January 2008 Net Worth Update (+$806.53)

Our net worth increase this month may not be as much as usual, but we’re still making progress. Our net worth increased $806.53 over last month, to $24,679.78 (click on spreadsheet below).

What worked this month?
Much went well this month. We began our 2nd mortgage accelerated payment plan by paying an additional $691.00 in principle, increased our savings account balance by $1,390.61, began our 2008 Roth IRA contributions with $300, and increased my 401(k) contribution by 1% (4% total contribution).

What did not work this month?
Unfortunately, our 401(k) and Roth IRA retirement accounts went down a total of $1,786.17 this month, even with our $609.74 in total contributions. Seeing as we should not need to access these investments for a couple of decades, this is good for us. We’re buying low! Hopefully in 20+ years, we will be able to sell high.

What’s coming next month?
Next month is looking good. We hope to be able to continue our 2nd mortgage accelerated payment plan with money from my wife’s commission check and by cashing in some of my vacation time. It will also be the first full month of pay after receiving my raise, further helping our bottom line. The big unknown is income taxes. We plan to do our taxes next month, determine how much we owe, and if we want to wait until April to pay it.

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