I had every intention of making April better than March in regards to debt payoff, and in reality, it is not as bad as it seems. But the debt that I report here didn’t even decrease. I had hoped to drop below the psychological $200,000 mark.
However, the reality is that we did make some progress on the commercial building as well as in other areas. Our total liabilities decreased by just over $1200 and I didn’t include the payments that we made on the building or other real estate. And with the stock market on a tear, the mutual funds in my retirement accounts really added to our assets improving net worth even further. I am close to my net worth goal for the year, but I realize that the market can easily go down which is why I want to focus on paying off debt to improve our net worth.
Here are the monthly results:
February 1, 2013: $204,682.21
March 1, 2013: $202,074.40
April 1, 2013: $200,241.22
May 1, 2013: $201,650.44
Now part of that number is represented by “new debt”. I say that because my wife and I are doing some much needed work on the house. The intention is to cash flow the work, but since there was a sale going on at Lowe’s, we decided to put the purchase on a credit card since it was something that needed to be done anyway. I had some bonus money coming at the end of April so the purchase was recorded as of May 1st while the cash was just getting into the bank.
We have a set budget for the work that we want to be done and the cash is sitting in an account and available to pay the bills as they come due. That’s why I think that ultimately, we will see a little bit more progress as we head through the summer.
Unfortunately, this seems like such a long process to me, but I have 32 more months to go.