Two weeks ago, when my coworkers realized I was planning on working 11.5 hours for most of the week (except for the one day where I only worked 10 hours), they thought I was crazy. The comments ranged from, “You must not love your husband” to “Okay, I get the money part, but what kind of life is that?!” to “You know you’re just working this hard for nothing right? It’ll all be taken away in taxes!”
Yesterday morning, when we got the paycheck for aforementioned crazy overtime week, they weren’t laughing anymore. One girl even looked at me in awe when she heard how much my paycheck was, paused, then said, “I need to be more like you!” A flippant comment, I’m sure, but short term pains, long term gains right?
My biggest paycheck ever!
Last month, I had received my biggest paycheck to date at $1,982. Yesterday blew that out of the water at $2010! Okay maybe not blew it out of the water, but that extra $28 was the difference between just under the $2k mark and just over it.
Now, you’d think I would have made some crazy gains in our HELOC balance right? Well, you’d be wrong. Because last Sunday, when we were prepping all our paperwork for our taxes (finally), I realized I had yet to pay off our penalties for over-contributing to our Tax Free Savings Accounts. And most unfortunately for us, it was no small penalty either. $1,189.13 in penalties, to be exact.
So I transferred money back out of our HELOC to pay it off immediately, which brought our balance from $9,698.97 back up to $10,888.10. And I had been so excited about breaking the 4-digit debt mark too!
In any case, with yesterday’s mega paycheck, I was still able to pay off $1,436.09, so at least we’re still seeing (small) progress from last week’s debt pay off.
We’re now down to $9,452.01, 81.7% of our debt starting point last year ($11,576.25) but 64% of our starting point this year ($14,777.04).
Since we only paid off $246.96 of principal since last week, our Debt Free Date still stands at September 30, 2016. Yet, despite the minor setback in our HELOC goals, our balance sheet is looking stronger than ever! In fact, I just had to adjust the axis for my Assets/Liabilities because I had originally had it only at $500,000 and our Assets have just surpassed that figure!
Our liabilities are still incredibly high at $422,676.89, which is comprised of:
- A current balance of $1,367.40 on our Visa (but will be paid off in full before due date)
- This month’s outstanding bills ($3,233.69)
- Our HELOC, which has its own line on the Balance Sheet chart (red, $9,452.01)
- Our mortgage, which is currently sitting at an astronomical $387,719.55. However, this is a much more manageable number, considering 1) we started off at nearly $450,000 4 years ago 2) Our purchase price was around $560,000 3) Our home is listed on our Balance Sheet at $825,000 4) A duplicate of our home is listed for $1,000,000.
- Our appliances loan at $2,004.24. When we purchased our home 4 years ago, we needed 10 appliances, most of which are already paid off. We’ve got about 1 year left to go before this debt finally disappears!
- Vehicle loan at $18,900. Yes, this is a huge number, yes, we’ve still got 3.5 years to go before this is paid off, but I am still so happy with our purchase! We had the cash to pay for it in full at the time (funds are now locked up in retirement funds) but we chose to finance it for several different reasons. However, now that we’re trying to improve our monthly cash flows, having $450 come out every month is a lot bigger than it used to seem.
|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||-$400.00||$9,052.01|
|April 29, 2016||Payment||-$400.00||$8,652.01|
|May 6, 2016||Interest||$23.07||$8,675.08|
|May 13, 2016||Payment||-$400.00||$7,875.08|
|May 20, 2016||Payment||-$400.00||$7,475.08|
|May 27, 2016||Payment||-$400.00||$7,075.08|
|June 3, 2016||Interest||$18.87||$7,093.95|
|June 10, 2016||Payment||-$400.00||$6,293.95|
|June 17, 2016||Payment||-$400.00||$5,893.95|
|June 24, 2016||Payment||-$400.00||$5,493.95|
|July 1, 2016||Interest||$14.65||$5,508.60|
|July 8, 2016||Payment||-$400.00||$4,708.60|
|July 15, 2016||Payment||-$400.00||$4,308.60|
|July 22, 2016||Payment||-$400.00||$3,908.60|
|July 29, 2016||Payment||-$400.00||$3,508.60|
|August 5, 2016||Interest||$9.36||$3,517.96|
|August 12, 2016||Payment||-$400.00||$2,717.96|
|August 19, 2016||Payment||-$400.00||$2,317.96|
|August 26, 2016||Payment||-$400.00||$1,917.96|
|September 2, 2016||Interest||$5.11||$1,923.07|
|September 9, 2016||Payment||-$400.00||$1,123.07|
|September 16, 2016||Payment||-$400.00||$723.07|
|September 23, 2016||Payment||-$400.00||$323.07|
|September 30, 2016||Payment||-$400.00||-$76.93|