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I haven’t been doing these in a while, because I have been trying to get myself organized. But, I think I now have a system – and spreadsheet – that works for me, so hopefully I will keep updating you with my debt repayment and net worth progress! Whoopee! for getting out of debt!
April 1st, 2014
As you can see, we have had our ups and downs. We have completely paid off our credit cards – with the exception of the balance that is sitting at 0% interest – and we have made some pretty significant progress on the personal loan. The personal loan is our priority right now, even though it is at 0%, because it is a loan from family. So, we’re throwing everything we have at it, which is a measly $500 a month. We purchased a new car by trading in the almost new one we were still upside-down on after having Baby RB40, so our auto loan debt has actually gone up. In spite of that we are making significant debt progress, I think.
Net Worth – I use Personal Capital to track my net worth as well as how my (few) investments with Betterment.com are doing. Right now my focus is paying off debt as opposed to saving, but tracking the positived (net worth) as opposed to the negative (debt) really helps me stay motivated! According to Personal Capital our Net Worth is sitting right at $63,473.21! That doesn’t seem very high, but remember, I’m only 23. I have 17 more years before 40, when I want to be able to retire. This means I have about $600,000 more to go until retirement!
To be fair, most of our net worth increase was due to updating the Personal Loan (manually, because it does not link to an online account) which I had not done in a few months, updating asset values, and general gains. The plan is to update this on a monthly basis. About $2,500 of the gains were due to the timing of paying off the credit card monthly bill, and about $500 of contributions to Betterment.com.
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Credit Score Tracking – one of my goals is to monitor our credit scores with the purpose of getting them high enough to start credit card churning. I use Credit Sesame and Credit Karma to do so, and while they do not give the actual credit score a bank would see, theirs are very close and give me something to monitor. Both services are free and have bank-level security attached to your information. If you want to track your credit, I highly recommend using them.
Credit Karma: 652; Credit Usage: 11%
The Big Guy:
Credit Sesame 697; Credit Usage: 6%
Credit Karma: 630; Credit Usage 8%
Honestly, I have no idea why the credit card usage differs between Credit Karma and Credit Sesame and I really have no desire to sit down and calculate it. At the end of the day, I am happy with either 6% or 8%. The worst thing about our credit scores right now are the average age of accounts. My oldest account is 7 years old, but the average age is only 3 and a half or something like that. Sometimes, I find myself getting discouraged, especially because progress is so slow, but looking back at where we were almost a year ago makes me super happy!
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