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YTD progress

March 2nd, 2019 at 09:01 pm

12/31/18
Assets: 606,524
Debts: (91,282)
Net Worth: 515,242

2/28/19
Assets: 631,367
Debts: (84,400)
Net Worth: 546,967

Change
Assets: 24,843 (4.1% increase)
Debts: (6,882) (7.5% decrease)
Net Worth: 31,725 (6.2% increase)

Posted in $$ balances | 6 Comments »

6 Responses to “YTD progress”

  1. AnotherReader Says:
    March 2nd, 2019 at 11:59 pm 1551571144
    1551571144

    It looks like there was no debt reduction in February, in fact you went up a few dollars from $84,373 at the end of January. Were there unplanned expenses? Was there no money that could have been diverted to debt instead of being spent?

    Extending goals does not help solve the problem. You CAN pay this off, but you have to adopt a more aggressive attitude. In your shoes, I would make sure there is progress EVERY month, even if it means sacrifices in other areas to accomplish the reduction.

  2. Dido Says:
    March 3rd, 2019 at 01:01 am 1551574888
    1551574888

    AR, *today's* total debt is $83,465, which is $908 lower than the end of January balance.

    I cash flow expenses through a few credit cards with rewards (an AmEx with 5% back on groceries and gas for those two items, a Chase "Amazon" Visa for purchases made on Amazon for 3% rewards, and a Wells Fargo Visa with the reward tied to my mortgage for everything else for 1%). The paycheck comes in on the last day of the month and I pay off the CC balances, but it doesn't get credited to my account until the following day.

    The cash flow charges can inflate the balances I report for the last day of the month.

    I'm aiming for a debt total of 82k by April 2nd or so (*after* the end-of-month debt payments hit).

  3. AnotherReader Says:
    March 3rd, 2019 at 01:33 am 1551576780
    1551576780

    I'm confused. Was the end of January balance before or after paying on the credit cards? IOW, is the $83,465 calculated at the same point in the paycheck/payment cycle?

    I liked the biweekly pay scheme when I worked. Easier to allocate for different due dates and two extra checks during the year for savings and investing. Once a month at the end of the month is difficult without extra cash to cover payments due before the check is deposited.

  4. Dido Says:
    March 3rd, 2019 at 03:51 am 1551585115
    1551585115

    84,373 and 84,400 are 1/31 and 2/28 debt balances.

    The key is the two 0% ccs:

    12/31 total 23,000
    1/31 total 22,100
    2/28 total 22,050 (had only made a tiny payment in Feb)
    3/2 total 21,600 (fully paid for Feb, next Payment 3/31)

  5. rob62521 Says:
    March 3rd, 2019 at 09:31 pm 1551648690
    1551648690

    Glad your net worth went up and your debt went down! Always good on both counts!

  6. Dido Says:
    March 3rd, 2019 at 10:15 pm 1551651319
    1551651319

    Thanks, Rob! I appreciate the positive comment. Of course I'd like the debt reduction to be faster but I am happy to be moving in the right direction.

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