So I’ve already posted something close to a final loan payoff figure for the year, but I do need to provide the final amount).
In 2015, I paid off (approximately) $20,671 in student loan principal!
(Puzzle still to come — I’ll be honest, it would have only been 4 more pieces from the last post,so close to a quarter of the way there–the math is like 4.92 puzzle pieces or something–but not quite)
But wait, that’s not all. There are a few other financial milestones I’ve made this year, that I haven’t given their proper due all year.
This year, I contributed $10,574 to my company 401(k). Because I just became partially vested in some of my company’s matching and other contributions, I also became entitled to another (approximately) $2,000. My total amount vested as of today is $19,610.
I opened a Roth IRA earlier this year, and tried to put about $200 a month into it. Once things are more settled in 2016, I might see if there is a way to direct deposit into this account, instead of having to do a transfer (which gives me the opportunity to transfer it elsewhere). But for now, my balance is $2,843.
With the baby coming and Mike’s eye surgery, I actually spent a huge chunk out of my HSA this year, and have almost met my deductible for the year (I might actually hit this once I get all of this year’s bills). But I contributed the maximum of $6,050 this year (plus $600 coming from my employer), and ended the year (as of now) with $3,761 in the account. Up from $2,638 last year.
I round my monthly payments up to the nearest $100 and send the extra to principal. This is around an extra $40 a month. Doing this for the last year and a half has cut three months off of my payment schedule. Doesn’t seem like much, but every time I do it, it helps more and more. Total we’ve paid $3,085 in loan principal this year. I’d estimate our equity in the house to be about $14,000, which assumes the house is worth exactly what we paid for it–I feel pretty confident that with the minor improvements we’ve made, and the housing market generally, it’s probably worth more than what we paid, so I think this is pretty conservative.
When I’m able to calculate my net worth through Mint, it doesn’t include any of these items. Total they add up to $40,214 that I should conceivably be including in my net worth (though I prefer to see the more conservative number). If I had included these, my net worth would be ($32,093).* This number might be even be positive in a year.
(*caveat: I don’t include my hubby’s separate accounts here, again to be conservative, and because I don’t like to think of his money as accessible, even when it is. With that said, the money in the house account is as much his as it is mine, and ditto for the equity in the house.)
That’s not so bad. I was feeling pretty down today about my ever-dwindling savings, but this helps me see how much progress I’ve made over the past year (and last couple years). Doesn’t mean I don’t have a LOT of budgeting work to do, but I need to not be so hard on myself.