Detailed Financial Picture – June 2013

May’s Numbers

As of June 7, 2013, we are $465,451.75 in debt (that includes the mortgage).  Without the mortgage, we’re at $42,248.27 in debt.  This includes a credit card, student loans, and an auto loan.  We currently have $941,577.22 in assets (including our house).  Our retirement accounts are at $293,456.12.  Our Net Worth is $476,125.47 (includes house and mortgage), up from $472,903.54 last month (0.6% increase).

Our retirement accounts went up by less what we contributed to them this month (0.29%), as the markets have slightly corrected themselves, and while I know a percentage point here or there really isn’t that big of a loss, when you see your account “losing” $3-4k in a day, it gets a little nerve wrecking.  I just have to avoid looking at the accounts on the “down” days.  Over time, I have no concern that the market will go up, and we have plenty of time to ride out a correction before we need the money for retirement.

The job front is looking good for me.  We just got in a lot of work – almost too much for us to handle, so we’re having to schedule it out a month or two.  So we’re bringing in new work pretty regularly, and things are looking up there.

We’re expecting to make a large payment this month and next to pay for some house repairs, so I’ve only paid the minimums on our debts so that we (maybe) don’t have to borrow anything for those repairs.  The minimums are still pretty significant, but still the minimum. Due to the timing, we have two months to “save up” for the repairs – we need 30 days for HOA approval, and I just mailed that in earlier this week, and then we put 35% down for the repairs, and we get scheduled within 30 days, and the repairs will be done in 5 days, and we don’t have to pay the remaining until then, so we’ll have one payment in June (maybe early July, depending on the HOA), and another in July/August.  If we make the second payment in August, we won’t have to borrow anything.  We will be taking quite a bit out of the emergency fund though, and will be “repaying” that first before we aggressively start attacking the debt again.  Dad has a 3-paycheck month in August though, so that’ll really help.  If we make the second payment in July, we’ll be borrowing about $1000 from our line of credit, and then paying it off in August.

Debt (in the order we’re paying it down):

  • Line of credit (8.75%): $0.00
  • Chase (4.99% for life): $ 5917.27 (-59.31)
  • Student loans (aggregated 6.55%):  $13,341.00 (-285.98 amount already deducted for June)
  • Car loan (0%): $22,990.00 (-490.00)
  • Mortgage (4.125%): $ 423,203.48 (-657.78)

Total paid off in May: $1,493.07

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