March 2007 Net Worth Update
I have been holding back a recap because I was waiting for my NCN Network graph to go up. And I actually think I’m sort of repeating myself with this post. But the skinny on my March entry is this, I got a huge bonus at work.
The big bonus means that my company will take a chunk for retirement, which is why I have a crazy large retirement bump for March. I believe, due to 401K contributions coming out of our bonus is why my company has a True-Up policy. That makes sense for the higher pay grades that will get front-loaded with the bonus contribution.
I also pulled money out of the emergency fund. You’ll see that the amount of cash I’m holding as an asset has gone down by close to the same amount my credit card debt has gone down on the liabilities side. It’s been a while and I’m still getting used to my savings account showing me a lot less money than before. It’s ok, but it definitely was an adjustment for me. I have decided to turn back an automatic savings deposit with each paycheck to build it back up slowly. I figure when there is another $1000.00 in it, I will drain it out again and pay another chunk of debt off.
There’s not much else to say since the credit card debt will be going on a little roller coaster ride this spring with work tuition reimbursement. I only hope all the paperwork will complete so I can pay it back before my 0% BT expires and really starts being a problem for me.
moom wrote:
Why not just pay off the credit card directly rather than piling up cash first?
Posted on 10-Apr-07 at 1:18 pm | Permalink
3 thingsabout money wrote:
Congratulations, sounds like you have a plan and you aren’t going nuts over the windfall. Bonus is a beautiful word…
Posted on 11-Apr-07 at 5:19 am | Permalink
mapgirl wrote:
Moom- I actually stopped my automatic savings deposit briefly this spring, and I found that I would just spend that money rather than send it to the credit card. I figure if I analyze my habits as they truly are, and just stick to the regular deposit, I’m better off. I actually didn’t like draining my savings and having half an emergency fund. It makes me very nervous even though my job is very safe. So I’d rather build my savings back up again to drain it back out rather than do the micropayments that NCN does. But if you think I should, I’d probably reconsider micropayments.
Posted on 11-Apr-07 at 6:41 am | Permalink