Another quarter and another net worth update! Needless to say, 2016 has been the best year of our lives, financially and …well, everything else! I’ll break everything down below in my Net Worth Q3 2016 update.

Q3 saw some BIG purchases, including an engagement ring, engagement party, engagement trip, etc., etc. Long story short, engagements are EXPENSIVE! (We won’t even want to think about how expensive a wedding is yet — that’s a topic for another post, but our goal is to pay cash.)

My one tip: save up and plan for big purchases. You’ll be happy you’re not in debt when the party’s over.




Easier said than done, of course. If you’re a keen observer, in the cover photo, you’ll notice our liabilities increased this quarter. Luckily for us, the final payments from the engagement are due later this year with no interest accruing.

As we near the end of the year, we’re still aiming to reach our 2016 goal to double our savings rate. 2015’s SR was ~23% and it looks like we can break into the 40’s.

 

Of course, to help us get there, we’ve embarked on a 90 Day Frugality Challenge.

So, what does 90 days of frugality look like?

I’ll be sure to fill you in as the quarter goes by. For starters, Sunday has become a day for us to cook most of our meals. Make that ~8 hours to buy, prepare, cook & clean for ~20 meals. By utilizing down time on the weekends, we can optimize our weekdays to be as cash flow efficient as possible. Plus, that leaves us extra time to lay on the couch and be lazy.

 

Feeling Lazy and Festive on the Couch

We’ll be feeling lazy and festive this quarter!!



Anyway, here’s what you’re all waiting to see….

Q3 2016 Net Worth:


Assets: $115,458.27
Liabilities: ($131,054.79)
Net Worth: ($15,595.52)

Despite the heavy expenses this quarter, our net worth still INCREASED by $8,432.21. Our post tax (and post interest) savings rate was 17.7%, which is obviously the lowest for the year. The prior two quarters were both above 45%.

I’m optimistic we’ll hit our, “Worthless Day,” or, “Net Worth = Zero $$ Day,” before the end of 2016. Even writing that gives me goosebumps because we’ve had a negative net worth our entire relationship.

I’m also happy we’ve accelerated the rate at which we’re paying down our student loans. It took us some time to come to the decision and you can read more about by clicking here.

Our overall student loan payments will now be $1,891.32 per month! Part of us is a bit scared to see such a massive outflow, but we know it will be put to great use. Accelerating our loan payments means we save on interest while increasing our net worth.

Refinancing is not as easy as it should be. Lucky for me, I had some help with using LendEDU and SoFi to piece everything together. I’ll be sure to go into more detail with a post next week since we will be saving thousands in interest now.

If you’re curious now about how you can save thousands in interest by refinancing your student loans, check out LendEDU’s easy questionnaire that doesn’t pull a hard check on your credit. It took me less than three minutes to answer all 10 questions and I saw three different refinancing options pop up. It’s fast and it’s free. I can’t think of a downside.

Now the time is for you to open up. Let me know what you think below in the comments.

As a reader of Distilled Dollar, do you see value in these types of Net Worth posts? Would you rather see a different type of article at the beginning of each quarter? How was your Q3?

-Matt
Master Distiller

P.S. YES!! A NEW THEME! I’m excited haha! Let me know what you think about it in the comments below.

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