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So, I double, triple, and quadruple checked that my Roth IRA contributions could be withdrawn without any tax penalty and that’s exactly what I did.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