Woohoo! A Net Worth! ($58,517)

I have a usable net worth again!  Mint is once again able to connect with Firstmark, the servicer for my last remaining loan.  I had to “close” the loan from their old web-site, and re-add the loan on their new site, but it’s working now.  I changed both of my ECSI loans to closed as well, so I should still see their history, but the old balances are no longer feeding in.  I’m glad I can get back to tracking.  I was at around ($72,000) the last time I was able to post a net worth, and it was even higher when I was able to post it regularly.  It’s hard to believe how much higher it was when I first started keeping track a couple of years ago. Bonuses are a beautiful thing–if only they weren’t restricted to once a year.  While I’m not expecting to see the net worth figure here hit $0 for another 2+ years, I do think I’ll be able to get to an actual net worth of $0 in the next year or so (which would include my retirement balances, home equity and HSA balances–I generally only count the cash I can spend in my net worth calculation here).

In the next couple of months I’m looking to spend around $1,000 on some baby things.  I have my shower in a week, then I’ll go shopping in April to get whatever I still need.  I’ll also be able to order my pump from my health insurer in early April.  Hopefully the baby’s arrival won’t add too much to the monthly budget, and I’ll have three months where I don’t have to worry about commuting expenses.

Speaking of April, we once again have our driveway paving scheduled! So that should be done before the baby gets here, thankfully.  After that’s done, we are going to look into refinancing the house.  We haven’t paid off too much since we bought it (about $5,000 in principal), but we’re hoping its increased in value enough that we’d only have to put in a couple thousand or so, to get to the 20% equity we’d need to refi.  Over the life of the loan, it would save us around $90,000! I thought my math was wrong on that, so I ran two mortgage calculators–one on the balance of our loan over 28 years, and one on the potential refinance over 20 years. $90,000 it is.  So similar to my student loan refi in late 2014, we’d be paying less than $50 more a month, to get the loan paid off much earlier.

And, hey! I got a raise! It’s nothing close to the raise I got last year, more like a cost of living adjustment, but gives me an extra $30 or so per paycheck.  When I get back from leave, this will be partially offset by commuting fare hikes, but it’s better than nothing! I’m hoping that next year, I’ll get a promotion, with a slightly higher raise and bigger bonus target.  This means I need to work my tail off as much as possible before I go on leave.

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February Recap

I’ll cut to the chase:  with my annual bonus, I paid an extra $7,750 in principal on my student loans in February!  I was planning on paying around $7,500 with my bonus, but I decided to push it up a bit, so that if I make my payments in March before the next statement generates (on the 11th), the entire payment will go to principal, because I’ll be closing out the loan entirely.  That will take me down to one student loan, with one required payment every month.  This is currently on auto-draft, but I’m going to do a second (or third, depending on when I decide to make them) payment each month so that I’m still putting approximately the same amount toward loans each month.

I expect that my principal payment will be around $900 each month, so each month I’ll be able to add 4 or 5 pieces to the puzzle.  I wanted to put a few more pieces together in the box, but I realized I probably have over a year’s worth put together already.

  
For February, I added 44 pieces to the puzzle, now totaling 167 pieces.  My current student loan principal balance is $66,563.69.  I skipped the whole “Quarter of the Way Done the Puzzle” stage and jumped right to “Third of the Way Done the Puzzle.”  Sweet.  Not expecting that I’ll get to halfway there in 2016, but I’m pretty happy with my progress anyway.

  • $18,000 $585.98 (1L Law School Loan)

Former Federal Loans/Big Daddy Consolidation, Currently at $65,977.71

  • $2,625 $977.71 (freshman year – undergrad)
  • $8,500 (1L subsidized loan)
  • $12,000 (1L unsubsidized loan)
  • $8,500 (2L subsidized loan)
  • $12,000 (2L unsubsidized loan)
  • $8,500 (3L subsidized loan)
  • $12,000 (3L unsubsidized loan)
  • $3,500 (Grad Plus Loan – bar fees and prep)
  • $1,200 $0 (Irresponsibility Loan #1)
  • $2,500 $0 (Irresponsibility Loan #2)
  • $1,200 $0 (Irresponsibility Loan #3)

Before the end of the year, I’d like to see the two smallest underlying loans ($977.71 and $3,500) be wiped out, and hopefully a big chunk of one of the $8,500 loans too.

Once my Law School Loans are completely closed out, I’ll start calculating an approximate net worth.