January’s Numbers

As of February 6, 2015, we are $13,000 in debt without a mortgage to speak of (yet).  We currently have $564,947.34 in assets.  Our investment accounts are at $442,758.19. Our Net Worth is $551,947.34, up from $532,971.98 last month (3.56% increase).

The markets are going back up (at least for today), and so are our investment accounts.  It didn’t hurt that we added about 8k to our accounts in January.

Our house still didn’t have any siding on it as of this past weekend, but we can’t see inside the house any longer (the garage door has been installed – and we were able to see into the kitchen through the garage).  I sent an e-mail off to the sales guy to ask “permission” to go inside when we drive by this weekend, or if he’d tell us what the progress is 🙂  It’s recommended that we lock our rate with the mortgage company when the cabinets get installed.

I have a feeling that we’ll be refinancing very shortly after getting the mortgage.  The mortgage company asked me to write a letter explaining why my income dropped between 2012 and 2013 (uh, I got a salary plus bonuses and the bonuses were lower?), and why $1500/mth was being taken out of my paycheck and sent to Vanguard.  Seriously?!?!  Dad didn’t have to write any such letter, despite him also contributing the max to his 403(b) *and* having part of his W2 as bonuses based on how well the company did.    A lot will depend on their rates as to how quickly I refinance.  I may give them a month or two of trial if their rates are sufficiently low.  The estimates they’ve given me so far have been 4.75% – which is outrageously high (and the loan officer admitted that, but it was “safe”) – I’d be on the phone to refinance immediately after closing if that’s the rate.  Unfortunately, the builder is giving credit against our options only if we go with this lender (FBC Mortgage), and because we’re planning on paying off the loan early, the rate would have to be criminal before it made sense for us to finance elsewhere.  Doesn’t stop me from refinancing immediately though!

Since it’s 2015 and we started the year with no debt other than our car loan, I’m going to just drop off the other debts below, and will add the mortgage back in once we have one.  It’s actually driving me nuts seeing the ability to pay off the car sitting in my bank account, but earmarked for something else.  I’m hoping that I’ve really saved way too much for the down payment and I’ll be able to put some of what’s left to paying off the car faster.

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

• Car loan (0%): $13,000 (-500.00)

Total paid off in January:  $500

December’s Numbers

As of January 12, 2015, we are $13,500 in debt without a mortgage to speak of (yet).  We currently have $546,471.98 in assets.  Our investment accounts are at $425,862.38. Our Net Worth is $532,971.98, up from $522,285.88 last month (2.05% increase).

I almost forgot to include our HSA into the above values.  I only included the amount that’s in the “investment” side under investments and the remaining as cash.  Part of the large increase in assets was the 2250 that was contributed to our HSA for us by Dad’s company.  That won’t happen any more this year, but we’re contributing $367/mth which with a small change in December (to $363) will max out our HSA.  I’ve got it set up that 2250 stays in the “cash” account, and anything else above that gets swept into the investment piece.  We can then use it for medical expenses if we need to.  There’s a minimum balance of 2k in the “cash” part of the account.

The markets have been up and down since Christmas, and so have our balances.  I am enjoying the lower gas prices though!

We toured our half finished house on Friday, and the production manager is thinking we might move in in early March (about one month ahead of schedule).  It depends on when the hardwood flooring is delivered and if we have any more extreme cold snaps.  He said if the flooring is there by the end of the first week of February, it’s very likely we’ll be moving in at the end of February or early March.  Normally, I love cold weather, but this time I’m going to hope for mild weather so that we can move out of my mother’s house sooner!

The money for closing is sitting in our bank account, but if we close in February rather than march, we might have to float the cost of the refrigerator on our line of credit until we get the credit from the storage company.  We can already float the move for 30 days on our credit card (and get cash back!), which may be all we need.

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 4.21%):  $0.00 
• Car loan (0%): $13,500 (-500.00)
• Mortgage (4.125%): $0.00 

Total paid off in December:  $500

November’s Numbers

As of December 4, 2014, we are $14,000 in debt without a mortgage to speak of (yet).  We currently have $536,285.88 in assets.  Our investment accounts are at $423,630.36. Our Net Worth is $522,285.88, up from $504,813.87 last month (3.46% increase).

November was a relatively quiet month.  We spent more than usual because we bought all our Christmas gifts (but it was only about $600 more than usual), but still quite low spending for us (yay no house!).  We’re paying storage fees at the moment, and our mortgage plus “escrow” will be almost twice the storage fees.

