While technically it is 2015 now I haven’t been able to really sit down and write a post updating my financial status for the end of 2014. I say my financial status because there are some numbers that I am not including in hear that happen to belong to Mrs. ROB. She prefers that certain aspects of our financial situation (e.g. her student loan debt, what she earns, saves, etc) be kept private. So this is somewhat incomplete, but it gives a pretty good indication where we stand in my journey to become financially independent and pay off debt. We are still visiting family and I will be able to do a more extensive post of my goals for the coming year.
As of December 31, 2014 our debt total is $264, 921.39. That debt breaks down like this:
Student Loans: $65,959.39
Personal Loan: $27,931.41
I had made a goal of getting the student loan and personal loan combined down to $90000 by the end of the year. Technically, I have the money to do that. However, we have some upcoming expenses that I think will have to be earmarked for those monies.
Specifically, we are installing insulation into our home to make it more efficient. The previous owners didn’t put much insulation in our third floor and there is none in the walls. That work is probably going to cost about $3000 (I already have a signed contract, I just can’t remember the exact number).
Also, I am afraid we are going to get hit with a tax bill this year. I am not sure we had enough taxes taken out of our wages this year. Last year we owed the IRS just over $3000. I am hoping that doesn’t happen again, but I am not holding my breath. Although, I am learning from friends that we can take some deductions, albeit small, that we haven’t gotten the opportunity to take in the past.
I am not going to reveal how much we have in retirement assets/value of the house. However, my savings rate for the 2014 year was only 20% (e.g. 401k, ROTH IRA, etc). If we include debt payments as a part of my savings rate then it goes up to 28%. However, because we just bought a house a short time ago and moved in an even shorter time ago we only have a couple of months of paying down the mortgage. I hope to increase my savings rate and debt payments in 2015, but that is the next post discussing goals for the 2015 year.
Hope everyone has a great evening.