Monday, June 2, 2014

June (Negative) Net Worth Update: $-118,744.63 [Up $7k!]

Here's my June net worth update, up by almost $7k:

Cash $13,683.23$11,667.40$2,015.83
Total Assets$40,754.14$38,244.83$2,509.31
Student Loans$158,036.78$162,744.62-$4,707.84
Credit Cards$1,461.99$1,111.34$350.65
Total Liabilities$159,498.77$163,855.96-$4,357.19
Total Net Worth-$118,744.63-$125,611.13$6,866.50

Slowly but surely inching upwards!  My previous goal was to increase my net worth to -$115k.  My new goal is to increase it to -$99k by the end of the year and to be in the black by early 2016!  That might be a pretty bold goal, but it's nice to see things change over time.  Even if I don't meet those goals, I think I'm headed in the right direction by trying to pay down my debt.

Here's my debt repayment update:

Student LoansAmount OwedAmount Paid OffInterest RateMonthly PaymentPayoff Date
Federal Loans$119,166.13$5,000.005.75%$1,093.65
Private Loan 1$11,344.155.00%$0.003/7/2014
Private Loan 2$9,916.893.01%$81.18
Private Loan 3$11,545.693.21%$84.77
Total $158,034.33$31,354.72$1,399.57

I paid a total of $6,399.57 towards my debt during the month of May!  That's including my regular monthly payments of $1,399.57 + a $5,000.00 chunk from my savings towards to my highest interest debt.

I have now paid over $32k towards student loans in the past 4 months!*  I was only able to do so because I had a head start with a large amount of cash in my savings in the beginning and because of my freelance work which is helping me make payments in large chunks at a time.  I'll admit it's really hard to see $5,000 just go with seemingly nothing to show for it, but I consider it an investment in my future.

What are your financial goals?

*That's including my minimum monthly payments.


  1. That's a lot of reduction! Congrats. I know what you mean -- it's so frustrating to put huge amounts of money in and barely see a reduction at all. I started much lower ($19K of student debt) but my salary's much lower too. At first I was putting half my paycheck towards it and feeling like I got nowhere! But now I have my last payment next week (going to use 2/3 of the month's pay for it).

    My financial goals for the year: pay off my student debt; pay off about $2500 in credit card debt; contribute $13500 to retirement accounts (so far, $3000, so I've got some heavy lifting to do.)

  2. Thanks! Your financial goals look great! Wow, you're making your last payment next week? That's fantastic! Congratulations!!! What will you do to celebrate?