Updating my financial journal for the new year.
Debt: $59k mortgage - 15 year @ 4.75%
HELOC: $3,950 @ 4.49%
No CC debt or student loans
Emergency Fund: $5,525
Investment: $32,600 in index and bond funds (2/3 index, 1/3 intermediate bond)
Retirement Roth IRAs: $34,000
TSP: $5k (No match)
Money Market: $38k
House: Appraised for $275k
1 paid off car
I think we're starting off the year pretty well. Thanks to a monetary gift from the in-laws into our mortgage, we're on track to pay the house off next year! It's a pinch me kind of moment. They say they do it because we don't ask or expect help. I'm feeling like I'm getting past the feelings of guilt for receiving the money that I haven't done anything to deserve, but it's their money and they can do whatever they want with it. So, I smile, say thank you, and do a happy dance that we'll have our house paid in full by 32.
Financial goals for the year are a little scaled back. I want to fully fund the IRAs, keep the TSP where it is, and continue with 10% of my paycheck into the EF. I plan on trying to cut back on frivolous spending but going on at least trip abroad and actually enjoying our money a little. I work between 50-60 hours a week for my salary, so I should do something to enjoy it a little. Plus, the hubby still works away during the week so it'll be nice to spend some time together without distractions, house projects, etc. We're thinking about jumping on a military transport and heading to Europe on Space A travel. I love a good adventure.
Another goal, stop using the cc so much. I've actually been hit with a finance charge. I don't get paper bills and I usually schedule early in the billing cycle and misread the full balance. Boo. No big deal, but because of the hubby using our cc for reimbursable travel that he still hasn't been reimbursed on (grr), the bills have been much higher than normal so even though it was only $40, I hadn't paid a finance charge in like 8 years.
Last goal, finally pay someone to start working on the house. While I know interest rates won't stay low forever, we should really start using the HELOC to make the house better. We need new floors on the first floor, a lot of plaster work done, and we'd really like to add a bathroom to the master bedroom to make a master suite. Especially since once the house is paid off next year, we can pay $1,500 a month to pay it off or refinance again and roll it into another 15 year to get a lower interest rate. I'd have to run numbers...