Tag Archives: debt

Detailed Financial Picture – March 2017

January’s Numbers

As of March 1, 2017, we are $299,544.21 in debt with a mortgage.  We currently have $1,073,633.00 in assets.  Our investment accounts are at $651,159.34. Our Net Worth is $774,088.79,  up from $736,973.30 in January (5.04% increase).

We were able to contribute the full amount we set aside to our Roths and since I had set aside an additional $1834 between January and February (intended for 2017), I contributed that as well – who knows how much we’ll be able to contribute next year – we were literally $400 under the lower contribution AGI limit.  We are on track to have 11k set aside for that purpose next year though, so we’ll see after next year’s taxes.

I’ve ordered the wood for our deck – $2666 of just wood – then we have to buy the decking and the railing (the decking will end up being about $2400, but the railing is looking like $3500 or more)  We’re going with composite and vinyl to save on maintenance costs, but I’m really looking forward to starting on the wood and getting a deck to enjoy this spring and summer.

We’re now paying $324 and some change “extra” on our mortgage, and starting to see the number go down – it will still be a while before there’s any *real* progress on it, and I don’t know how quickly we’ll end up paying it down – we know we’re not going to be retiring in this house (taxes are too high!).

 

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

  • Car loan – Camry (0%): $17,572.00 (-878.60)
  • Mortgage (3.875%): $281,972.21 (-1,579.06)

Total paid off in January and February:  $2,457.66

Detailed Financial Picture – January 2017

December’s Numbers

As of January 11, 2017, we are $302,001.87 in debt with a mortgage.  We currently have $1,038,975.17 in assets.  Our investment accounts are at $614,131.46. Our Net Worth is $736,973.30,  up from $721,133.15 in December (2.2% increase).

We’re slowing down on the debt paying, although we are increasing the “extra” principal that goes to our mortgage by a few hundred dollars per month.  The rest of the money is going to investments, college, and our deck.

I sort of did our taxes based on our final paychecks, and it’s looking like we might have a reduced Roth contribution this year, so I’m going to wait until we get our *real* W-2s and 1099-DIVs to make our contribution. The downside is that I tend to not get one of my 1099-DIV forms until the very last possible minute (mid-late Feb)  On the plus side, it’s also looking like we’ll be getting about 2k back from the Feds.  I had my withholding set to “married, but withhold at higher single rate” the entire year, and never bothered to reduce it to “married” mid-year, so a bit more than was needed was taken out.

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

  • Car loan – RAV4 (0%): $0 
  • Car loan 2 – Camry (0%): $18,450.60 (-439.30)
  • Mortgage (3.875%): $283,551.27 (-486.68)

Total paid off in December:  $925.98

Detailed Financial Picture – December 2016

October’s Numbers (because it’s too late to bother with November, again)

As of December 8, 2016, we are $302,927.85 in debt with a mortgage.  We currently have $1,024,061.00 in assets.  Our investment accounts are at $601,841.70. Our Net Worth is $721,133.15,  up from $690,272.92 in October (4.5% increase)

Our RAV is paid off! And wonder of wonders, we got the title in less than 3 months – unlike when we moved here and it took 3 months for Toyota Financial to transfer our title to PA.   I started tracking my debt and net worth just a month after the first payment for that car was due in July 2012 – how things have changed!

November was quite a ride in the markets – up, up, up!  We’re over $1 million dollars in assets (again), and approaching a $1 million net worth.  Our net worth has increased 23.41% since January – a good bit of that is contributions, but not all of it.

