that I have worked out the kinks in my learning curve and I know exactly what I’m doing now.

I’m pulling an average of one order per weeknight 4 nights a week, and 2-3 orders on Saturdays which makes it possible for me to pay $50-$75 per week on my student loan in addition to my regular monthly payment.

The Visa went up a bit because my hubby took off without me to make his recliner purchase so he didn’t have the credit card with him that we pay off every month. And I haven’t paid it off because I’m still a sort of naughty human who is trying to break the “debt is okay” mentality.

Debt Pay Off

I’m not sure how much debt we will be paying off this month with Christmas coming up, but I do think we are going to be paying some extra.

Our smallest 3 debts as of 12/1/2017 are:

  1. Navient #9 – $939 (6.5% interest)
  2. Home Depot – #2,450 (0% interest)
  3. Personal Loan – $2,75 (9.5% interest)

This is where I’m going to stray from the Dave Ramsey debt snowball method. Home Depot isn’t costing me anything to pay off slowly, and I’ve broken this down to an amount to bring the balance to $0 way before the promotional period expires for our new furnace. In or around April I may start focusing on this debt because we need a new central A/C unit. The one we have currently uses so much electricity so I think replacing it will pay for itself and I plan on using the 0% option again when that time comes.

I mentioned last month that I’m not particularly motivated to throw even more money at Navient #9 than I already am because it doesn’t change my payment in the short term.

I am choosing to work on our personal loan next. It has the highest interest rate that we currently pay, and paying it off will reduce our bills $150 per month for good. Our CP Visa account is also 9.5% but once we pay extra money on to it, it’s possible, and maybe even probable that we will just re-spend that money so it won’t necessarily stay paid down. However, once the personal loan is done, and depending on what’s going on with how long that takes we may work on the CP Visa Account or Home Depot next. But, that’s at least 2-3 months in the future. We will cross that bridge when we get to it.

I am also still waiting on the 0% balance transfer option from Capital One which just has not wanted to spawn for me! If that comes available, we will be getting rid of both CP Visa and the personal loan! If that were to happen, I’d probably be forced to work on my student loans next since some of them have the next highest interest rates at 6.5% and lower.

But again, I’m getting ahead of myself.

Conclusion

We were able to pay off $1,518 worth of debt this month and we increased our net worth $3,359 in one month! Our net worth is now $(43,049). Since we started our journey our net worth has increased almost $25,000! That’s amazing for only a little over one year! I am betting that we will become worthless in 2018! 🙂

Thank you so much for reading!

Dolores

November 2017 Statement of Net Worth Update

Hello and welcome to our November 2017 Net Worth Update. This is an exciting update because this is the month that reflects the changes I decided to make in October. I signed up to be a personal shopper through Shipt, and decided that any money I made over the amount to pay for gas and save money for taxes would go toward my student loans!

This is also the last month with my tiny $90.61 minimum payment so I really think that this should be the last month that any of my liabilities grow instead of gradually coming down and dropping off.

Nov 2017 SNW

Our home is the asset that dropped the most this month, but that’s nothing compared with November 2016 when it dropped over $1,000!

Our Christmas Club account matured November 1st and was added to our regular savings account. We are going to use the funds at the end of November for Black Friday shopping, after paying off a debt of course. More about that below.

Our Savings – Car Insurance fund also dropped because my hubby borrowed money from it for a table top arcade system he’s been wanting. The game system is pretty cool, and it’s this consideration for each other’s wishes that makes our debt free journey possible. It can’t be all work and no play so I’m okay with this every once in a while. We will be replacing the lost funds at the end of this month and paying our car insurance December 1st. The charge will actually hit our credit card November 11th and earn us 1.5% cash back and we will pay the credit card December 1st.

Liabilities

Only one account grew this month: Navient, and by a whole lot less than usual! That’s because every week I paid an extra $25-$50 with the money I earned from Shipt. As of December 1st my minimum monthly payment increases from $90.61/mo to $217.47/mo. So I really don’t think we should see this one growing anymore.

Speaking of which, I have been really reviewing my statements lately for my Navient Posts and I have student loans that have grown SO MUCH. Ones that started out at $6,000 and are $8,000 now. I think I’m going to make a post about each one and how it’s grown.

In happier news, check out the Equinox account! We had money left over after paying all the November bills and we paid an additional $554 on the Equinox! Once this bill is gone we will save $475/mo until we have to get a replacement car in March. We haven’t been saving up for a replacement car because we’ve been focusing on debt pay off instead. Even though the Equinox doesn’t charge us interest I chose to pay this one off because it frees up so much money per month.

