Net Worth Update – August 2014

I’m a little late on posting August’s net worth; I wanted to wait until the long weekend was over before calculating the numbers. How did things pan out in August?

Net Worth as of September 2, 2014
Net Worth as of September 2, 2014

I had an almost $700 increase last month. Actually it should have been more, but the long Holiday weekend meant that my employer’s contribution to my 401k hasn’t posted yet. That would add an additional $263, making me solidly over $12,000 in my 401k plan. It may not be much, but it’s better every month. Little victories!

You’ll also notice that my student loan balance dropped significantly this month; $1,083 to be exact. Why? I had been setting aside money in my savings account towards paying off my student loan. Originally, I wanted to wait until I had a larger chunk of money to make a payment, because I worry about Sallie Mae messing up my regular monthly payments, which they are notorious for doing. But I also realize that large amounts of cash just sitting around in the bank have a way of finding other uses. Like, oh, I don’t know, Disney vacations? I started to feel like I’d never pay ahead on the loan if I didn’t start, you know, paying ahead on the loan. And, in the end, decreasing the balance by $1,000 was more important than keeping my $100+ monthly payments on track. I’ll just have to keep an eye on things, and if the regular payments don’t happen, I’ll just have to do them manually.

Slowly but surely my net worth is inching up! How was your August?

– Cindy W.

Comments

  1. Hey, that’s great! I’m a big fan of just using any extra to pay ahead on student loans. I had that exact same feeling that if I let it sit around in savings, I’d find something else to do with it, so after a while I got into the habit of paying the student loan *first*, as soon as I got paid every month, before anything else could come along 🙂

    Nice work on everything else too. Humming along!

    1. Thanks Cecilia! I think I’m just too much of a worrier. What if Sallie Mae messes up my payments? What if an emergency comes up and I need that money? Honestly, I was partially holding on to the money in case I needed it to sell the house. But then the boyfriend made the comment the other day that “it’s not like we’re putting the house on the market tomorrow” and *POOF* An extra student loan payment was made.

      I think I have too many things going on vying for my attention. I need to pick one to focus on where my money goes!

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