I was going to wait until December 31, but not much should change between now and then apart from one more payday, so y’all get a Quarter 4 2017 net worth update now! You can see last quarter’s update here.
I’m still using Mint for this update, although we are switching to You Need a Budget. Mint pulls the home and auto values listed below from Zillow and Kelley Blue Book, respectively. This means our home value is prone to somewhat wild fluctuations. Mr. Steward and I have joint finances, so this reflects our family’s entire financial picture.
|Savings (Emergency Fund)||15,005.53|
|Mr. Steward New 401k||1,131.79|
|Mr. Steward Old 401k||45,236.89|
|Mr. Steward Roth IRA||3,114.36|
|Ms. Steward New 401k||829.25|
|Ms. Steward 401k||3,393.46|
|Ms. Steward IRA||13,653.65|
|Ms. Steward Roth IRA||3,729.74|
|Ms. Steward HSA||5,104.75|
|Ms. Steward FSA||98.78|
|Van (2014 Dodge Caravan)||11,249.00|
|Car (2010 Chevy Cobalt)||4,426.00|
|Credit Card (Paid Off Weekly)||-197.93|
Not included are two 529 college savings accounts, since those are our daughters’. Those accounts stand at $811.84 and $25.00.
The Changes (+23,744.94)
Most of our comparatively huge net worth change comes from the financial windfall we received in November. Our old employer gave us a loyalty payout when they sold our company. We received around $18,000 after taxes, which was the perfect amount to pay off our van loan and remove the PMI from our mortgage payment, two of our main goals for 2017.
New 401ks and a Higher Contribution Rate
If you noticed our investment account list is longer, it’s thanks to both of us receiving new 401k accounts with the company transition. Mr. Steward’s old account will eventually get rolled into his new 401k. Mine will get divided between my Rollover IRA and Roth IRA (based on how I made the contributions to my previous employer’s 401k). We got our last contributions from the old employer in November, but haven’t taken care of the rollovers yet.
We also upped our retirement contribution rate to 15%, with a 3% company match, in November. Finally, we each added a bonus check to our Roth IRAs this quarter.
Looking to Next Quarter
Ongoing Costs of a Newborn
Obviously, next quarter will likely not see the extreme gains of this quarter since we aren’t expecting any more crazy windfalls. In fact, we’ll have several major expenses since we had a baby this quarter. (Hooray for baby Squidge!)
And, new babies mean doctor bills. Although I haven’t seen the official bill yet, insurance says we’ll owe the hospital just shy of $2,500 for the birth, after insurance. The pediatrician also just filed the insurance for Squidge’s side of the bill, so we’ll see what, if anything, we owe for her. That’ll knock out the FSA and half of my old HSA.
I’ll also miss 3 of my paychecks and then go back on reduced time for a couple of weeks. Frankly, if we see our net worth keep moving in the positive direction next quarter, I will consider it a win. Let’s see how it goes. In the meantime, we wish you the happiest new year!
Q4 was obviously a big quarter for us on several fronts. How did it go for you?