Welcome to our May net worth update. We are 47 months into our debt repayment. Wow, it’s been a marathon. It’s starting to get exciting knowing we are nearing the end. Yet we are still faced with challenges each and every day. Murphy paid us a visit when our dishwasher sprung a leak. It never a good sign when one of your children comes to you and states dad, water is dripping downstairs. A visiting from a plumber and a part replacement dinged our e-fund a bit this month. We have also decided that my wife with be taking the summer off from her job to be home with the children. Roughly 10 weeks off and a $300 loss of income per week, we’ll survive as we always have and glad that my wife will have the summer home with our children. Here’s how the month broke down:
Net Worth Details
Cash (-$230.00): A little set back this month as Murphy stop by and visited our dishwasher. We repaired it. The goal is to get us back up to the 1 K e-fund by next month.
401K (+2,931.00): A nice for the month base on performance and I’ll take it. Currently, contributions to retirement are still on hold as we focus on debt repayment.
Pension (+259.00): This is interest income. The pension contributions are now over. Once I have the ability to roll this somewhere else I will.
Autos (+$289.00): I have not idea why this category continues to fluctuate, but can’t expect any big gains with an 11-year-old van and 13-year-old car. We continue to maintain them until we are debt free and can afford something newer.
Home ($0.00): Still an estimate, as home prices are still fluctuating in my area. I’ll be very happy if we sold for $350K.
Mortgages ($-277.00): Slow and steady. This will be a major focus after debt repayment.
Consumer Debt ($-2,216): This is an area of consistency. We are on track to be debt free in November.
Another step in the right direction as we continue to make continued to make steady progress on our consumer debt repayment. I have begun to research some passive income ideas, as we get closer to being debt free I want to be able to build more wealth. Please leave me a comment or send me an e-mail with any tips or ideas.
So what do you think? How are we doing? How does your net worth compare?