Welcome to our March net worth update. We continue to make slow and steady progress as we trim liabilities each month as our debt snowball rolls along. Here’s how the month broke down:
Net Worth Details
Cash (-$100.00): This has snowballed in the wrong direction after Murphy stop by in the form of some car repairs and then March we got hit with Birthdays for our son and daughter. We are working on building this back up to the standard $1k ASAP.
401K (-666.00): I hope that number isn’t a sign of bad things ahead. I expect high and lows here until we begin contributing regularly. Currently, contributions to retirement are still on hold as we focus on debt repayment.
Pension (+257.00): This is interest income. The pension contributions are now over. Once I have the ability to roll this somewhere else I will.
Autos (+$352.00): I don’t expect any big gains here 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 $350K.
Mortgages ($-260.00): Slow and steady. This will be a major focus after debt repayment.
Consumer Debt ($-2,095): This is an area of consistency. We are on track to be debt free in November.
By November of this year, we expect the remaining $16k to be paid off in our consumer debt liability bucket and our focus will shift to increase our cash savings. I definitely believe we will north of the $200K total net worth come to the end of the year. We hope to save the $2k that is going towards debt repayment today. I do expect to loosen that amount up just a bit to give us a little boost in our entertainment budget. Four years has been a long time for the family to sacrifice.
So what do you think? How are we doing? How does your net worth compare?