The time has come to update everyone on our net worth for the Month of March. Sorry I missed February. We had our fist kid. I was worried how that would affect our Net Worth. As it turns out I should not have worried. We really haven’t done a whole lot different with our finances. We have had to spend some more money. Our car’s starter went out so I replaced that. Having the kid wasn’t cheap either. The good is we haven’t used our credit cards for any purchases for quite sometime. If we did use them we had the money in the bank and mailed off the payment the next day. But here is the skinny on my net worth. $-15,232.07. It’s a lot of fun to see that our debt is shrinking our investments growing and our net worth climbing. We even had a surplus of money this month so we paid off a credit card. Now that we are able to apply that payment to one of our other card, our credit card with the highest interest rate will be completely paid off in 8 months. Of course our goal is that anytime we do have extra money we will apply it to a debt. My wife and I are currently researching cars so that when all our debt is paid off we can buy one. The great thing about that is we could honestly afford any car we want. Currently we are paying $1008 toward debt a month. That means we can have a really fancy car when we are debt free. Of course we won’t but a car that cost anywhere near that much, and the bonus is we’ll have decent down payment ready plus the trade-in value of our car that is already completely paid off. So well have a new car a small monthly payment and be spending less about a third of what we are now a month on debt. Who knows if we have been able to survive with 1000 coming out of my paycheck every month this long we might just keep going and get that car paid off within a year.
Next month my wife and I are setting the goal that we will not eat out at all. I excited to see how much money we will save. It will take some planning so that I have a lunch everyday but it should be worth it. I can’t wait to see the result reflected in my net worth come May.