Debt Payoff

At the end of this month, we are planning on paying off the Equinox and then using the rest of the money for Black Friday shopping. This is when we will get a start on our Christmas shopping and really treat ourselves to whatever we want this one day a year. Last year I got 2 boxes of Tupperware, a crock pot set for keeping our Thanksgiving and Christmas Eve dinners warm, leggings, boots, a basket set with fabric liners, and a couple of chenille knit throws which I adore.

I haven’t for sure decided the next debt I want to attack, but I think it will be the CP Personal Loan. Both it and the CP Visa are my highest interest loans with 9.5% each. I really looked forward to doing a balance transfer through Capital One but I haven’t gotten an offer in so long I’ve kind of given up on that option.

If I were to get the balance transfer option, I would probably then start working on my debts in the typical debt snowball fashion: from smallest to largest. As of right now my smallest 3 debts are:

  1. Equinox – $800 (0% interest/ $475 per month)
  2. Navient Account #9 – $1,165 (6.5% interest)
  3. Home Depot – $2,625 (0% interest/ $175 per month)

As of right now, my motivation isn’t particularly high to work on Navient any more than I already am with my side hustle. For one, I already give it extra money and for two, this debt doesn’t “hurt” as much. It should! While paying it off doesn’t make my payments any less, intrinsically I know it betters my future so hopefully my feelings on that will change in the future.

As for the next couple of months I’m not sure if there will be a lot going on in the debt pay off department what with our annual Black Friday splurge and Christmas spending and recovery coming up, but we will see.

I’ve also been thinking about adding a line item to our debt snowball to get rid of the PMI on our home loan. Right now our mortgage payment includes $54.54 going in to escrow to pay our private mortgage insurance. This will stay on our loan until our balance is at 78% of the original value of our home according to the appraisal done when we purchased it. Our home appraised for $72,000 then and our balance is now just under $62,000. We would have to have a mortgage balance of $56,160 in order for the PMI to fall off on its own and without us beeding to pay for a second appraisal. We are currently $5,621 short of that. Do you guys have any thoughts about accelerating our mortgage principal payment to get rid of PMI? We would of course continue paying the same mortgage amount we have been all along so that $54.54 a month saved would go right on the principal. So the $5,621 would save us a ton of interest over the life of the loan, and then the $54.54 extra every month thereafter would also save us a ton. I’m seriously thinking about it!

Conclusion

At the end of October we were able to reduce our debts almost $2,000 and increased our net worth $1,580 for a total net worth of $(46,408)!

Thank you for reading and please check back for more information on my progress paying my student loans down!

XOXO,
Dolores

(Mis)Adventures in Side Hustling Vol. 1

During the past year I have tried my hand at a few different side hustles, some of which were not necessarily bad, but just not the right fit for me at that moment. I’ve had some pretty entertaining adventures so I thought I’d document them here.

My first side hustle I came across by accident. I have always been interested in dance but coming from a very poor childhood I wasn’t able to take dance lessons like I would have loved to. This was before the days of YouTube tutorials and automatic replay so I couldn’t even watch something repeatedly to try to get it memorized.

I did attend dances and things in my teen years. I wanted to try out for cheer-leading in High School but I forgot my permission slip on the day of try outs, and while I watched the other girls try out I realized the coach was an absolute bear and I just didn’t like the vibe there at all. She approached me afterwards to ask if I would be coming back tomorrow for makeup tryouts and I told her no. She seemed surprised!

Fast forward to my 20s and the first episode of So You Think You Can Dance. I was obsessed with that show. I adored watching all the different dance styles and how the dancers were able to take direction from a choreographer and quickly adapt to a completely different style of dance.

All in all, because I loved dance so much I thought that I would inherently do well at it. I was wrong. I contacted a local dance studio and signed up for an adult ballet class one day a week at $35 per month. I came in to the class in late January when the other students had been in the class since it started in September. I arrived feeling like a clumsy ox and not knowing any of the moves to do the warm up much less the choreography they were practicing after the warm ups. I quit going after about a month.

Before I learned that little tidbit above (the clumsy ox and NOT an impoverished ballerina bit), I had been listening to personal finance podcasts and tracking my net worth. I really wanted to take dance lessons again but I didn’t want to add another bill to our budget. That’s when I heard some advice, which I wish I could give credit for but I’ve been listening to so many podcasts for so long now that can no longer remember who said what. This is the advice: “If you want to take classes at a gym or yoga studio try contacting them to offer a talent you have in exchange for class time.” My talent was working office work. I could even do janitorial work.

