Wednesday, April 30, 2008

Debt Ticker and Stuff

Here are some things about our finances:

  • The Debt Ticker total on the left includes about: $2,700 on one credit card with a fixed 7.9% rate; $8,400 on a truck loan with a fixed 5.99% rate; $46,000 on the HELOC (Home Equity Line of Credit) at a 7.25% variable rate, which I believe is down around 6-6.5% now; and $110,600 on our mortgage at a fixed 5.75% rate.

  • Our retirement accounts are all over the place right now, but we are working on consolidating them.  My husband has two 401K's.  One from his old job that we are in the process of rolling over and one from his current job.  In total his retirement fund is at about $19,000.  I quit working in Aug 2004, but I kept my 401K and Pension with the company because they were doing so well.  I have been thinking about opening up an IRA to be able to continue contributing and to rollover my current plans so it will all be in one place and less to take care of.  I'm in the process of researching different companies to possibly go with.  My 401K currently has about $21,300 and my Pension has about $8,700.  I am fully vested in both plans.

  • Emergency Funds:  We did have about $5,000, but then my husband was forced to leave his job last summer and was out of work for 5 1/2 weeks.  Thank goodness for the emergency fund!  Currently we are in the process of building that back up.  I am doing this in a couple of ways.  The first is by rounding up all my purchases to the nearest dollar.  I use Quicken and have a separate category that I move these funds into.  At the end of each month I transfer the amount to my online savings account.  The second way is by having my VA Disability payments automatically transferred into the online savings account each month.  We use FNBO Direct for our online account.  I have been very pleased with it so far.  The rates have gone down, but unfortunately so have all the other banks' rates.  Right now their savings rate is at 3.25%.  We currently have about $2,300 and my goal is to start out with $5,000.  Once I hit the $5,000, then I'll work on another $5,000.

  • Other Savings:  We have another savings account, but we don't keep a lot of money in it.  This one is at our credit union and only earns 1% interest.  So I only use it for my automatic mortgage payment.  Every pay period I transfer half of the mortgage payment into it.  On months with three pay periods, I transfer half three times and create a buffer in case my escrows go up, which will change my payment.

  • Net Worth:  According to my Quicken program, our net worth is at $142,104.97.  I would love to get that to $1,000,000, but it will be a while before we get there.  I also haven't updated the value of our vehicles (one paid off and one not) or our house lately so that may effect the outcome of that as well.
That should give you a little background on our current finances.  I'll try to get some tickers on the left soon to keep track of this information.

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