Archive for the Pay Off Debt

Calculating my Net Worth

I decided today that I was going to calculate my net worth because I had never done so. I was surprisingly astonished when I received a net worth of $37,337! This took into consideration myself and my husband’s information, but I was really expecting to be in the red! To explain our financial situation a little deeper, I am still in my early 20s and my husband is in his early 30s. We both make a decent income for the area of the country we live in. In fact, we earn almost twice more than the median average household income for our state. We own our own house, have a first and second mortgage, both have Roth IRAs, I have a 401K, and we’ve got a nice chunk of savings kept in a high yield savings account at ING. We both work full time as managers in our respective fields, I work in finance, and he works in the food industry. I was pretty shocked to see the number come up that was displayed. We’ve had a little bit of […]

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My Debt Reduction Plan

As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt.  Honestly?  I’m not stressing too much about it.  I know that we are doing our best to get it paid off.  At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan.  That would be that. At the same point, though, $3000. is almost a year’s worth of payments.  I could keep making the $250 car payment.  Life would go on.  I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off. How is your debt reduction progressing? Tweet

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