I contacted the dance studio and asked if volunteering in exchange for dance lessons was something they would be interested in. I didn’t hear back for at least a couple of months. Then suddenly I got a reply saying that they actually needed someone to work there but the hours were so few that they didn’t want to list the job anywhere. It was 3 hours every Thursday and 4 hours every other Saturday and it was paid!

It was great at first. The woman that hired me was sweet, and the one that worked full time during the day was great and very knowledgeable, and everyone, teachers, students and parents adored her. Those two had the studio down to a science, and all I had to do was be a warm body to take tuition payments and sell snacks from the counter when the day girl was off, all while listening to great music coming from the studios around me. I also got to watch dancers perform and everything was great even though I wasn’t taking any classes yet myself. I was very happy until everything started changing.

The day girl quit and went in to insurance sales. They replaced her with a dance mom who I just didn’t get along with right away. One day I walked in to Dance Mom telling me with a grin on her face that the woman that hired me had been fired! Suddenly I was the person at the counter with the most experience equating to about 40 hours total. I had no idea what I was doing outside from taking payments and selling snacks and now I had no one to refer the questions to. I felt like I was always saying “I don’t know.” and dreading coming in to the dance studio on my scheduled days. At the end of year was the dance recital which again was the hiring woman’s job and she did it very well. Everything became very confused, the parents were unhappy with the change, and it all became rather soul sucking which is sad because I started our adoring the place and marveling at my good fortune.

I stayed at the studio through the end of the school year, and I offered to come back in the fall because money is money and I could have used it. But I was advised my schedule wasn’t useful to them at that point so I wasn’t asked to return.

Fine by me!

 

Dolores

 

October 2017 Student Loan Review

For a long while I have wanted to closely observe and document how my student loans grow every month. In October 2016 I started my blog documenting our family’s journey to a positive net worth, and here I was able to list my Navient account as a whole and see exactly how much interest was being added every month. Prior to 10/4/2016 my head was in the sand. I had no idea what I owed and every time I was forced to look I would be shocked to find that the balance had grown by hundreds, if not thousands, from the last time I looked.

If you want to change something the best way to start in my opinion is by tracking it. Since we started tracking our net worth it has grown $20,000 in a year some by hard work and some luck, which I think were caused by the magic of tracking the changes and reacting to them.

I started this same habit by looking at my loans individually. I started writing down all of my student loans and their balances but I continued to make my minimum payment, which was based off my income. If you have been reading my blog, you know that my minimum payment was about $125 too little each month. I wasn’t even keeping up with interest!

While I was tracking how each individual account was growing, I struggled with coming up with a clear and concise way to display it to my readers. Also, I may have been a little discouraged because I was still working on catching up on our regular monthly bills, and I had a few smaller bills to take care of on my debt snowball.

A couple of things came together to really get me encouraged to start chipping away at this debt. And I do mean chipping! I am making very small jabs at this debt now, but I’m beyond excited that I’m finally doing something.

First, a person on the Instagram debt free community recommended Shipt as a side hustle to a woman that I follow. That morning during my commute to work I heard a commercial on the radio advertising Shipt for our local grocery store. It didn’t occur to me then to look in to it but I was a little curious so that post reminded me that I wanted to research it. It turns out Shipt is a grocery delivery service! I signed up to be a shopper: I get a grocery list on the app, scan each item as I grab it, pay for it with a company credit card, and deliver it to the address provided in the app.

That was a very readers’ digest version of the job, but I plan to make another post in the near future about the side hustles I have attempted in the last year.

Shipt pays me $5 for every delivery I do, plus 7.5% of the order total, plus tips. It can add up fast! My very first paycheck I brought home $76.97 after completing  shops the week before. I put $30 gas in my tank, put 30% away for taxes, and paid $25 extra to my smallest student loan!

From then I made a goal: Deliver as many orders as I can until I get to $100 and divide it as follows: 30% tax, less than $30 gas, and $25-$50 extra payment on my student loans.

But still I struggled with how to document and share the journey? During one of my drives to a delivery last night, I started talking out loud outlining my spreadsheet and got it figured out. I came home and plugged in all my numbers while watching Orange is the New Black and waiting for a load of laundry to dry.

Navient.October 2017 Corrected

Figuring out how much interest is added each month to each individual loan is still a bit wonky, because I can’t find it listed on my statement. The best I could figure was taking the previous statement from Navient and comparing the total interest with the total interest for the new month.

