Q1 2016 Net Worth Update

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Q1 2016 Net Worth Update

I was dreading this post.

The last time I updated my net worth was back in June 2015 and everything was all fine and dandy.

My net worth went up a good $30k, my credit card debt was almost gone, and my retirement savings, though struggling, was at a nice balance for someone my age.

And then life happened.

*Gulp* Well, let’s just get into it then – here’s my Q1 2016 Net Worth Update

Q1 2016 Net Worth Update

Overall, my net worth decreased by $883 this month.

Note – just to clarify before we move on, this update is just looking at my own finances. My husband and I are slowly combining our finances, so we should see our combined net worth in the next update.

Assets

Cash – $6,207 – up $3,026

Despite the mostly terrible net worth update, this category has a nice increase this time around. This is largely due to the wedding we just had. Wedding gift money, heyyyy!

Short-Term Savings – $1,346 – down $905

My savings accounts are all with Capital One. I love how easy it is to look at all my savings goals in one place. Here’s what my goals are right now:

Emergency: $1,003 – up $2 (hey interest!)
Personal Escrow: $322 – up $162
Wedding: $0 – down $1,083

Of course, the wedding fund was depleted once we, you know, had the wedding. It sucks to see savings go down like this, but that’s exactly why we save for things like this – so we can spend it eventually!

Retirement Savings –  $14,915 – down $17,194

This consists of:

401k: $3,733 – down $22
Traditional IRA: $8,636 – down $445
Roth IRA:  $2,546 – down $16,727

*insert uncontrollable sobbing here*

You’re probably wondering what happened?

Well, the short story is that we were getting closer and closer to the wedding date and realized that we were in way over our heads in regards to payments. I mostly blame myself – I thought we were good financially until a few weeks before the wedding when we finally sat down and added everything up. My mom and my auntie had already helped us out, so we didn’t want to ask for any more money.

So, I double, triple, and quadruple checked that my Roth IRA contributions could be withdrawn without any tax penalty and that’s exactly what I did.

I am not proud of this. But, I can obsess over how terrible this is (and believe me, I have), or I can own up to it, take the L, and move forward knowing better.

Estimated Car Value: $13,815 – down $1,550

I always get my car value from Kelly Blue Book. We all know how badly a car depreciates, especially one that’s bought brand new. So this isn’t news to me, just another unfortunate thing that happens each month that I’ve learned to just accept.

Estimated Home Value: $514,992 – up $17,324

Right now, I use Zillow to determine this value. Since I’m not planning on selling my house anytime soon, I really don’t take this increase to heart – even though it’s a great one! It just doesn’t mean too much at this moment, even though it almost masks my huge decrease in my retirement accounts this quarter (almost).

Liabilities

Credit cards: $11,978 – up $10,424

This consists of:

Discover @ 15.99%: $11,978 – up $11,958
Wells Fargo @ 22.15: $0 – down $1,534

Oh, hey credit card debt! There you are! Didn’t know you were sticking around this long…

Well, the good news is that I paid off my Wells Fargo credit card before the APR changed from 0.00% to 22.15%! The bad news… well, I think it’s a little obvious.

Again, I’ve obsessed over this and the retirement savings. But when I say I’m starting over, I really mean it this time around. In the meantime, I may have to add another chapter to the Credit Card Debt Saga.

Student Loans: $13,359 – down $905

This consists of:

Direct Subsidized @ 6.55%: $2,672 – down $158
Direct Subsidized @ 5.75%: $3,385 – down $212
Direct Subsidized @ 5.35%: $4,109 – down $265
Direct Subsidized @ 4.25%: $2,013 – down $140
Direct Unsubsidized @ 6.55%: $1,180 – down $131

I can always count on my student loan progress to cheer me up! While so many others my age love to complain about these bad boys, I can’t help but be thankful for their consistency amidst the chaos of everything else in my finance world.

Car Loan: $11,439 – down $3,426

Usually, this category is pretty boring since I plan on paying the minimum on this loan for a long time. At least until my credit card debt and student loans are gone.

But something of interest just happened – I’m no longer upside-down on this loan! What that means is that the value of my car is now greater than what I owe on it! Yay!

Mortgage: $265,558 – down $4,511

Slow and steady is my motto for my mortgage. I’ve got all these other loans to worry about, so I’ve decided that the mortgage is the last to go on the totem pole. Nothing new here, folks.

So, there you have it. My cringe-worthy, disappointing net worth update. It would be easy for me to blame the wedding, but ultimately – I blame myself.

But, like I said, I’m starting over. So, I’m done obsessing over the slip-ups and I’m ready to move forward towards financial independence – one step at a time!

AMDG,
Lisa

12 Comments

  1. Thank you for writing this! So many times bloggers only report out the good stuff and let the tough items slide. It just shows that even people who care a lot about this stuff slip up from time to get because life happens. This just shows that we all always have things to work on! Congrats on getting married!

    Reply
    • Lisa E. May 22, 2016

      Thanks Thias! I, too, appreciate when bloggers share the dark moments – it’s makes them more real!

      Reply
  2. Ginger May 20, 2016

    Lisa do you know that you can put the money back (and not have it count against your 2016 contributions if you get it in within 60 days? You may still have a little time to put back a little bit, especially since you did just get wedding money. You might chose to pay off the credit cards instead and that is ok, but just one more option for you.
    Ginger recently posted…Once a Hater, Now a Lover. Why you should love private loans as well.My Profile

    Reply
    • Lisa E. May 22, 2016

      Hi Ginger! Aw no I didn’t know that, but now it’s too late 🙁 Thank you though!

      Reply
  3. Hi Lisa, don’t beat yourself up, life happens and we do what we think is right at the time! Weddings are a big deal and even with the best intentions, the costs can soon add up. Your home value has gone up which is great news and it looks like your debt has come down with the exception of your credit cards. So keep positive! For what it’s worth, your net worth looks brilliant compared to mine! 🙂
    Hayley @ Disease Called Debt recently posted…Why I Still Blog Anonymously after 3 Years of BloggingMy Profile

    Reply
    • Lisa E. May 19, 2016

      Hayley – you have NO idea how much I needed this comment. Thanks for being so sweet, supportive, and understanding!

      Reply
  4. Mario May 5, 2016

    Good to read this, even with the results 🙂

    We’re in the middle of planning our wedding too and the little surprise expenses just seem to come out of nowhere. For better or worse, our engagement is turning out to be two years (!!!) long, so it doesn’t hurt as much on a month-to-month basis. On the other hand, it gives us an extra long time for those surprise money leaks.

    That said, I’m sure you’ll bounce back stronger and faster than before. And congratulations on the marriage 🙂
    Mario recently posted…Spending less than half our income isn’t constricting; it’s liberatingMy Profile

    Reply
    • Lisa E. May 8, 2016

      Thanks Mario! Unexpected surprise expenses are bound to happen when wedding planning, even if you’re super meticulous with all the details. Good luck to you and your fiance!

      Reply
  5. Melanie @ Dear Debt April 13, 2016

    I’m just glad you are back!

    Reply
  6. Whew! I’m sure that’s tough to write as much as it’s tough to read, but at least you’re acknowledging everything. Can’t start unless you do!
    Tonya@Budget and the Beach recently posted…Did We Forget About the Recession?My Profile

    Reply
    • Lisa E. April 18, 2016

      Oh gosh, SO TOUGH to read! I’m hoping acknowledging it will get me on the right path…

      Reply

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