Dad had his annual review a few days ago and will be getting a nice  bonus and 2.something% raise.  We might open a Roth for 2014 for him if our AGI allows us to.  Or we might use it to fully fund our HSA at the beginning of the year.  Dad doesn’t get to contribute to his HSA via payroll deductions, so we have to manually contribute after-tax dollars and then claim the deduction on our taxes.  I’m debating on whether to contribute to the HSA his company uses (Optum bank) or open our own separate one for our contributions.  We can’t get access to the investment options or documents until we open the account, and we can’t open the account until 2015 when we’re covered by the new plan – not that I’ve been able to find anyway. Anyone have an HSA “bank” they’re particularly happy with?

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 4.21%):  $0.00 
• Car loan (0%): $14,000 (-500.00)
• Mortgage (4.125%): $0.00 

Total paid off in November:  $500

October’s Numbers

As of November 4, 2014, we are $14,500 in debt without a mortgage to speak of (yet).  We currently have $519,313.87 in assets.  Our retirement accounts are at $410,727.21. Our Net Worth is $504,813.87, up from $491,961.16 last month (2.61% increase).

October was nice to us on the investment front.  I took a week without pay in October because of our two week vacation – University policy only allows them to “front” me 5 days of PTO, so the rest was unpaid – which was fine with me.  But that also meant that my gross pay was affected, which affected my 403(b) contributions and match.

I’m happy that our net worth is back over half a million dollars – and hopefully continues to grow!

We’ve signed the final paperwork for our new home, which will increase our net worth by ~$370,000 and with an expected mortgage of about $296k – just over half of our previous mortgage.  Because we don’t borrow the money until the house is finished, we can’t lock in rates yet.  If we were to borrow right now, the rate would be about 4.2% (with no points, discounts, etc).  I’m hoping that the rates are still low in February/March when we have to lock in our rate.  Then we have to decide about paying points, escrowing, etc.

We’re getting a 55k discount on options from the builder for using their lender: the fees aren’t horrendous and the rate is in line with others we’ve gotten quotes from.  But at the same time, I’m willing to almost immediately re-finance if I can get better terms elsewhere (and/or better service).

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 4.21%):  $0.00 
• Car loan (0%): $14,500 (-500.00)
• Mortgage (4.125%): $0.00 

Total paid off in October (not counting the mortgage):  $500

September’s Numbers

As of October 9, 2014, we are $15,000 in debt without a mortgage to speak of (yet).  We currently have $506,961.16 in assets.  Our retirement accounts are at $396,992.38. Our Net Worth is $491,961.16 , down from $507,579.11 last month (3.08% decrease).

This is a short update as we’re enjoying ourselves in Zurich today.

I used the proceeds from our house sale to pay off our line of credit – I got hit with a $36 interest “fee”, but we were just floating the money until the house sold anyway.  We have no mortgage (or house) any more, so that affects our net worth significantly.

We “spent” about $44,000 in seller’s costs to sell the house (concession and broker’s fees), so that’s where most of the drop comes from.  Considering that, I don’t think we did too bad.  The house sold for less than we bought it for – but it sold for list price and we didn’t have to do any repairs to it after inspection.

That leaves us with our car payment for the next few months.  Because it’s at 0% interest rate, we’re not planning on paying it down quickly until we’ve moved into our new house and see what else we have to spend money on. We’ve already got the down payment for the house, now we’re just saving up for the closing costs.  That’s where all of our extra money will be going in the next few months.

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

• Line of credit (8.75%): $0.00 (-8,000.00)
• Chase (4.99% for life): $ 0.00 
• Student loans (aggregated 4.21%):  $0.00 
• Car loan (0%): $15,500 (-500.00)
• Mortgage (4.125%): $0.00 

Total paid off in September (not counting the mortgage): – $8,500

August’s Numbers

As of September 8, 2014, we are $436,450.69 in debt (that includes the mortgage).  Without the mortgage, we’re at $23,500 in debt from our auto loan and line of credit. We currently have $944,029.8 in assets (including our house).  Our retirement accounts are at $403,223.11. Our Net Worth is $507,579.11   (includes house and mortgage), down from $619,406.42 last month (18.05% decrease).