This has been a humbling experience. With the Sum feature on my table, I found that I accrue $121.06 of interest each month AFTER my $90.61 payment. We sort of already knew that, but when I looked at the total unpaid interest from the previous month is when the real shock kicked in. This is a huge hole. This is where not making any payments on your Income Based Repayment Plan will get you. This is where hiding from your problems gets you: Nearly $6,000 of unpaid, capitalized (compounding) interest. I’m going to start doing something about it. Or so I said.

Next, came time for my annual Income Based Repayment Plan income review. After submitting my documents and waiting a couple of months I learned that my minimum payment would be more than doubling! I am going from $90.61 due each month to $217.42. I am pretty happy about this because I can afford this payment, and I’m now being forced to at least keep up with interest if I do nothing more than make the minimum payments. No more glowing red accounts on my net worth statements!

With my side hustle going strong, and my minimum payments increasing, we should see these shrinking over the next year. I’m excited to look back 10/2018 and see where I am then. I hope you’ll be here, too!

Thanks for reading. You can follow me on Instagram @networthnegative for daily updates on our debt free journey as well as other shenanigans I get up to.

XOXO,

 

Dolores

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October 2017 Statement of Net Worth Update

Hello and Welcome to our October 2017 Statement of Net Worth Update! It’s been 1 year now since I started tracking our net worth. It’s amazing how time flies when you’re having fun. Our net worth has increased nearly $20,000 but our debt has stayed nearly the same (an increase of $80) in one year.

I feel like the next coming year is going to bring some drastic changes because 2016 going in to 2017 was spent cleaning up a lot of small messes like balance transfers and medical bills. As of October 2017 we have only 2 bills that cost us over 6% interest each month: CP Personal Loan and CP Visa, both of which are 9.5%. I’m choosing to concentrate on bills that are first of all a low balance so that they are within firing range, and I’m also keeping my eye on those with interest over 6% because paying these bills off give us more return than investing in the stock market (assuming the average rate of return of 8%).

We have many bills coming within firing range that will free up a good chunk of money which can then go toward the small balance bills or the high interest ones.

I’m getting ahead of myself. On to the breakdown!

October 2017 Corrected

Assets

It looks like our home is finally stopping its wild run to the top of the market this month. That was great! Let’s just hope that is doesn’t fall drastically like it did around this time last year.

Our Dart also fell a bit in value, but nothing too concerning.

Of course our decrease in savings is a reflection of the normal fluctuations seen after we pay bills and start building up funds for the next month.

The only unusual change this month is our Christmas Fund falling $50 instead of the regular increase of $25. I took money out of this account to pay for a birthday gift for my daughter. We were a little short on funds and I didn’t want to use the credit card so this was the solution, and I don’t regret a thing. I think it was a good choice!

Liabilities

All of our liabilities fell as usual in accordance to the regular monthly payments we send each month. We made more of a concentrated effort to give some love to the CP Visa since we have been abusing it as of late.

Navient of course continues to grow, but we have an exciting change coming up that I am going to talk more about in an upcoming post. Basically, my Income Based Repayment Plan was re-evaluated and my payment changed from $90.61 a month to $217.47, an increase of $126.86. Navient grows typically less than $125 a month so this increase will keep me about even with Navient instead of growing each month. I think in 2017 we are going to see these student loans start to be paid off one by one.

Debt Pay Off

After paying all our October bills we had $275 remaining. My husband and I discussed it and decided to put that extra money toward the CP Visa since it was nearly maxed out. We have been very good since then about not using the card at all.

We are also waiting on the 0% balance transfer offer from Capital One. Once we receive that we will move the CP Visa balance as well as the CP Personal Loan balance on to that to pay off in 18 months and save the 9.5% interest.

We also have canceled our trip to Puerto Rico due to the damaged caused by Hurricane Maria since I updated this spreadsheet so at the time of writing this post, we actually have a credit balance on Capital One which frees up money for the next 2 months.

At the end of October I think we should be very close to paying off the Equinox which will free up $475 every month and the Equinox doesn’t need to be turned in until 3/31/2018! We will have about 4 months of no car payment at all so lots of opportunity to work on more debt pay off.

Conclusion

It’s absolutely crazy how much change can happen in 2 short months. In September we made it in to the 50s, and this month we are well in the 40s for our net worth! We had an increase of $2,408 this month for a net worth of $(47,988).

I hope you continue to follow us on our journey to a positive net worth because I feel like we are going to move up in leaps and bounds this year. We are making smarter decisions, making more money, and just overall dong better. I’m excited to see where we go and I hope you’ll be a part of it.

XOXO,

 

Dolores