April 1, 2016 Progress Update and the $11,000 milestone!

Today was such an epic day on so many fronts. It:

  • Marked the end of my 56 hour work-week, which is nothing short of an achievement in my opinion given the Idiopathic Hypersomnia
  • Was Pay Day, which is always an exciting day
  • Was the day we broke the $11,000 milestone – we are now sitting at $10,790.48 on our HELOC balance
  • Was the biggest debt repayment yet at $1,000
  • Was the day we finally surpassed our 2015 debt starting point ($11,576.25), which is the 100% mark. All debt repayments for the year up until this point have just been an effort to bring us back to the amount of debt we started with last year. We’re currently at 93.2%
  • Was the day we got our second monthly investment income – hooray for passive income!

Yes, it’s true – this entire time, we’ve been slaving away just to reach last year’s starting point!

One of the more exciting things about today was seeing our monthly investment income. Last month, we had gotten $19.16, which was a return of 0.03%. Today, we got $21.27, an increase of $2.11, which works out to be 11%! The portfolio is currently worth $57,911.93, so this month’s income is 0.038%. Last month, that portfolio was worth $56,311.95, meaning it has increased by 2.8% (which would work out to be 33.6% per annum. The last time I checked, it had gone up 2.53%.)

Of course, paying off such a huge chunk of our debt has implications on our Debt Free Date, which had originally been targeted for December 31, 2016. However, based on the estimation that we’ll be able to pay off $400/week, my Loan Repayment Schedule now estimates we’ll be debt free by October 14, which is 2 weeks earlier than what I had originally projected when I first created the Loan Repayment Schedule. To date, we’ve repaid $3,986.56 of principal.

And with all the overtime Mr. Unchained and I have been able to get recently, it seems like we’ll be able to continue this momentum! This week alone, I worked 10.5 hours of overtime (paid at 1.5x) and 5.5 hours of double overtime! One of my coworkers was confused as to why I would put myself through that only to have it all taken away in taxes. I explained about how marginal tax brackets work and that you don’t actually take home less when you work more. She seemed a bit skeptical but said, “I guess we’ll see on our next paycheck… ” I wish I could have sent her the breakdown I did when I set out to disprove that you don’t actually take home less just because you worked overtime!

HELOC - April 1

 

Date Transaction Amount Balance
March 21, 2016 Balance $12,663.77 $12,663.77
March 25, 2016 Payment -$873.29 $11,790.48
April 1, 2016 Payment -$1,000.00 $10,790.48
April 8, 2016 Payment -$400.00 $10,390.48
April 9, 2016 Interest $27.71 $10,418.19
April 15, 2016 Payment -$400.00 $10,018.19
April 22, 2016 Payment -$400.00 $9,618.19
April 29, 2016 Payment -$400.00 $9,218.19
May 6, 2016 Interest $24.58 $9,242.77
Payment -$400.00 $8,842.77
May 13, 2016 Payment -$400.00 $8,442.77
May 20, 2016 Payment -$400.00 $8,042.77
May 27, 2016 Payment -$400.00 $7,642.77
June 3, 2016 Interest $20.38 $7,663.15
Payment -$400.00 $7,263.15
June 10, 2016 Payment -$400.00 $6,863.15
June 17, 2016 Payment -$400.00 $6,463.15
June 24, 2016 Payment -$400.00 $6,063.15
July 1, 2016 Interest $16.17 $6,079.32
Payment -$400.00 $5,679.32
July 8, 2016 Payment -$400.00 $5,279.32
July 15, 2016 Payment -$400.00 $4,879.32
July 22, 2016 Payment -$400.00 $4,479.32
July 29, 2016 Payment -$400.00 $4,079.32
August 5, 2016 Interest $10.88 $4,090.20
Payment -$400.00 $3,690.20
August 12, 2016 Payment -$400.00 $3,290.20
August 19, 2016 Payment -$400.00 $2,890.20
August 26, 2016 Payment -$400.00 $2,490.20
September 2, 2016 Interest $6.64 $2,496.84
Payment -$400.00 $2,096.84
September 9, 2016 Payment -$400.00 $1,696.84
September 16, 2016 Payment -$400.00 $1,296.84
September 23, 2016 Payment -$400.00 $896.84
September 30, 2016 Payment -$400.00 $496.84
October 7, 2016 Interest $1.32 $498.16
Payment -$400.00 $98.16
October 14, 2016 Payment -$400.00 -$301.84
October 21, 2016 Payment -$400.00 -$701.84
October 28, 2016 Payment -$393.82 -$1,095.66

 

Mrs. Unchained 55

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