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It’s time for another net worth review at Couple Money. With the new year brings new financial goals for us. The big news this month? We bought the townhouse! Let's see how that affected our bank accounts. 🙂
Cash Savings and Emergency Funds (-$3948)
This category includes our checking and savings accounts. Our joint savings is used for our emergency fund. The decrease is due to closing on the town house last month.
ING Direct may not have the highest rates of savings right now, but they have better than average interest rates compared to many banks and we’ve had solid customer service from them.
Retirement Accounts ($850)
Our retirement accounts are holding steady and we're still contributing. My husband has continued his 401(k)contributions to get his company’s match. I’m slowly increasing mycontributions to my Roth IRA while directing money towards the joint savings account for a bigger emergency fund.
I'm back to automating deposits into my Roth IRA now that we have the townhouse.
We have 3 bedrooms and 2 1/2 bathrooms in the townhouse in a new development. Compared to the apartments we lived at it's slightly further from downtown, but it doesn't matter too much since we don't work in that area.
Auto Property ($0)
In case you’re wondering how I got the numbers, I’ve got the prices from Kelly Blue Book. We no longer have car loans, so they are assets. Every quarter I’ll update them to account for depreciation. I went to Kelly Blue Book this month and new amount reflects the depreciation. If you’re looking at paying off your car loan faster, we shared our own family plan.
Student Loans (-$106)
It’s been another month and another payment. Not much to report, but I’m planning on consolidating the loans to lower the interest rates soon after we move to the new apartment.
With the new place, comes a mortgage for us to start paying down. It's a 30 year fixed rate mortgage and it's at 5%. Our first mortgage payment is in March and we're planning on accelerating it by adding extra to the principle.
I just wrote how amortization works and a little bit of how it helps reduce the length of your mortgage.
Credit Cards ($0)
We pay off the balance on the card every month. I have a monthly subscription with Scrooge Strategy taken out on my card to keep it active. We typically use the credit card for vacations and then pay it off when we come home.
Net Worth Thoughts
The townhouse has definitely made a huge impact on our finances. We're happy we're moving towards increasing our net worth again.