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. 2: A Halloween Story

Hi, and welcome to my blog. If you’re new here I’m currently smack dab in the middle of a 3 part series I’ve named (Mis)Adventures in Side Hustling. I’m documenting my failed side hustles since the start of our family’s debt free journey.

I really should have known better that my second side hustle would not be a good fit for me, but I wanted to embrace the uncomfortable. I imagined what a good story it would be for my blog, all the funny anecdotes I could share here – not the one I’m about to share! I imagined what a story it would be for the interviews I would be asked to be a guest on once we made our way in to a positive net worth.

Friends….. I auditioned to be a haunted house actor. And I was hired! And I worked one night.

I found the job listed on Facebook and decided to give the audition a try. I dreaded it so much because I am an introvert to the extreme. I like to drive my car home from work in silence just so I can think. I walk my dog every morning with no earbuds in, partly because of safety but mostly because I enjoy the silence. When my family is all off doing their own thing after dinner and time spent together I like to dim the lights, light a candle, and read a book… you guessed it, in silence.

So going to a haunted house and screaming my lungs out was not my idea of a good time! But I did it for you guys!

Auditioning wasn’t so bad. We were taken in to various spots in the haunt and planted there by an acting director. Then the owners walked through and we were given the opportunity to scare them. When I was sure they were coming, I started to breathe loudly so that they could hear me in the corner of my room and once they were looking I basically did a jump scare. I jumped up and screamed. I’m cringing just thinking of it.

When I actually came for my first night of work I was assigned to a room full of pin up magazine clippings. My task was to scare guests and scream about how I hate beauty since I’m so ugly.  I might have been offended if I hadn’t been given this truly lifelike mask to wear.

Misadentures in Sidehustle 2. face

Whenever I showed a picture of it people thought it was makeup!

My coworkers were all very…. Not my crowd. There were troves of men sitting around chewing tobacco, spitting on the ground, smoking cigarettes, and playing loud heavy metal music. Nothing against all of that (except spitting, I really hate spitting) but it’s just not my vibe. I sat quietly while I waited for the attraction to open just observing the bazaar mating — I mean flirting – ritual taking place around me with the very few women at the haunt.

Another thing about the haunt was that it was very sketchy. And by that I mean unsafe. Workers were paid cash and very little of it, but I was there more for the experience and the story which I dreamed of relaying to you, my readers.

Before opening, I went upstairs to my area. I gained access by taking a ladder through a hole in the ceiling which led to the next floor. When the attraction opens, the trap door to the bottom floor closes and doors leading to that area are closed. Other actors more familiar with the area had been jumping the 3 foot distance to the floor all night and walking down the next 2-3 stairs to get to the costuming and makeup area.

I decided to come back down because I needed my hospital gown for my costume. I could have taken the ladder back down but that would involve me turning backwards looking for purchase on a homemade ladder nailed at a 90 degree angle that I was unfamiliar with. I decided to do what all the cool kids were doing and make the jump.

I placed my hands on either side of the opening of the trap door, went to swing my legs down – and the toe of my shoe caught on the floor behind me! I pitched forward, my face barely missing the edge of the opening and fell 3 feet on to the wooden landing directly on my knees, tumbled, and fell down some of the wooden stairs as well before stopping.

I was really hurt. I was really embarrassed as well, numb but still able to walk so I decided to stay for my shift. I was able to get an ice bag for my legs and I went ahead and worked that night. Luckily my haunting assignment involved sitting at a vanity table in front of a broken mirror (really, were they trying to tell me something?) so in between guests I had my legs up on the vanity with the ice.

Misadentures in Sidehustle 2. elevated

Even though I was really injured and I had a feeling of dread every time I knew guests were coming my way and I was going to have to perform, I smiled for days remembering my favorite guest reactions from my one day of haunting.

Guests came in to my room behind me. They didn’t often notice me until someone else in their party pointed me out, sitting in the corner rocking with my long hair all over my face. They had to get by me in order to move on to the next room, and I had worked out a cue with the girl (I do mean girl, she was 12) in the next location that when I said “Why do they always leave me?” they were then heading in to her room and she could start her haunt.

Here are some of my favorite reactions:

A couple and their poor 4 year old daughter. The little girl was terrified already and I could hear her coming because she was crying loudly. Poor thing! What cruel parents! Anyway when she came in my room, saw the door by me and I’m there looking creepy as all get out she says, “No no no no no no nooooo!”

