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No More Car Loan!  That’s right.  It is paid in full.  The title came in the mail last week.  I own my car outright.  I now plan to pay $500 every month to my car loan.

I also received a bonus at work in February.  I have set up a payment for this week for the amount of my bonus to my student loan.

I hope to pay down the student loans in far less than the 10 years I am given.  If I put my tax return, bonus, and $500 per month, I should be all paid off in two to three years.

I have paid for school for the last time! Yay!  Only 10 more years of student loan payments to go and I am free and clear, unless I pay early, which I plan to do.

I have also used all of my extra cash to pay down my car loan.  I plan to have it paid off by the end of the month!  In all, it was a pretty good month.  When your net worth is below $10,000, it is not too tough to have a 25% increase in a month.

January 1st Update. Student loans increased for the last time! January I make my last grad school tuition payment. This should be the pivotal bottom.

I plan to pay off the car in the next two months and being to pay down the student loans more aggressively in the near future.

It looks like a good month, but that is partially inflated by two events.  1. I bought a share of Berkshire Hathaway class B with funds from an account for school and a future house down payment that is not included here.  2. I received a large gift and put it directly into my car loan.

December 1st Net Worth

I made my entry this morning and had little significant change.  (I did update the value of my car to the taxable value I received from the county last month).  Cash is up a bit, so is the credit card debt.  Every time I look at this, I start to think: geeze, school is expensive.

Expect a big hit next month when I have to begin furnishing my new apartment!

October 1st update. I had to pay for school and updated the value of my car. That made a big hit on cash and a big hit on overall net worth. My student loans increased too. This is not looking quite as good. Only one more school payment left, ever! Starting in March my net worth should start going up.

I would also like to thank My Life ROI for including Narrow Bridge in the 224th Carnival of Personal Finance.

Surprisingly, spending $5,000 on a class/trip in New York lowers your cash and net worth! [sarcasm]  But seriously, $1,000 per credit hour is expensive tuition for anyone.  I am only two quarters from graduation!  That means I also have two quarters left to pay for.  About half of my tuition goes to student loans, I pay for the rest. 

Just remember, your net worth is your personal balance sheet.  Your “net worth” is your equity in your own personal finances.  Here is this month’s update, which included one class paid for out of pocket.

In a month that I spent a whole lot on school and whatnot, I was able to keep my net worth from going down too much.  I will have to pay for seven more classes (I almost done!) at $4,000 a pop between now and March.  Those are the big killers on the net worth.  Other than that, all is pretty smooth.

Here is my Net Worth update for July 1st.  I wrote a check for about $8000 for summer tuition.  Yesterday I gave them a check for nearly $4000 more.  School is expensive.

I had a little extra income this month that helped to offset come of the cost of school, but not all of it.  In all, my NI was down about $1,100, or about 6%, in June.

I did make some dents in by student loan and car loan.  In all, nothing too exciting this time around.

In July I expect my Net Worth to be down again.  I figure it will be down $1,000-$2,000.

I just put together my net worth for June, and it looks good.  My assets are up and my debts are down.  That is always the goal.  You can see the whole picture on Net Worth IQ or by taking a look at the “profile badge” on the right column.

I am looking at my summer tuition bill right now.  $7,530 for two classes.  I am wait-listed for, and anticipate getting into, a third.  That would take it up to about $11,295.

In the mean time, I am working hard trying to pay for school as I go.