Net Worth Review: October 2009
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Snapshot of Our Net Worth for October 2009
It's time to do our monthly net worth review on Couple Money. Come see how progress we made this past month as we work towards financial freedom.
Cash Savings and Emergency Funds
This category includes our checking and savings accounts. I also opened a Wachovia Way2Save account to get 5% interest for some money, higher than ING Direct.
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.
My husband has continued his contribution to get his company’s match. I’ve lowered my contributions to my Roth IRA and I’m directing money towards the joint savings account for the bigger emergency fund. Once we get the house, I’ll contribute more again towards the Roth IRA.
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 an asset. Every quarter I’ll update them to account for depreciation. If you're looking at paying off your car loan faster, we shared our own family plan the other day.
These are my student loans and it’s slowly being paid down. Not much to report, but I’m planning on consolidating the loans to lower the interest rates soon after we close on the house. Currently consolidating student loans can lower them.
We pay off the balance on the card every month. I have a monthly subscription taken out on my card to keep it active. We use the credit card for vacation and then pay it off when we come home.
Net Worth Thoughts
So we’re in the positive with our net worth, which is great, considering we had just finished our car loan earlier this year. I’m hoping we can get up to $10k in net worth by the end of the year.
Is there a minimum amount required in the Wachovia savings account?
@Ken: No, there isn’t a minimum with the Way2Save account. I used to have a regular savings account with them and it was $300 minimum to avoid a fee.