I’ve been off of work since Friday, December 18th, only logging on here and there. My company was technically closed from the 24th on, so I really only missed 3 business days, which means there isn’t a lot that happened while I was out. Thankfully, everyone is on the same struggle bus today, my boss and I were laughing about trying to remember how to do our jobs today. It should be a busy week, but thankfully quiet meetings wise.
My $600 stimulus payment was received on Friday. I was hoping to split this between general savings ($400) and my highest balance non-consolidation credit card ($200), but unfortunately there was a bit of a budget shortfall in last week’s paycheck/bills that needed to be paid from it. Ultimately, I think only about $125 of it will end up in savings, and no extra sent to debt. Oh well.
I received word today that another account in the consolidation program will be paid off. That takes me to 4 paid off and 8 to go. Still a long way to go but progress nonetheless. I expect another 3 to be paid off within the next 6-ish months. Then we start getting into larger balances that will take more time.
I also added a new tab in my budget spreadsheet to create a snapshot of where I am at the start of 2021, vs where I’ll be at the end of 2021, so I can track the change. I’m not going to use this to project out, although I easily can. I just thought it would be a nice measure of progress at the end of each year and it took me about 4 minutes to put together (aside from going and looking up the balances lol). It also forced me to log into my mortgage account and student loan account, which I had not done in a while. My mortgage was right around where I estimated. My student loan was (in a happy surprise) about $1k less than I estimated. Below is where things stand as of ~1/1/21:
Consolidated Balances - $30,361.05
Non-Consolidated Balances - $11,485.85
Mom - $17,500
Total Priority Debts - $59,346.90
Mortgage - $150,447.16
Car Loan - $15,017.11*
Student Loan - $3,082.55
401k Loan #1 – $7,392.73*
401k Loan #2 – $6,634.05*
Total Non-Priority Debts – $182,573.60
*Car Loan, and 401k Loans are only in this category because they will be paid off by 2023 on the normal payment schedule. I have bigger fish to fry so I am just going to leave them be and pay as scheduled unless I get some kind of windfall that changes things. The nice thing about the 401k loans is that every payment towards this is a corresponding increase in my 401k balance, since I am paying myself back, in addition to my ongoing contributions.
Total of All Debt: $241,920.50
General Cash Savings - $50 (yikes!!!)
401k - $25,605.69 (this will be fully vested in May, so no point IMO in splitting out what is vested vs what is not. As of January, all but about $3k of this is vested)
Robinhood - $292.69
Coinbase - $35.63
Total Savings/Assets - $25,984.01
This does not include the value of my home, or the value of my car. If I want to calculate net worth, I could add in an estimate for each of those, but one thing at a time.
This is sobering to look at, especially all in one place, but I’m very excited to see the decreases to debt, along with the increases to savings/assets as time progresses.