Good morning, everyone, and welcome to December!
Here in the big City, the cold has finally caught up with us meaning hot chocolate, bundling up in puffy jackets, and that 2015 is just around the corner. But before the time of new beginnings, I’m looking to finish off 2014 as strongly as possible as I continue to fight to pay off debt and save for retirement.
Here’s what I did in November:
Uf. One number should jump right out at you as soon as you look at this; my debt didn’t go down at all this past month. Of course, this doesn’t mean that I didn’t send any money toward debt — quite the contrary, in fact. With a $105,200 balance, I have to send over $600 a month to my student loan servicers just to break even.
What’s annoyed me the most about paying off debt this year has been my inconsistency. Check out this chart:
Some months, I’ll manage to knock many thousands off my student loan debt and other months — like this past one — I’ll barely make a dent in it.
I don’t mean to look past this coming month — during which I plan to roar back to make huge gains — but I’d very much like for my 2015 performance to not look this splotchy.
Rather, nearly $200 went into my emergency fund as I completed weekly deposits of 45, 46, 47, and 48 as part of the 52-week savings challenge and $550 went into a Health Savings Account, which was immediately matched by my employer.
Neither of these do anything to pay down my debt, but having an emergency fund that is now bigger than $6,000 sure does give me a whole lot more peace of mind and I’d be a fool to turn down any investment that doubled immediately after making it. Who turns away free money?
That matched $550 plus my matched contributions to my 401(k) plus market gains put me up $2,500 for retirement savings.
My net worth is finally above -$50,000 meaning I’m ever so slowly inching toward $0. And from this vantage point, $0 seems like a pretty sweet place to be.
And that’s that; how was your personal finance November?