May 2007 Income Statement

We've gone over budget each month, so I decided to revise our monthly budget to more accurately reflect our expenses. Our new monthly budget is $6,113.42, to help better account for household expenses, entertainment costs, and a little extra buffer for random expenses.Nonetheless, we still went over budget, but by a smaller margin. Our total expenses for May were $6,251.88. Click on the spreadsheet below to see the breakdown. Read more [...]

May 2007 Net Worth Update (+$2,604.03)

Our net worth is now at $9,042.53, a $2,604.03 increase from last month (click on the spreadsheet below). Our biggest gain came from a $600 increase in our 401(k), only $100 of which was from contributions. We also checked off another short term goal by opening a Roth IRA for my wife and funding it with $3,000 (thus the hit to our savings amount). Our liabilities were reduced by their standard monthly amounts, except for our Chase credit card that we paid $105 extra on.God willing, we should reach Read more [...]

The Value Of A Dollar

My parents did a great job of teaching me the value of a dollar.I've never wanted for anything. I was blessed by them paying my way thru college (school, room, and board), paying for nice family vacations to Europe, and generally helping me when I was short on cash. But, at the same time, I started working at age 15-1/2, paid for half of my first car (they paid the other half), and have never been unemployed.I remember at a young age my Dad explaining to me that, if I started saving early enough, Read more [...]

Memorial Day

My Wife and I just returned from spending some time with her dad and mother-in-law on the lake. Lots of sun, food, and fun.It's important to remember that today is a day of remembrance for those who have died in our nation's service. Please take a moment to remember our fallen soldiers. Read more [...]

Cash Back Credit Cards

My wife and I pay most of our monthly bills using our Citi Dividend Platinum Select MasterCard cash back credit card. We pay for our groceries, gas, cable/internet, gifts, etc. using the card. We have also arranged to have my Wife's medical insurance bill, my cell phone bill, and our Blockbuster Total Access bill automatically charged to the card each month. There are only a few things that we can't charge to the cash back card such as our mortgages, HOA dues, and auto loans.We have been averaging Read more [...]

Hard Math

I rarely eat fast food anymore, but got the urge to indulge in a value meal.My bill total came to $7.42, for which I paid with a ten dollar bill and two pennies. I received a funny look for handing over the two pennies. I guess I shouldn't have been surprised to received $2.56 as my change.Go figure. Read more [...]

Just Got A Ticket

I was wondering what I should post about today and, after leaving the office, I got my answer.Down the street from my office I noticed a number of police offices standing at a stop sign. I fastened my seatbelt before reaching them, but was still flagged to the side of the road by one of the officers. He said I was a little too late with the seatbelt and that I was receiving a seatbelt ticket.I tried to get some sympathy, but the officer said they were out there on their day off giving out seatbelt Read more [...]

Good Net Worth Progress

We have made good, consistent progress on our net worth and should reach a net worth milestone of $10,000 next month. In fact, if all goes as planned, our net worth in June will be roughly $11,000, half way to our 2007 goal of $22,000.

As we pay off debt and increase our investments, I’m beginning to feel how getting your money to work for you is a powerful thing. I’m sure there will be hiccups along the way but so far, we’re right on track.

Paying Off Our Chase Credit Card

My wife and I get paid every two weeks, therefore, there are two months of the year that we both receive three checks. Next month is one of those months for my wife. We have decided to use her extra check, $1,161.67, to pay off our Chase credit card. Mathematically, this is not the right move since the card is 0% interest until March 2009. We’d be better off depositing the money into our Emigrant Direct account earning 5.05% APY and stretching the Chase credit card payments out to take advantage Read more [...]

Pride of Ownership

I don’t want to put words in her mouth, but I think my wife is now as obsessed with watching our investments as I am.One of the first things I do each morning is to check the status of our investments. Not to react to the ups and downs of the market, just because I enjoy seeing how things are going.While my wife has been very interested and active with our investments, she hasn’t been as OCD as am I in terms of checking them daily. At least, not until recently. . .She just opened a Roth IRA account Read more [...]

Our path to financial independence and retiring early.