It only seemed fitting to start tracking our Net Worth on a monthly basis on the last day of February on a Leap Year.
We saw a big jump in our Net Worth primarily due to our “million dollar” home, which I increased from $800,000 to $825,000 in our net work calculation. We also finally made our first debt repayment of the year on our HELOC balance, bringing it down to $14,395.28. If we want to meet our goal of paying off our debt by the end of the year, that means we’ll have to pay off $334.77 per week, which I feel is very doable, considering the Mr. and I are currently being paid on alternate weeks, meaning our accounts get restocked every Friday.
The decrease in Liabilities is due to several things:
- Our Crash Cash Diet keeps our Visa balance low (currently at $1,017.89, due in a couple of weeks) and keeps our spending in check. The few things we did put on Visa this month include recurring bills we pay on Visa (e.g. cell phones, internet, home and auto insurance) as well as an eye exam and glasses for me, which were fully reimbursed by the Mr’s work benefits. I estimate this should be around the $650 mark going forward.
- A (small) decrease in our HELOC balance
- a (small) decrease in our Mortgage balance (currently at $390,196.54)
- a (small) decrease in our appliances loan
- A $450 decrease in our vehicle loan ($18,900)
Our current Net Worth is $492,524.17 and I think we’re on the right track to hitting $500,000 in the next few months!