Wednesday, August 24, 2016

July 2016....

July was a really good but busy month. It started out with a solo trip to Mexico and followed immediately with a new car purchase. A few days after I returned from Cancun, my 14-year old car essentially said ENOUGH! I knew it was only a matter of time and I am thankful for the years my car rolled with me! Literally!

July was a decent month. The biggest change was in my Net Worth with the new car purchase. The value of the car drops immediately when you drive off the lot. I love my new car and it has already taken me to Ohio once for my family reunion and to visit CJ. I will be riding back to Ohio to work there for a week again in September. The increase in liabilities was partially offset by gains in my retirement account.

Overall, not a bad month. I am working to adjust the budget to account for the new car payment. I wanted to get the car now and get acclimated to the payment vs. moving back into my condo next year and taking back on the housing payments and new car payment at the same time. It all worked out from a timing perspective.

My Goal is still to pay off a minimum of $30k in debt this year and to pay off Private Loan #4 and Private Loan #5!




5 comments:

Scooze said...

Good job! You are rockin' and rollin'!

Scooze said...

Also, I just noticed that you have your home listed as the same value as it's mortgage. Is that true? Or is there some equity there?

Chitown said...

Hi Scooze! Thanks for stopping by and hanging in there with me! The condo is about $13k under water. I am valuing it at the mortgage amount due to the potential for short sale or deed in lieu in the future. Zillow values the condo at $101k. The value is bouncing back though so that's good news!

ShellyShell said...

Hey hey! Did you buy a brand new car or certified pre-owned? I know everyone says never to buy a brand new car because of the depreciation. My baby is 15 and I know I need to say goodbye shortly. I'm pretty sure I'm going the pre-owned route. Good to see you knocking out your loans!

Anonymous said...

Wow $43k is really a lot for a car loan. I hate to see you take that much more debt on when you were making so much progress.