A teenage boy in a group of guys. The guys had come in and were reacting rudely to my room (the pinup posters, remember) and didn’t notice me until one of the other guys pointed me out. The teenage boy says “Oh no that’s worst nightmare!” Happy to be of service, boys! Haha!

Some funny responses to my cue:

“Someone has to stay!”

“Have you seen your face?!” Me: “My mirror is broken!”

Little did they know that after lamenting their departure with fake tears, I would hobble back to my vanity and grocery bag of ice.

And every time I heard the bell clanging which let all the actors in the haunt  know a new group of guests had arrived I would be so filled with dread that I would groan, and not always inwardly!

At one point, the 12 year old girl needed to use the restroom, and she asked me to cover her haunt spots and abandon mine. I needed to go in to a dog cage and pretend I was trapped there (on my knees! OUCH!) and then when the guests left that room I needed to run to another location, climb into a coffin, and struggle to get out while another actor held it closed. My job was to call for help and jostle the lid from the inside. On my mad dash getting in to the coffin, only the top section for funeral viewing was open and I wacked my shin on the bottom section meant to hide the legs.

When I limped around the next couple of days, it was fun to tell people that I banged my shin getting in to a coffin when they would ask what happened to me. Oddly enough, that wasn’t my first time in a coffin!

Finally, the night ended at about 12:30am and we all headed back down to the costume area. When I grabbed my keys to make my escape, I noticed my keychain wallet was open and the cash I had in it ($20) was missing. One of these people, after seeing the night that I had decided to rob me! My drivers’ license is on the outside of the same wallet so there’s no way they didn’t know who they were stealing from.

I collected my spoils from the night, $25 cash (a profit of $5 for the trauma I went through) and I told the owner that someone had stolen $20 from me. His response: “I don’t know what to tell you.” Granted, anyone could say that they had some money stolen in an effort to collect a bigger pay day but the haunted house had the biggest opening night in history with over 100 groups of 2-6 guests paying $15 each. He could have peeled off a $20 and made me whole.

I said “Then I’m not coming back, I’m not going to work with thieves.” And I hobbled off into the night with not even my dignity intact. In all honesty I was happy to have a valid reason to not come back. The only reason I even came in on the first day was because I felt like I owed it to the people that run the haunt. I had a location and if I didn’t show up they would be screwed! Once I saw that they had no feelings of obligation toward me, I was happy to give up my own misplaced feelings.

When I got home I was able to take a look at how bad my legs were.

Misadentures in Sidehustle 2. leg first

Here is another view a couple days after:

Misadentures in Sidehustle 2. leg old

 

At the time of this writing it’s been a little over one month since that incident. My knees don’t really hurt that much anymore except when I try to crawl in to bed on my knees or get on my knees to look for something under the furniture. I can’t do that. I hope that I’m not permanently injured!

(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

July 2017 Net Worth Update

Hello, there. Pardon the lack of enthusiasm, I am a bit annoyed at myself. You see, here I am ready to write out my August Statement of Net Worth, and I find I never posted July! And then when I go to post my July Statement of Net Worth I find that I never even wrote it!

So now I’m going to try to write this post a month later, and try to conjure up the level of enthusiasm I would have had, had I wrote it on time! On to the breakdown!

Statement of Net Worth. July

Assets

The house and the Dart continue to fall in value, sadly.

Our savings account appears to have fallen a great deal, but that’s because I ran our numbers just after paying the bills, so the holding account was at $0. Normal fluctuations there.

Liabilities

We have a new account here: My husband opened up an Amazon Store card. This is a card I have been interested in for a while due to the 5% cash back on regular purchases, and special financing options (0%) on purchases greater than $150. He purchased parts to build a new computer. This is 0% interest for the next 6 months, so we will be decreasing this by $100/mo in order to pay it off before the promotion ends.

Other than adding the Amazon account, all our other liabilities decreased nicely! Aside from Navient, of course. I’ll come for that eventually…

Debt Payoff

At the end of June, we were able to pay off RAC: $127.43, and we were able to pay an additional $206 on our next smallest debt, Vermuelen’s! $100 remains to pay on this debt.

Our smallest 3 debts now are:

  1. Vermuelen’s – $100
  2. Radiology – $346
  3. Amazon – $516

You may notice that Radiology is at the same balance as our June 2017 Statement of Net Worth. I had another math error somewhere along the way, this is the correct balance.

We have a very modest increase in net worth of $484. World’s better than an decrease! So we again are at an all time high net worth: $(65,669)!

Thank you so much for following my journey.

XOXO,

Dolores