I’m so pleased with our progress this month! Our Net Worth for April is $506,607.53, an increase of $8,366.63 since the March Net Worth Statement ($498,303.90). This is an even bigger increase than what we achieved last month ($5,779.72).
Related: Net Worth Updates
The biggest contributing factor was the
big huge decrease in our Home Equity Line of Credit Balance. At the end of March, we still had a balance of $11,790.48. As of today, our balance stands at $5,511.12! In the month of April, we’ve managed to pay off $6,279.36, bringing our balance from 101.9% to 47.6%! This is huge considering we paid off $2,604.80 in the month of March (and I thought that was pretty good.)
So what changed in April?
- There were 5 Fridays. Since our paychecks alternate Fridays, our bank account gets restocked every Friday, so if there were 5 Fridays this month, there were 5 paychecks this month! 😀
- We had worked quite a bit of overtime. 2 of my 3 paychecks this month included quite a bit of overtime. Both were over $2,000, which is $600 more than what I budget my paychecks to be. One of Mr. Unchained’s paychecks included overtime, which was nearly $500 more than a regular paycheck.
- This one is pretty minor, but we exchanged some leftover currency from our Asia trip which was an extra $100.
- Our roommate moved back in. You may recall a post I wrote from 2.5 months ago on the Roommate Dilemma – whether we should let our ex-roommate move back in after having moved out for a year. I had left it off at us having made the offer and the ex-roomie having thanked us for our offer but that it would take some time to figure out what he wanted to do. Well, fast forward a few months and as of yesterday, he’s officially back. Now there are most definitely cons to having a roommate (namely: less space, less privacy, less peace and quiet) but there are also a whole bunch of pros as well. From a financial standpoint, it’s the easiest way to add $570 of passive income per month. It requires no additional investment of time or money on our part, yet it adds the equivalent of 39.58 of my husband’s working hours after tax. Think about that for a second. Work an entire extra week of work … or let a roommate move back in.
- We got half of our tax refund, every penny of which went straight to lowering our HELOC balance. We got Mr. Unchained’s refund of $2,086.29 by direct deposit; my $2,097.67 refund was deposited into our previous account at another financial institution (I really should update that!) so it should arrive at our primary bank in about 2 days, at which point we can drop our balance by another (almost) $2,100!
Taking my Tax Refund into consideration, our Debt Free Date has been pulled up all the way to July 1, assuming a weekly debt payment of $400. In a few days, our balance will be $3,413.45, a far cry from our starting balance of $14,777! Can we manage to pay it off by the end of this month?! There are only 4 Fridays and I haven’t been working any more overtime, but if we somehow manage to pay off $853.36 per week for the next 4 weeks, we’ll be Debt Free in May!!! Of course, that’ll be a huge stretch, and early June will probably be a more realistic aspiration, but it’s so exciting that we’re getting into the final stretch of our biggest goal for the year!
|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 6, 2016||Payment||-$21.29||$10,769.19|
|April 8, 2016||Payment||-$100.00||$10,669.19|
|April 8, 2016||Payment||-$1,000.00||$9,669.19|
|April 9, 2016||Payment||$29.78||$10,888.10|
|April 15, 2016||Payment||-$1,436.09||$9,452.01|
|April 22, 2016||Payment||-$189.88||$9,262.13|
|April 29, 2016||Payment||-$1,094.72||$8,167.41|
|May 3, 2016||Tax Refund||-$2,097.67||$3,413.45|
|May 6, 2016||Interest||$21.78||$3,435.23|
|May 13, 2016||Payment||-$400.00||$2,635.23|
|May 20, 2016||Payment||-$400.00||$2,235.23|
|May 27, 2016||Payment||-$400.00||$1,835.23|
|June 3, 2016||Interest||$4.89||$1,840.12|
|June 10, 2016||Payment||-$400.00||$1,040.12|
|June 17, 2016||Payment||-$400.00||$640.12|
|June 24, 2016||Payment||-$400.00||$240.12|
|July 1, 2016||Interest||$0.64||$240.76|
Our (monstrous) mortgage has also gone down a tad. It’s sad that although we’ve made $2,122.88 in mortgage payments over the last month, our balance has only gone down by $1,241.36 – that means we spent $881.52 in interest alone this month! After we disentangle ourselves from our debt (and save up for our Baby Fund), one of the things I’d like to start doing is hacking away at that mortgage!
Last month, our income-generating portfolio was worth $57,911.93. It’s dropped this month by 0.85% to $57,417.61 but I’m not concerned as market fluctuations are normal. I haven’t seen our monthly income deposits yet, but since our portfolio is worth less this month, I wonder if it’ll also be lower than last month’s income of $21.27.
We’re also in the final year of paying for our appliances! We’ve got a balance of $1,834.79 so our monthly payments of $169.45 should be done in about 11 months.