I’ve adjusted our home value to be our sales price minus the estimated selling costs (about $48k), and adjusted our vehicle values as well.  The selling costs are where we’re taking the big hit.  I also pulled money out of our line of credit to put the 8k escrow down on the new house, thereby increasing our indebtedness.  I’m expecting to pay that off when closing on our house happens.  We’re expected to get about 85k out of our house, and we’re only expecting to put down 75-80k on the new place in February/March.  In addition to being able to save an additional $2,000/mth by not paying a mortgage, we’ll be able to cover down payment plus closing costs plus paying off the 8k line of credit.  One thing I have to keep track of is all the expenses we’re expecting *after* we close on the new place.  We’ll have to pay “out of pocket” (ie. not in the mortgage) for any networking we’re doing – est $2,000, a fridge – est $1700, and washer and dryer – est $1500, and any window coverings (and the whole moving thing).  I need to at least pay for some sheers there to keep privacy in the upstairs bedrooms.  So, basically, I’m hoarding money until we get through closing on the new place and moved in, then I’ll see what we have left and pay off anything I reasonably can.

I’m really looking forward to things settling down and starting a new routine and new budget – even if it is the “temporary” routine of living at my mom’s without a mortgage.  If my guesstimates are close, we’ll have the line of credit paid off by the end of the year, and just the car payment left for a while.  Then once we start with a new mortgage, we’ll be able to save quite a bit – and we’re hoping to pay off the loan in about 10 years – if not sooner (we’re still taking a 30yr fixed loan).

The markets were OK to us, we’re about flat this month, with just our contributions.  Next month will hopefully see an increase as my first 403(b) contribution will show up.

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

• Line of credit (8.75%): $8,000.00 (+8,000.00)
• Chase (4.99% for life): $ 0.00 
• Student loans (aggregated 4.21%):  $0.00 
• Car loan (0%): $15,500 (-500.00)
• Mortgage (4.125%): $412,950.69  (-715.75)

Total paid off in August: – $6,784.25

July’s Numbers

As of August 11, 2014, we are $429,666.44 in debt (that includes the mortgage).  Without the mortgage, we’re at $16,000 in debt from our auto loan. We currently have $1,049,072.86 in assets (including our house).  Our retirement accounts are at $389,802.48. Our Net Worth is $619,406.42  (includes house and mortgage), down from $626,585.42 last month (1.15% decrease).

Until our house is on the market, I’m continuing to use Zillow’s estimate of our house – which is pretty wildly off: ~$617k vs the ~$540k we expect to list at.  I’m not ready to take that hit to my net worth yet, but that’ll come next month.  Hopefully, we’ll have a contract this time next month, and on our way to being “home” less.

Daughter Person and I are living at my mom’s, and Dad will be joining us on Wednesday.  The house is as ready as it’s going to be for listing and showing. We likely won’t be back until we have a contract.  The garage looks like a personal storage facility, but I’m not paying extra to store stuff we’re moving, just to pay the moving company even more to retrieve it from that location.  They can just pick it up from the garage.

We’ll be able to pay the movers in stages: moving into storage, storage by the month (1st month free!), then moving from the DC area to our new home in Pittsburgh – once we have one.  So, hopefully, we won’t need to borrow from our line of credit.  My mom’s generosity is astounding to let us live here rent free.  She’s still refusing to let us buy groceries, but I snuck a few into the fridge and cabinets this evening.

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 4.21%):  $0.00 
• Car loan (0%): $16,000 (-500.00)
• Mortgage (4.125%): $ 414,666.44 (-711.30)

Total paid off in July: $1,211.30

June’s Numbers

As of July 7, 2014, we are $430,877.74 in debt (that includes the mortgage).  Without the mortgage, we’re at $16,500 in debt.  That’s our auto loan.  We currently have $1,057,463.16 in assets (including our house).  Our retirement accounts are at $397,055.28. Our Net Worth is $626,585.42 (includes house and mortgage), up from $608,588.72 last month (2.96% increase).

The markets did really well for us this month – a 4.48% increase from last month.  I still don’t have the money from my paid out vacation.  I got the “pay stub” for it, but not the check.  A co-worker has gotten his check, so I should be getting it shortly – ~$7900, almost all of which is going to the emergency fund.   That’s not counted in our assets yet (since it’s not in the bank account).  I still haven’t been able to close out my 401(k) and roll it over to Fidelity – starting to get a little pissy about that actually.  I’d rather not be paying high expense ratios longer than I need to.