Our escrow analysis came back, and we owe $200 more per month (some of that’s “make up” money), so that will affect how much our mortgage is paid off.  Starting in January though, I’m adding an extra $300, so the amount we pay down will increase a bit.  Might as well throw money towards the debt that actually has interest (unlike our car loan).  The remaining money that we’re not spending on our car loan will be used for building up a real 3-6 month emergency fund.  We have access to up to 30k if we need it which is more than 3 months of necessary expenses (it’s 3 months of income), but it is currently invested, and we’d rather not touch it.  I should probably start tracking the value of our “cash” emergency fund for some accountability – maybe then it’ll actually happen 🙂

 

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

  • Car loan – RAV4 (0%): $0 (-1,794.66)
  • Car loan 2 – Camry (0%): $18,889.90 (-878.60)
  • Mortgage (3.875%): $284,037.95 (-1010.97)

Total paid off in October and November:  $3,684.23

Detailed Financial Picture – October 2016

August’s Numbers (because it’s too late to bother with September)

As of October 10, 2016, we are $306,612.08 in debt with a mortgage.  We currently have $996,855.00 in assets.  Our investment accounts are at $575,673.22. Our Net Worth is $690,272.92, up from $678,032.86 in August (1.8% increase)

It’s now almost mid-October, so I’m just going to combine September and October’s numbers.  Nothing interesting has happened on paying down debt – most of our money has gone to the deck and retirement accounts. We’re on track to pay off our RAV in December, then we may or may not pay down the Camry faster – probably not.

I’m likely to build up a good sized emergency fund (6 months) next.  We only have about two months available right now, so I’d like to build that up.  We can survive on one salary, and we have access to our taxable and a good bit of our Roth funds, so I’m not concerned, but I’d like a little more cushion.  Once you’re done paying down debt, there’s a lot more choices of what to do with your money, so I’m having a hard time deciding what exactly to do with it!

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

  • Car loan – RAV4 (0%): $1,794.66 (-1,794.66)
  • Car loan 2 – Camry (0%): $19,768.50 (-878.60)
  • Mortgage (3.875%): $285,048.92 (-1,004.48)

Total paid off in August and September:  $3,677.74

Detailed Financial Picture – August 2016

July’s Numbers

As of August 11, 2016, we are $310,289.82 in debt with a mortgage.  We currently have $988,322.68 in assets.  Our investment accounts are at $570,107.77. Our Net Worth is $678,032.86, up from $667,922.76 in July (1.51% increase)

 

Our deck plans are done, and I need to get them to the permit office this week.  The expected cost is just over $13k, and I included a 30% “oops” factor into my calculations.   We’re planning on getting the concrete footings complete along with the poured patio (have to be done at separate times because of frost heave) in September, and the deck part done in October.  We may or may not get the covered roof part done this winter, that will depend on weather, but we’ll have the patio and deck done to enjoy this fall and next spring!

These updates may get boring shortly, if they’re not already.  We’ve finished aggressively paying down the debt we were going to, are contributing quite a lot to our retirement accounts, and have generally entered a boring financial period of our lives.  I’ll still be excited when we hit (self-defined) milestones like 1 million in assets (again), 1 million in net worth, cars paid off, mortgage paid off, etc, but it’s not quite the same as the laser focus on paying off debt.

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

  • Car loan – RAV4 (0%): $3,589.32 (-897.33)
  • Car loan 2 – Camry (0%): $20,647.10 (-439.30)
  • Mortgage (3.875%): $286,053.40 (-499.81)

Total paid off in July:  $1,836.44

 

Detailed Financial Picture – July 2016

June’s Numbers

A little bit later than usual this month, we’ve been busy!

As of July 18, 2016, we are $312,126.26 in debt with a mortgage.  We currently have $980,049.02 in assets.  Our investment accounts are at $559,435.67. Our Net Worth is $667,922.76, up from $646,555.06 in June (3.3% increase)

We’ve finally gotten all of Dad’s paycheck woes straightened out.  The local taxes came out (perfect timing too – no more estimated taxes!), the HSA amount was applied properly, the daycare FSA amounts were all straightened out as well.  He finally got through to an HR person, who called me, and we worked out the details.  Turns out *no one* at his company got money into their 401(k) in May – he’s just the first one to notice.  The 401(k) provider sent the check back to the company (they haven’t figured out why last I talked to them, and I will probably never know), so nothing was deposited.  That’s all been straightened out as well.  I’m just really surprised that Dad seemed to be the only one to notice… (OK, so maybe I am a bit anal about the money).

