July was our lightest net worth increase month yet. Our net worth increased $2,039.64 over last month, to a new total of $15,062.84 (click spreadsheet below).
Still, we had a better month than I expected, primarily because a $1,000 business expense has not posted yet . Here are the highlights from July:
- In an effort to sock away a bit more money, we increased my 401(k) contribution from 2% to 3%.
- My wife received an additional $1,674.68 in income in July that greatly helped boost our savings account balance.
- Our retirement investments were doing very well most of the month, but plummeted last week, resulting in end of month balances that are lower than June.
- We paid down our liabilities by their standard monthly rate with the exception of our credit card, which we paid a little extra on.
August should be an interesting month. I will receive an extra paycheck ($1883.49 + an additional $76.33 to my 401k) and will also possibly receive my annual company profit sharing (~$550). However, my wife’s 1st paycheck at her new job will only be for one week’s pay. We also have some large bills due in August including $716.53 for a new mattress, $300 for a seat we are sponsoring at our church’s new location, and $1,000 for a business expense that I was already reimbursed for. Our August net worth increase may look very similar to July’s, but as long as we’re headed in the right direction, I’m not complaining.