Net-worth & Debt Update

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Bam!

We did it!

We've broken the $100,000 net-worth barrier!  As of July 31st we're sitting at a sweet, sweet $102(+).

We've been tracking net-worth for the last 19 months...and it's incredible to see how far we have come in that time.

Not including the mortgage, we're not sitting with just over $50K in debt.....where does that debt come from?

  • $28,700 left on the Escape and the Kia combined
  • $2,180 from Jordan's dental work (waiting to be reimbursed)
  • $21,500 on the LOC
...but what, what is sitting on the Line of Credit?
  • $5,500 - purchasing shares at work
  • $1,000 - tires
  • $2,000 - random vehicle work/repairs (living in a construction zone is rough on tires/vehicles)
  • $2,500 - guessing...interest over the last year and a half - embarrassed about this part.
  • $3-5,000 - consumer spending, gifts, camping etc.
  • $3-5,000 - remaining from the back-yard project
It's a whole smash of things, and why a lot of people don't like LOCs...it's so easy to pile extra's on to them. We've been making steady progress over the last six months though; and haven't actually added anything new to the balance for quite some time.  It's hard sometimes not to feel like we're failing because of this...but when I look at our Networth, and I see the overall progress - I know that we're making good choices (yes, we could always make better ones), but good choice, with good results!

If this year continues to trend the way it has so far, it looks like we'll be able to pay down an additional $7,000 from now through to December...oooh that'll feel good!

What Else?

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Oh...so besides slacking off when it comes to writing about money, what have I been doing?

Well my mom, Jordan, and I all had birthday's in July - and I turned 30! Yea...30.

Also; we've gone camping a LOT, and BBQing a LOT...and some quading and really - just enjoying the summer.

Here's some pictures.



Savings Plan Update

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The Escape is so close to being paid off I can taste it...we're down to $8,900 - down from $28K.

After a bit of a chat with Jordan, and bouncing some ideas off of my mom; we've decided to forgo re-starting the RRSPs/Planned Savings for just a couple of months (I had stopped them all when we were switching automatic transactions from the joint-chequing to the new joint-savings work horse account).

I would much rather have one less payment when we eventually get pregnant; then the alternative.  Doing this gives us $800-$2,000 each month to dump onto that debt...the amount varies depending on how Jordan's salary works out...we're still in limbo with his employer extending his guarantee every month, for a month which makes things difficult to plan for; but we're enjoying the bump while we have it and crossing our fingers for something more permanent as he grows his career and reputation there.


I've Been Slacking

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...I can't believe it's been a few weeks since I've last written...and I haven't made much progress at all with the last few things I committed to.

I haven't made an appointment with a lawyer for a will - BUT Jordan and I did have some good conversations about who/how/what in terms of our estate at this point in time.

I also stalled on the home inventory...but I need to get back to that too!

The Joint Chequing account sega is actually complete though!  We have completed moving all of our joint chequing transactions into a joint savings account that earns a few points better interest AND then allows us to use the joint account like a proper joint account for our day-to-day expenses.  Following up on the: Is $300 Enough Post - we've bumped our weekly spending for d2d up to $400.

So far so good.

The intent here is to stop relying on credit cards; and get back to the original spending plan...that is, stop spending once the money in that account is gone for the week. Oh! and that the other piece; we're going back to weekly rather than bi-weekly for the day-to-day account.  Just easier to manage.

Joint Chequing - Followup

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So, Jordan and decided it was totally worth the effort; and have been working at switching over all of our accounts to a joint savings account over the last little while.  We actually started before the post about considering it went up!

We have 13 different companies that interact with our work horse account; not including all of the transactions for auto savings within Tangerine.

p.s.  If you haven't signed up for Tangerine now, it's a really good time to do it.  Tangerine is currently doubling their referral bonus from $25, to $50 if you open accounting using within a minimum of $250 using this code before July 31st - we both get the free money!

All you have to do is click the link below, and enter my Orange Key when signing up: 17396382S1.

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