As of April 7 , 2014, we are $442,816.67 in debt (that includes the mortgage). Without the mortgage, we’re at $26,316.63 in debt. This includes student loans and an auto loan. We currently have $1,032,580.20 in assets (including our house). Our retirement accounts are at $365,835.09. Our Net Worth is $589,763.53 (includes house and mortgage), up from $589,707.81 last month – barely (0.51% increase).
This month was relatively flat in the investment area. We went up by about our contributions, and that’s it. Our assets went down – mostly our estimated house value (through Zillow). I updated our vehicle values, and they seem to keep increasing (just by a little, but huh?). I suspect that they will eventually decrease, but they’re Toyota and Honda, both manufacturers which tend to hold their value pretty well. I’m not sure Dad’s 14 year old Accord will change value much at all anymore.
Dad’s new paycheck deduction is leading to us contributing just over $3200/mth to our investments. Later this year, we’ll be increasing my contribution higher, so I suspect that we’ll beat our estimated contributions for 2014 rather handily. Fingers crossed!
I earned some money selling on craigslist this month – $350 for three things – and finally got my old Cobalt Flux dance pads out of the house. Next on the list is some furniture in the TV room.
Technically, our mortgage payment is decreasing next month as well (less escrow), and since I send a fixed rounded amount to the bank, we’ll end up paying about $15 more on the mortgage principal every month. Next year, I should get a handy “rebate” from our escrow analysis since I lowered our insurance payment and that new estimate was not included in the analysis.
I’m getting very excited to pay off the larger (higher interest) of the two student loans remaining. When I come across “extra”, I’ve been trying to put it towards the loans.
Debt (in the order we’re paying it down):
- Line of credit (8.75%): $0.00
- Chase (4.99% for life): $ 0.00
- Student loans (aggregated 5.32%): $8,226.63 (-1,068.13)
- Car loan (0%): $18,090 (-490.00)
- Mortgage (4.125%): $ 416,500.04 (-680.74)
Total paid off in March: $2,238.87
Are the student loans going to be gone in 2014 then?
They will hopefully be gone by August. Then it’s just the car payment at 0% and the mortgage. The current plan is to pay off the student loans, increase my 401k contribution to the maximum percentage and then pay off the car.
Great job so far. Keep up the paying of the highest interest rate loans. You should have them paid off in a few months, then lots more to invest.
What’s funny about my loans is that 6.55% is the highest interest I’m paying. Then the next lower interest rate is 2.10% – lower than my mortgage!
Nice work! March was a tough month for investments so any progress at all means you’re contributing quite a lot. Well done, and I’m rooting for you guys to hit your awesome financial goals in 2014.
March was pretty flat, but at least it wasn’t another January!
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