We are going to pay off the RAV this year (barring any emergencies), and in early December, I will be able to mark that as paid off!   I’m still reconciling the emotional hit of paying it off against the fact that it’s “free” money, but we both agree that we’d like to only have one car payment. I could pay it off “right now”, but we’re also saving money to hopefully put in our Roths at the end of the year – this might be the last year we’re able to.

Dad’s paycheck is much larger in the take-home pay department, which has been nice for us, and we’re still putting aside almost as much to our retirement accounts as we were, it’s just not all tax-advantaged.  Again, you’re not seeing a lot in the debt-reduction area as the cars are 0% and the rest is our mortgage, we’re focusing on other items.  You might see another dip into the Line of Credit to complete our deck, but hopefully not.  I want to get that done before next spring.

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

  • Line of Credit (9.75%): $0 (-4500.00)
  • Car loan – RAV4 (0%): $4,486.65 (-897.33)
  • Car loan 2 – Camry (0%): $21,086.40 (-439.30)
  • Mortgage (3.875%): $286,553.21 (-498.20)

Total paid off in June:  $1,834.83

 

Detailed Financial Picture – June 2016

May’s Numbers

As of June 2, 2016, we are $313,961.09 in debt with a mortgage.  We currently have $960,516.15 in assets.  Our investment accounts are at $536,428.97. Our Net Worth is $646,555.06, up from $633,887.17 in May (2% increase)

I sent the “final” payment off to the line of credit as soon as our paychecks for the end of the month cleared.   I’m also considering paying off the RAV4 before the end of the year – it would normally be paid off in May.  Not sure it’s worth it by the numbers, but it would be satisfying emotionally.  It’s 0% interest rate, and we’re now saving up for our deck.  We’ll be pouring the footers this month or next – depending on when the permit is issued, when the inspector can come out and when our friend (the foreman) is available.

June is looking great from a budget perspective.  We had one of Dad’s paychecks from his old job (paid on a one week delay), the payout of his PTO, and two paychecks from his new job.  Lots of extra money coming in (how we paid off the line of credit).  Too bad his new company sucks at payroll so far – they aren’t taking out local taxes, and they’re taking out the correct amount for the HSA contribution, but aren’t depositing the correct amount into the HSA (which will put us over the Federal contribution limit – *sigh*).  We also haven’t seen the approximately $1500 taken out of his two paychecks deposited into his 401(k) yet (nor his match).  I’m giving them until the 15th before I start to raise hell (ERISA gives them until the 15th of the month following the paycheck to deposit the funds, and they seem to be fully milking that).

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

  • Line of Credit (9.75%): $0 (-4500.00)
  • Car loan – RAV4 (0%): $5,383.98 (-489.44)
  • Car loan 2 – Camry (0%): $21,525.70 (-439.30)
  • Mortgage (3.875%): $287,051.41 (-496.60)

Total paid off in May:  $5,925.34

 

Detailed Financial Picture – May 2016

April’s Numbers 

As of May 12, 2016, we are $315,386.43 in debt with a mortgage.  We currently have $949,273.60 in assets.  Our investment accounts are at $526,121.89. Our Net Worth is $633,887.17, up from $613,953.62 in April (3.25% increase)

Surprisingly, our net worth went up this month, we put a lot of money into the markets, and when they decline, our overall net worth tends to decline – with 85% in stocks, we’re sensitive to market swings.

We’re also getting closer to the $1 million in assets mark again. This time, with less debt (and less house).  I’m more interested in the net worth getting up to $1 million.

I still haven’t gotten Dad’s first paycheck yet, but our HSA contributions now come out of his paycheck directly, so we get the “triple tax win” of no federal tax, no social security tax, and no medicare tax. No PA state tax on it either… I know how much is coming out of Dad’s paycheck for benefits, and I could make an educated guess at taxes, but I’m waiting.  I think he’ll get paid twice a month, so that should be coming up shortly.

We’ll have more disposable income with his new paycheck, since we’re not contributing as much tax advantaged.  I will probably contribute to our Roths (assuming we can contribute), and pay down debt faster – then increase our contributions to our taxable account, but we’ll see.  I want to know what numbers I have to play with in YNAB before I allocate it anywhere.

