12/02/2013

December Networth

Well, here it is - our final net-worth post for 2013.  We started this year at $16,938 and wound up at $74,198!  An incredible increase of $57,260!

The biggest factor you'll recall, is that we built our garage, deck and fence - all which significantly increased our homes market value.

We also made big gains in RRSP/Pension savings and purchased 100 shares through my work - which have already increased in value.

I am so proud of our accomplishments and look forward to the coming year where hopefully we can break through the 100K barrier!

Here's a breakdown of where the assets and debt are currently sitting.

While we still owe more on both vehicles than their trade in value - I'm comfortable with this because of the 'off the lot' phenomena.  We like new vehicles - with new vehicle smell...and (knock on wood) - these two will last us a long time.

RRSPs, Pension, and Shares have all grown significantly where planned spending has had it's ups and downs.

Our checking account has a healthy buffer which serves as our own overdraft protection - something that has been nice to have and as we move forward with Jordan's new career - a must have.

Since buying our house a little less than two years ago - we have paid down 4.43% of it - a mere $15,457.  We've sure paid a lot more than that in interest - but it is going down bit by bit.  We've toyed with increasing our weekly payments and while I'm not ready to do that just yet - it's something that is certainly on the horizon.

We have only paid down 2.73% of the Kia - as a very recent purchase we've only had a few payments so far.  The Escape on the other hand is down 40.40% of what we financed and I'm confident we're going to make a lot of progress with that loan in 2014.

Finally - our line of credit.  What we once thought would be a $10,000 limit to help coverage overages on our backyard project, turned into a $40,000 limit for several of life's incidentals.  Sitting on the LOC now is:

  • $900 in online courses (crossing my fingers for reimbursement)
  • $2,6179.50 for the first phase of Jordan's dental work (to be reimbursed)
  • $5,406.43 for our recent share purchase at my work (interest is tax deductible)
  • $977.60 for winter tires
The remaining $14,836.47 - is a combination of the remaining back yard debt as well as some credit card purchases (consumer spending).  We were expecting to carry forward around $15K in 2014 before I decided to go back to school, Jordan got dental work, we decided to invest in shares, and we bought winter tires.

So, technically (?) we're on track (ha!).

Okay, so we're not on track for the LOC - we had some expenses that we decided to incur that's that - our LOC balance has gone up.  As we knock it back in $5K increments, I intend on also reducing the amount of credit we have access  to in the same - until it's down to a 10K limit - - the original plan.

There it is - 2013's ups and downs of our networth, thanks for reading along as we navigated all these changes, I'm looking forward to another fantastic year with you.
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4 comments:

  1. That's an awesome increase to your NW! Life gets in the way and sometimes our debt takes the hit. I know you guys will knock it down next year. I like the plan to decrease the limit by $5K increments, I did the same thing when I was $28K in debt. Good luck!

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  2. Thanks Morgaine! It sure does, doesn't it? I appreciate the vote of confidence - I think we will too with some hard work and a bit of luck.

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  3. Oh my goodness you have done fantastically well!!! That is a serious NW increase.

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  4. Wow, that's great progress inside of a year! The only thing I'd recommend is to work on setting up an emergency fund so that you don't have to use the LOC again, that can become very expensive as you're illustrating. Thanks for showing what you're learning, it's very inspiring!

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