(Oops, this post is a little late – thank you first trimester pregnancy! Also, is it just me, or are jellyfish the most hypnotically beautiful creatures ever?!)
Ever since we learned of my pregnancy, our progress with our debt repayment has slowed way down, mostly because I’ve stopped working any overtime. The exhaustion is real my friends (and this is coming from someone with a sleep disorder!)
As such, I was actually quite surprised by how well our Net Worth continues to progress – we saw an $8,353.94 increase since our April Net Worth Statement ($506,607.53) bringing us to $515,024.47. Funny enough, it’s about the same amount of change that we saw last month as well ($8,366.63).
Related: Net Worth Updates
We saw a small recovery in our income generating portfolios, which had decreased the month before. Mr. Unchained’s portfolio (TFSA and RRSP included) has recovered from $31,558.13 to $31,709.53 (still a few dollars shy of what it was in March) and my portfolio has increased from $25,859.48 to $26,749.53 (which is over $600 higher than what it was in March.) Combined, our portfolios are worth $58,459.06, an increase of 1.81% since last month’s value of $57,417.61. Our passive income had dropped last month to $19.22; this month, we’ve seen a slight increase of 2.55%, bringing it back up to $19.71. It’s still not as high as it was in March ($21.27) but at least we’re moving in the right direction!
Even though it seems like we have slowed down in getting our HELOC balance paid off, we’ve actually gone from $5,511.12 last month to $1,108.52! I’ve crunched the numbers and it seems that as long as all goes well between now and next week, we’ll be DEBT FREE by next Friday! Then it’ll be time to start that Baby Fund!
I’m still undecided on whether we should save it in our income generating portfolio – on the one hand, there is the possibility of making (much) more than the 0.8% interest that PC Financial will pay on their savings accounts. On the other hand, it is subject to market fluctuations and there is the definite possibility of having less than the principal amount we saved by our due date, January 10, 2017. At the same time, while the market value may fluctuate, saving it in that portfolio would also increase our monthly passive income, which would probably be nice next year when we lose my income. Decisions, decisions!
Finally, we’ve seen a $1,244.18 decrease in our mortgage, from $387,098.52 to $385,854.34. Since we made $2,122.88 in payments this month, that means we’ve spent $878.70 in interest. Atrocious, isn’t it?! This is a slight decrease from the $881.52 we spent last month but it doesn’t make it any easier knowing that we’re spending nearly $900 a month on interest! What’s going to be challenging is renewing our mortgage; it’s up for renewal in April, at which point in time I’ll be on maternity leave. I’ve asked one of my coworkers who does mortgages on the side (for a “friend”, of course) and he said that “she” should have no problem qualifying for the mortgage as long as she has proof from her employer that she’ll be going back at the end of her maternity leave. The only problem is that I’m still on contract at my job, and although there are rumours that they will be trying to convert our department to 90% permanent, I have no idea how long that’ll take or if it will only come way after it’s obvious I’m pregnant. Although I know it’s illegal to discriminate against a pregnant woman, I wouldn’t be surprised if I was magically selected to stay on contract… These types of discrimination are so difficult to prove so I can only hope that this rumour occurs sooner rather than later!
The other possibility is trying to renew early. However, this would incur penalties which my friend has estimated to be anywhere from $4,000 to $6,000! Of course, this is dependent on how much time left there is to our term (currently 11 months) so the closer we get to our renewal date, the lower those penalties might be. Has anyone tried renewing a mortgage while on maternity leave?