January was a somewhat neutral month for us. Our net worth was reduced $70.00 from last month to $42,013.69 (click on spreadsheet below).
What worked:
We contributed $771.00 total to our retirement accounts (401k and Roth IRAs), although they only increased over last month by $385.61. We also deposited $900 in our savings account.
What did not work:
We pulled $1,169.14 out of savings for our 2nd property tax payment (this was a planned expense). We also pulled $1,484 out of savings to purchase 106 shares of BANK OF AMERICA CORPORATION stock for $14/share. Unfortunately, the stock is currently selling at ~$7/share.
Next month:
February should be a tough month. My company will be implementing a 20-25% reduction in pay that will hit my 2nd paycheck in February. If our business continues on its current trend, there may be layoffs in March. So, we’ll likely not invest much, forcing us to fall a bit further behind pace to hit our net worth goal for 2009. Let’s keep praying things get better..bmp)
Yikes! I’ll keep my fingers crossed that you don’t find yourself in the layoffs! Do you think this will affect you personally, besides the drop in payroll?
All things considered, though, you had a better month than me. I wish I’d only lost $70, but it was all part of my own lack of self-control, so I’ve got no one but myself to blame.
I spent $200 on DVDs alone – not to mention the rest of the entertainment budget. I also spent $200 eating out – on top of the grocery budget. *sigh* At least your purchases were planned and weren’t a complete waste of money!
wow I didnt know you are going to take paycut. It is tough. How is wife’s job search going?
I think you are doing really well considering the circumstances. I hope your wife will find a new job soon!
Kristy, Chicky, and The Frugalist –
I made it through the latest, and hopefully last, round of lay offs and learned my salary reduction will only be 10%. Both huge blessings. Plus, my wife just had a great interview yesterday. Keep praying for us!
-1MansMoney