Wednesday Financial Updates August 26
Finding the time to do these updates is becoming more difficult, however I need to condition myself to continue posting.
I will be getting paid again this Friday so another big check to pay down debt. This debt however is at a zero percent interest so it is not the highest priority.
Using the debt money to put into savings will be a huge benefit so paying it down fast is the best advice. Recently I paid off the furniture account which was also zero percent.
The furniture account messed up my trend calculations because I was over budget for that account and under for the credit cards, although my net gain was the same.
Minor Medical Debt
We did have some medical debt that is now due but putting that on the credit card and paying off the statement balance will not affect our debt. It does reduce a bit of what I am paying but does not delay the time that I will be paying off the debt.
My goal for the rest of the zero interest accounts is to pay them off by the end of November.
Currently my accounts are:
Card 1: $9743.39 0% Interest
Card 6: $0 – paid off
Automobile: $23,522 1.9% Interest
I did put an additional $300 towards my car payment and will add another $200 for this cycle.
I will also pay another $1300 towards Card 1, which will bring my total to $8143.39 which is just about 50 percent of my credit limit.
Increased Net Worth
My net worth increased to $50,445 and I ended up combining all my retirement accounts. I now only have my 401(k) with an employer match and my 457 with a 2 percent contribution.
After paying down the furniture debt I upped my contribution from 4 percent to 5 and added another $500 to my Ally Invest account.
Seeing my liabilities decrease and my assets increase has been the motivation I needed to make some additional changes. Things have slowed down a bit with making payments only because I am not using my savings account. I did automate a small amount to be transferred to my HYSA although the interest rate now sits at .09 percent.
I will update the numbers again next Monday or Tuesday as this will be another significant change.
Going into fall I feel pretty good about my financial future!