HSA Mixup (Yikes!)

Still no net worth update, unfortunately.  Hopefully Mint will be able to connect before month-end.

Onto the topic at hand.  I’ve been messing with my HSA contribution in the last couple weeks.  Most of my contribution this year came from my bonus, but I added  a deduction from my remaining paychecks around September.  Clearly I didn’t really know how this worked, and changed it back to $0, then up to $5,000.  I was thinking the amount coming out of my paycheck for the remainder of the year was $5,000/24 (total number of paychecks HSA gets deducted from).  I had actually already contributed over $5,000 (with my employer contributions added) so I figured that either way, more than the annual maximum wouldn’t get taken out.  I was wrong.

So when I checked Mint last Friday morning, my paycheck was pretty much cut in half.  I checked my paystub and $1,250 had been taken out for my HSA.  Ooops.  The tiny paycheck I could deal with, but I’ve now contributed more than the annual maximum for this year into my HSA.  So I had to fill out some paperwork to get a refund of the overage, which will result in one more piece of paper I have to have in hand for filing my taxes next year.  But the good news is, next month my employer will add its monthly $50 contribution, and then I will be maxed out for the year, with no additional contributions from my paycheck for the next three checks.  And I should have about $4,000 in the account to carry over next year (barring my last two doctors appointments having a bunch of non-preventative lab work/tests).  Not that it matters for purposes of this post, but this account does not feed into my net worth, since I can only use it for medical purposes.

For next year, I’ll once again be putting in a large chunk from my bonus, and will potentially be adding a bit more throughout the year.  I definitely went back and forth on which health plan I should choose during open enrollment this year, but I think with the added HSA contributions from my employer for the high deductible health plan, and the MUCH smaller premium payments, the HDHP was the way to go.  I don’t know if it’s the case for all employer plans, but it looks like so long as I’m staying in-network (which I will certainly try to do), this is the cheaper option.  The benefits people recommended for those with the HDHP that you try to keep enough in the account to cover the deductible, but my goal is to have at least the out-of-pocket max in there before the end of 2016.

I also put about $200 into a limited purpose FSA, assuming any funds in there will get used for fillings, and if there is any left over I may think about getting a pair of glasses for night driving, but even if I were to lose it, it would be a pretty small amount of money (though it’s also possible that it all gets spent in the first half of the year).

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Temporary Connectivity Issue?!

I paid off the first of my two law school loans!  Now I’m down to just the remaining one and my huge former federal loan.  This is the biggest loan paid off to date, about six years early!  I’m hoping to pay off the second law school loan in the first half of next year — sometime after bonus and tax return time.
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It’s definitely a little daunting to see how big this loan is, but after my payment goes through later this month, it  will be just under $10,000–only a little bit higher than the original amount of the first one.

Onto the title of this post.  Mint.com hasn’t been able to update these accounts so I can see the $0 since before I paid it off on the 10th.  These are the accounts I used to have to manually put in (I remember tracking these at $22,000 — it’s awesome to see that they’re around $10,000 now). I’m a little nervous that this connectivity issue isn’t going to be temporary and I’ll have to go back to manually tracking these.  Which would be really annoying, but might give me more incentive to pay them off.

It’s only mid-month, so I won’t be updating my puzzle, but this loan being paid off means the man and I put a good chunk of money towards this this month.  I thought I was going to make my payoff goal, but my numbers on Mint aren’t jiving, and I’m not sure why.  I’ll have to look into a little further, but I’m pretty happy with my progress either way.  And I’ll definitely get to throw a bunch more puzzle pieces in at the end of this month, so I’ll be happy with the progress either way.

EDIT:  Blonde Moment.  The reason why there is a big difference between my calculations and the numbers on Mint is because these two account haven’t updated to show a $2,000 payment.  Literally the thing I was writing/complaining about.  Wow.

October Recap/Looking Forward

This month I looked at the amount I needed to hit my goal, and the amount of time left, and decided to pull $1000 out of my savings to put toward my next loan.  I also received our escrow reimbursement from our mortgage company.  Essentially we’ve been overpaying into our escrow account for most of the year because our taxes went down by about $100 a month.  So the $742 that we got back is scheduled to apply to my loan on Monday.  I won’t see the effect of that until next month, but it’s still this year.

We’ve definitely been pretty good this month about getting things done (although we haven’t been so great about not spending money).  We rented a dumpster to get rid of the debris in our back yard, and have scheduled a contractor to come in to put in walkways and pave our driveway.  That will make this winter so much easier, particularly if we get anywhere near as much snow as we did last year.  Lastly, we are looking to get a bunch of insulation added to the house, which will hopefully help us save on heating bills.  Not to mention, make our house more comfortable.  That last part is actually going to cost less than we originally anticipated, thanks to the rebates available through our electric and gas company.  All of these things will essentially wipe out our house account though.  So I won’t be making payments from that account on alternating months for a while, while we build that back up.  RIght now I’m looking forward to setting my goal for 2016, but I won’t count on any rent payments going towards it.

Other than the extra $1,000 (nothing to sneeze at) my loan principal payments this month consisted of my two standard payments, which reduced my principal a total of $1,764, bringing me to a balance on all loans of $80,371.  I’m happy to report, I am now at 98 pieces to the puzzle.

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(I’ll fill that weird little space in November — found the pieces!