Net Worth – November 2009

I’ll use this post as my starting point for tracking my net worth. I’m more of a “Debt Worth” kind of person because that is what I’ve been focused on. I do see the value in tracking overall net worth, hence this post. It shows my whole financial picture so I can feel really good about my current situation, Ha!

Here’s the snapshots. If they look kind of familiar that’s because I stole the idea from Budget are Sexy. I like the ease of display and the pretty colors. Of course a bit of extra detail will be added below the snapshots…

Here’s the Snowball breakdown. I’m keeping it on a separate snapshot to help simplify the main net worth snapshot. Once the debt is gone this snapshot will be gone too.

Here goes…

Emergency Fund: Our SUV had to have some repairs, in turn I had to drain the EM fund and move some other money around to cover the $1400 plus repairs. Yep, there will be a new line item in the 2010 budget for that one. The best part is that we DID have the EM fund to pay cash for it.

401K: The market is rebounding and this gain can be attributed to that. For the past year I have not contributed to the 401K. I’ve been following the Dave Ramsey rules and stopped funding it. I wasn’t getting a match so according to Dave, that was the correct move. This is changing now, for December our match has be reinstated up to 4% of our base. A post is in the works about this one, say tuned.

Car: Using the Kelly Blue Book as my reference, I update this one every month.

House: I’ve checked out all the websites that follow home values. These sites seem to be inflated, so I’m going with my gut. I’m basing it on sales around me and current houses on the market. I’m probably a little low, but I’d rather be conservative.

Snowball: Looking at the snapshot you can see beautiful pile of debt I’m paying down. It’s ordered by balance. This too will be changing soon. I’m in analysis mode right now and drafting my 2010 budget and financial plan. I’m finding out some interesting options by crunching all numbers. Again, more to come… One key point, I didn’t apply any snowball money to the snowball this month. I used that money to pay back the EM fund and the other accounts I had to rob in order to pay for the truck repairs. Not a bad thing though, everything is back where it needs to be so I can kick some butt in December.

Mortgage: Still paying the minimum every month. You’ll notice that I’ve placed the 2nd mortgage in my snowball. I did this because I feel it’s just another stupid debt I have. I don’t feel I can say I’m debt free if I still have a 2nd mortgage hanging over my head.

And that’s a wrap. The numbers are looking much better than when I started my journey toward debt freedom. Seeing a positive $3,529 at the end of the month does make me feel good. Knowing that I didn’t apply money to my snowball just makes me angry. I’ll channel that anger into my second job tonight. It’s freezing out here in Michigan and I’m going to CRUSH IT on tips tonight.

Tagged as: Budget, Debt, Jeff's Net Worth