Time to review our Financials. We were on track to reach our 3 financial goals.

• Pay off all Student loans by July
• Open MMA
• Celebrate with a splurge activity for the family

As you can tell these are some measly goals. Is one of them really open up a new account ,in other word break up with my bank and take my funds earning less then .01% to a better place(Hey breaking up is hard, right?).

So at the start of 2014 we had over 35K of Debt. Some of that was student loan debt.

Student debt

Mr. Had finished paying off his the year before and so we had a talk to discuss what we would do with the newly available funds. We deferred them to my student loans.

With that plan I was all set up to finish paying off my loans in July however sometime in February, maybe March I discovered MMM and he open my eyes to the fact that I had money sitting around in a savings account earning less then .1% and I had loans earning up to 6%.  This in itself made me transfer around 4 grand into my loans.

I wasn’t worried about an emergency fund because those were my personal funds and Mr. and I had a combined emergency fund.

So with those tweaks I was able to pay them off at the end of April. Goal: Complete.

Open MMA Account

I did my research and did not find any Money Market Accounts which seemed desirable. What I did discover was high interest savings accounts. This goal is poorly worded, my goal was to put my money in a better vehicle. In the end I did just that. Complete.

Celebrate with a Splurge activity

By the time we paid off student loan debt. I was already changing my perspective I had budgeted about $500 for this. In the end I think we might of had some sort of dinner.  However no where near $500. In the end I Failed at this goal. Still I’m not bummed in fact I’m pretty proud about it.

The reason I was proud was because I found that I could put the money to better use. I found that I could be more aggressive financially, that led to some new goals

Pay off Cars

After paying off all the student loans we moved to paying off the car loans. I wanted to pay mine off because it had a 2.99% interest rate, and again it just didn’t make sense to save money in a bank account yielding us less then that, when we had some thing charging us even more. So we funneled some of the money first to mine and then we discussed about Mr.’s car which had an even lower 1.99% interest rate. The car was very new so we still owed a lot on it. We could pay it aggressively with the money we had used for the student loans but we went a step further and chose to deplete our emergency fund down to 5K and use the rest to make a lump payment. Before doing this I ran multiple scenarios on my excel doc and showed Mr. That if we paid it off sooner. We would be able to get our emergency fund back up to 10K in a little over 2 months. So we moved forward with Mr. using some of his personal funds also. By July we had paid off both cars. Goal Complete.

Sadly we were dealt a poor hand right before Christmas and we are now waiting to pay an extra $1000 for the insurance deductible.

Save 50% of Income, Increase 401K to 20%

I guess this depends how you calculate it. Also these last ones are getting into the realm of double dipping.  To max out our 401K last year we had to invest over 20% of our income. Goal Complete.That percentage plus the amount we used to rebuild our emergency fund, plus the amount we used for debt repayment, amounted to more then 50% of our income. By that calculation, Goal Complete.

Open Peer to peer lending account

I did not open the account. Goal Fail.  What I did do was open my own IRA and transfer the rest of my personal money into it. Mr. Roamer also opened an IRA.  Again not too bummed as money was still moved to a better vehicle then my brick and mortar bank.

Earn side hustle of $250

This year I embarked in some side hustle. As a whole I didn’t do so well. I had some good returns on my time investment and some not so good returns. For example the over 4 hrs spent at a yard sale was really bad ROI. Earning extra income was no easy task. Selling items I made an extra $98. So I didn’t meet the goal….

Unless you count the raise I got!

In November I was able to switch positions and increase my salary. It breaks down to $400 more a month, which started in Dec. All in all I brought in $498  extra in 2014.

Mr. Roamer also hustled in the sense that he maximized spending for the best return on his money. That meant switching all his spending from Chase to Discover to take advantage of a cash back offer. By doing this he earned a cool $100 and he didn’t even have to do any extra work. Just switch which card he used for a month or 2. So I’m going to say Goal. Complete.

The Big Net Worth Reveal

Finally what you have all been waiting for. Given our aggressive moves in 2014 our Financials have taken a nice climb upward.As you can see in the chart we achieved 100% debt freedom.

Since we are following Mad Fientist advice and front loading our 401Ks we expect to break 6 digits sometime after march. I’m excited!

How are all these funds broken down?

401K The Roamer-  $39,131.62

401K Mr. Roamer-  $19,356.18 (First year investing)

Barclay Savings Account (Cash)- $19,332.39

IRA Mr. Roamer- $4,179.67

IRA Roamer – $3,872.54

So we have 22% in cash and the rest (78%) in stock/bond investments. The cash is our Emergency fund but it is doing double duty. This number is just going to keep growing as we start to save to buy a house so for the next year I see us just increasing our cash holdings. Which is why it was so important for us to have it in the best savings account possible.

Little Roamer son’s net worth

When my son hit about 5, I told him that he would have to save 50% of any money got/ made and the rest he could spend. We didn’t do a very good job with being consistent in the beginning, but still he has accumulated $255.61. I also make it a point to open his online account to show him how much interest he’s earning.

Little Roamer daughter’s net worth

Currently baby girl has no net worth we use all her gift money to buy the necessities. Read diapers and wipes.

If you enjoyed reading my Net worth check out the FI blogger’s Net Worth Tracker @ Rockstar Finance

The Roamer

* I am super glad to finally be done with all my 2014 wrap ups.