So I shared earlier that I met my major goal of paying off $20,000 in student loan principal this year. But I’ve some more financial progress outside of my student loan(s).
Vested/Total December 2015: $19,610/$26,992.52
Vested/Total December 2016: $41,865/$48,126
Each year at the end of December, I become vested in more of my company’s matching and general retirement contributions (until I’ve been there five years total and become fully vested), though a portion of their contributions were fully vested after 2 years. I don’t include my 401k or my IRA in my net worth calculation, partially because there’s no way for me to only include the vested portion in Mint, as far as I can tell, and I’d rather be conservative.
December, 2015: $2,843
December, 2016: $5,101
* I have not been contributing as much to my IRA this year. I used to contribute $100 most paychecks. Since the little man was born, I’ve split this so that $50 gets direct deposited into his 529 plan, and $50 goes to the checking account that I make transfers into my IRA from.
Balance December 2015: ?
Balance December 2016: ($172,973)
I checked last year’s post, and it said that we’d paid off $3,085 in principal last year. I can’t figure out how to access my old mortgage login, but based on last year’s number, I’d estimate about $1,500 was paid off on the old loan, and since the refinance in July we’ve paid off another $2,026 in principal. The lower interest rate is hugely helpful here.
Progress is nil — or worse, negative. But the two main reasons for this were closing costs to do the refinance (well worth it) and extra payments on my loan (also worth it). I look forward to the year that I make progress in my personal savings account, but for now I’ll have to be happy with making significant progress on my student loans.