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

  • Line of Credit (9.75%): $4,500 (-1000.00)
  • Car loan – RAV4 (0%): $5,873.42 (-489.44)
  • Car loan 2 – Camry (0%): $21,965.00 (-439.30)
  • Mortgage (3.875%): $287,548.01 (-495.00)

Total paid off in April:  $1433.74

 

Detailed Financial Picture – April 2016

January’s Numbers (the last I did…)

As of April 8, 2015, we are $316,810.17 in debt with a mortgage.  We currently have $930,763.79 in assets.  Our investment accounts are at $511,183.09. Our Net Worth is $613,953.62, up from $584,336.14 in January (3.5% increase)

We’ve passed the half-million mark in our investment accounts and have stayed there for about 2-3 weeks now, so we’re probably going to continue staying there until we start drawing down our accounts.

We’re hoarding some cash at the moment to start building a deck on our new house, so I haven’t paid off the line of credit as aggressively as I probably could.  We’re pouring the concrete patio in June, and will start building over the winter, so we can enjoy the deck next summer.  I’d love to just pull the money from our line of credit to get it done this summer, but Dad has talked be out of that idea.  We’re settling for designing it and getting the patio poured  this summer.  We need to have the deck design so we know where to tell the concrete folks to dig a big hole for a support post.  We are going to save a whole lot of money doing it “ourselves” though.  I say ourselves in quotes because really, a friend is helping majorly, we’re just providing the money, labor, and food to actually build it.  I’m responsible for the design though, so I’ve been trolling google images figuring out what I want.  We’re planning about 15-20k (I want a covered portion) for the whole deck + patio.

Dad is considering a job change, which likely means a drop in his salary, and we’ll lose our HSA plan, so we’re likely to slow down a bit on the income, but we’ll be able to put almost as much aside for retirement, it just won’t be as tax-advantaged (no 3% mandatory contribution). We’ll see how things shake out. We can afford for him to take quite a significant cut in salary, but the benefits for him might not be worth it.

 

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

  • Line of Credit (9.75%): $5,500 (-600.00)
  • Car loan – RAV4 (0%): $6362.86 (-489.44)
  • Car loan 2 – Camry (0%): $22,404.30 (-439.30)
  • Mortgage (3.875%): $288,043.01 (-493.41)

Total paid off in March:  $2,022.15

 

Detailed Financial Picture – January 2016

December’s Numbers

I hope everyone had a nice holiday season and the financial “hangover” isn’t too bad.  We paid for anything up front, so no extra debt for us for the holidays!

As of January 6, 2016, we are $321,071.86 in debt with a mortgage.  We currently have $905,408.00 in assets.  Our investment accounts are at $488,831.28. Our Net Worth is $584,336.14, down from $592,278.09 last month (1.34% decrease)

This month was not so great on the investment front, which really impacts our net worth.  I also updated our car values, neither of which decreased significantly from about 6 months ago.  Both cars are “above water”, so we could sell them at any point really if we needed to.  We have no plans to, so it’s not that important.

Daughter Person started a new daycare on January 4.  It’s slightly more expensive now ($175/wk vs $160/wk), but the center busses to and from her half-day Kindergarten program that she’ll start in August/September, and we felt it was important for her to meet her teachers and new friends first rather than change everything at once. It’s also about 10 miles closer to us, so Dad won’t be driving as much.  I’m probably going to start driving the Camry to and from work on a daily basis because I have the longer drive now, but Dad really likes the Camry and doesn’t particularly like driving the RAV, so there’s still some debate.

I’ve put aside quite a bit of cash for our Disney vacation coming up in a few weeks, so I didn’t pay as much down on the line of credit.  I suspect I’ll be making another payment with what we didn’t spend on vacation once we get back and assess the damage.

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

  • Line of Credit (8.75%): $3,000 (-1,000.00)
  • Car loan – RAV4 (0%): $7831.18 (-489.44)
  • Car loan 2 – Camry (0%): $23,722.20 (-439.30)
  • Mortgage (3.875%): $289,518.48 (-488.66)

Total paid off in December:  $2,417.40