Net Worth Statement – April 30, 2016

april net worth statement

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

Balance Sheet - April 30

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.)

HELOC - April 30

So what changed in April?

  1. 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! 😀
  2. 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.
  3. This one is pretty minor, but we exchanged some leftover currency from our Asia trip which was an extra $100.
  4. 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.
  5. 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!

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 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
  Taxes $1,189.13 $10,858.32
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
  Tax Refund -$2,086.29 $6,081.12
  Payment -$570.00 $5,511.12
May 3, 2016 Tax Refund -$2,097.67 $3,413.45
May 6, 2016 Interest $21.78 $3,435.23
Payment -$400.00 $3,035.23
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
Payment -$400.00 $1,440.12
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
Payment -$400.00 -$159.24

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.

Exciting progress!

How are you progressing towards your goals?

Mrs. Unchained 55

10 Comments

    • Thanks so much! It’s crazy what some small lifestyle changes and being focused on a goal will do – before, I wasn’t even sure we’d be able to pay the entire thing off by the end of the year!

  1. Awesome month of April! Congratulations on crushing a chunk of your HELOC…best of luck on getting rid of that thing by the end of the month. Also, the biggest congratulations of the whole story, happy to hear that Baby Funding is in the works 🙂
    Brandon @ Nurse on Fire recently posted…2016 Goals: April UpdateMy Profile

  2. Huge congratulations on breaking the $500k mark..you’re halfway to being a millionaire. Fantastic job!

    I hope you don’t mind the roommate being back, hopefully the money is worth it. I can definitely understand the privacy part, particularly seen as one of your goals is to become pregnant lol.

    Tristan
    Dividendsdownunder recently posted…Saving for the future: AprilMy Profile

    • You’re so right! Logically and financially, having a roommate makes the most sense, especially if we’re trying to save up for a baby! But some days, I just have to lock myself in my room to get some space and privacy!

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