We’re expecting to spend down the e-fund again over the next few months (and/or probably borrow from our line of credit) as we get our house ready to sell and actually move.  We have two realtors (referred by USAA) coming by the house this week to “interview” for selling our place.  We’re hoping we can get at least 100k out of it after all the taxes, fees, etc are paid.  The sale will bring our net worth down because of the selling fees, but that’s OK – it’ll realign itself with “reality” as far as our house is worth and what we owe on it.

All debt except our car loan (at 0%) is gone – I paid a bit extra to it this month to make the numbers nice ($610 vs $490), but we won’t be paying much extra to it over the next few months.  Once we settle down with our new mortgage payment, we’ll re-evaluate what we can pay towards it every month.   We’re hoping to find a place where the mortgage payment is at least $1,000 less per month than we pay now – and it’s looking like that won’t be a problem.

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 4.21%):  $0.00 
• Car loan (0%): $16,500 (-610.00)
• Mortgage (4.125%): $ 414,377.74 (-709.86)

Total paid off in June: $1,319.86

May’s Numbers

As of June 4, 2014, we are $432,197.60 in debt (that includes the mortgage).  Without the mortgage, we’re at $17,110 in debt.  That’s our auto loan.  We currently have $1,040,786.32 in assets (including our house).  Our retirement accounts are at $380,035.80 Our Net Worth is $608,588.72  (includes house and mortgage), up from $591,725.97 last month (2.85% increase).

My student loans are paid off! – just less than 5 years after I finished my degrees  (graduated in Dec 2009).   Now, the only consumer debt we have left (besides the mortgage) is our car loan, and it’s at 0%, so there’s not really a fire lit under us to pay it off.  I “borrowed” from June’s budget to pay off the student loans on May 30, so technically, the loans are in our budget for this month.

My 401(k) contribution hasn’t made its way into my account yet – just waiting so I can roll it over into Fidelity and take advantage of *much* lower fees.

I no longer have a tax-deferred savings account available to me, and I increased my federal tax withheld to not have a surprise next April.  Based on some paycheck calculators online, I’ll be getting about the same amount every month.  Dad’s paycheck will be about $250 less every paycheck (bi-weekly) because we’ll be using his health/vision/dental insurance.  So, we end up with a bit less in after-tax income according to my estimates.  I may need to adjust our tax withholding in the future, but I’d rather have a pleasant surprise next year than owing a lot of money – which has happened 4 of the last 5 years.  We just both selected “married, but withhold at single rate” on our W4 forms – even though we have a kiddo and about $24,000 in itemized deductions.

The extra ~6,500 (estimated) I’ll get from accrued paid time off will be used to refill our emergency fund back to $5k plus some.

Our focus will be 3 months of minimum living expenses in the emergency fund – without contributing to an investment account, and then contributing 20% of my gross salary to a taxable investment account, *then* paying off the car loan.  If we do get a 401(k) by the end of the year, I’ll have them take up to 100% of my salary for Nov/Dec and we’ll live off the emergency fund through the beginning of the year – depends on when they get it as to what percentage I’ll contribute.

We’ve moved into “no spend” mode – and our goal this month is to not spend more than $200 on food/eating out/beer/wine.  We have some wine at the house already, and we’ve agreed to only drink some on weekends, and we’re just not going to go out this month at all.  It’s been 6 whole days and I haven’t stopped anywhere to get a snack or a soda, or eat my lunch out (and pay for it).  Yes, this is an accomplishment for me, and where most of my “fun money” goes 🙂  Hopefully, this will break me of that habit by doing this for 2-3 months.  Then I just won’t care.

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 4.21%):  $0.00 (-4944.49)
• Car loan (0%): $17,110 (-490.00)
• Mortgage (4.125%): $ 415,087.60 (-707.43)

Total paid off in May: $6,141.92

My student loan processor just “processed” the final payment on my second student loan – the remaining one at 6.55% interest.  I’m now down to one student loan left – ~$2500 at 2.10% interest, and I hope I can pay that off in July.

June’s a possibility, but one of our kitties needs a rather pricey treatment and I have to wait and see what the final details of that are.  There’s apparently an “interest-free” payment plan available, but I don’t know if there’s a fee.  And I think I’d rather just pay it off and not worry about it.  But that’s what our emergency fund is for!

So, it’s looking like July will be our “first” debt-free date – the only thing we’d have left is our car payment at 0% interest and mortgage at 4.125% interest.