January Net Worth Update = -$38,182 (up 1.32%)

In January, we paid almost $1,000 towards all of our debt. That brings our net worth up to negative $38,182.

Probably the biggest thing to note about our Net Worth is the fact that there is another category that I could fill out – Retirement. My first contribution to my retirement account was this month. I’m still trying to decide whether I will stop contributing to my 401(k) account for a while until we have a little more income coming in.

To see the complete detail on my Net Worth, please visit my Net Worth IQ profile.

Posted by Tricia on February 4, 2007 at 10:08 AM in Debt Updates | 4 Comments »
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D responded:
Posted: February 4th, 2007 at 10:59 am
From my example and experience, please oh please don’t stop the retirement investments. Keep it going and adjust everything else. Time is the most valuable asset you have. And even these, what seem small amounts, will become your saving grace later.

If it helps think of it like diaper money. Pretend your little man is still in diapers and you are paying for them with each deposit. This should be a required expense.

Okay, time for me to shut up now. I just wish I could go back in time and do this part correctly.
Tricia responded:
Posted: February 4th, 2007 at 4:14 pm
I was going to run more numbers today, but since my laptop is SOL, I can’t. I really have to see if we can support our normal expenses on my salary alone. If we can’t, I will have to stop contributing for now. With recently getting health insurance and life insurance soon on the way, we may not have the “extra” money.

I’ll have to wait for my laptop adapter to arrive to know exactly where we stand.
Amillionby40 responded:
Posted: February 5th, 2007 at 5:06 pm
My 2 cents is to continue to fund the new retirement account. This is so important! Especially if there is a match. Congrats on reducing your debt and improving your net worth.
tim responded:
Posted: February 8th, 2007 at 4:11 pm
i’d keep funding retirement, too. I would also keep funding an emergency cash fund. the worst thing when trying to get out of debt is to not be able to cover something if an emergency arises. it is tempting to spend it to pay off the debt, but you have to have it.