January was a better income month than expected but our expense
exceeded our income (see spreadsheet screenshot).
Our total income in January was $14.905.77. In addition to our regular paychecks, I received a monthly/quarterly combined bonus of $3,458.33 gross ($2,579.37 net) and a $450 auto allowance. My wife also received a bonus of $2,804.69 gross ($1,579.75 net), a $681.67 auto allowance / mileage reimbursement, and $44.99 in reimbursements. We earned $12.32 in interest income from our savings accounts.
This month, our expenses totaled $15,874.39. Lower than last month but too high for our
income this month. Big ticket items include $685 in annual life insurance, $547
in medical/dental visits, and $442.07 in clothing/accessories.
Next month we may have a big bill for some water damage in
our ceiling ☹
2019 is off to a strong
start! Our net worth increased $23,481.51
from last month to a total of $690,481.78 (see spreadsheet screenshot).
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our
Roth IRAs and our Traditional IRAs. We contribute
5% to my wife’s 401(k). My wife’s
company matches up to 5% of her 401(K) contribution and chips in an additional
5% on top of the match (both 100% vested when deposited in March). This month, we contributed $840.95 to her
401(k). We contribute 7% to my 401(k) and
my company matches up to 4% and deposits the match in March (100% vested when
deposited). This month, we contributed $511.32
to my 401(k). The total balance of our
retirement accounts increased $21,663.93 from last month to a total of $296,297.02.
Brokerage Account
Currently, our brokerage account consists of a few stocks and some cryptocurrency (I prefer to track crypto in the “brokerage account” field rather than “Cash & Savings Accounts”. The total current value is $5,709.50, up $523.26 from last month.
Cash & Savings
Accounts
Cash and savings accounts consists of a small sum of cash at
home and our online savings accounts balance. It does not include our checking
account balance that we use to pay our bills each month. We dipped into the piggy bank hard this month ☹ Our cash and savings accounts decreased $2,990.80
this month, bringing the total to $9,833.54.
College Savings
Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $100 to our son’s 529
Plan and it increased $1,889.36 from last month to a total balance of $23,400.80. We contributed $100 to our daughter’s 529
Plan and it increased $1,099.60 from last month to a total balance of $12,678.75.
Home
We use the $528K purchase price that we paid in July 2016
for our home
value. Current comps in the area are
~$530K. The current balance of our
15-year, 2.85% mortgage loan is $211,715.54.
We paid $200 extra towards principal this month.
Vehicles
My wife’s 2017 SUV has 45,000 miles. Her company gives her $300/month auto
allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $38,621.41
at 2.79%. I have a 2012 sedan with 130K miles.
My company gives me a $450/month vehicle allowance and provides me with
a gas card. The loan balance on my car is
$4,542.97 at 1.99%. We also have a ski boat with a loan balance of $51,451.49 at
5.24%.
Credit Card Balance
All of our credit card debt is paid in full each month.
Happy New Year! The years
have been flying by and we have set some exciting financial goals for ourselves
in 2019. Here they are:
1) Pass our 2022 Net Worth Goal
We ended 2018 with a net worth of $667,000,
over 3 years ahead of our 2018 net worth goal.
We would like to keep this lead and end 2019 with a net worth over $721,500 (our 2022 net worth goal).
2) Reduce average monthly
expenses by $1,000
We spent an average of $15,620 per month in 2018. An insane amount of money and not something
we are proud of. We hope to reduce our
average monthly expenses by $1,000, to $14,620 average per month. With life costing more each year, this might
not be as easy as it seems, however, we flagged a couple of categories that we
plan to reduce in order to achieve this goal: furniture, clothing, and food.
3)Create a family trust or will
With two children and rising assets, we have wanted to create a family trust or will but never have gotten around to it. We want that to change in 2019 and plan to meet with a lawyer to get this goal competed.
4) Contribute $3,000 to 529 Plans ($1,500 for each child) We feel a bit more pressure each year to save for our kid’s college educations. Our son is currently 7-years-old with a 529 Plan balance of $21,511 and our daughter is 4-years-old with a 529 Plan balance of $11,579. We successfully contributed $1,000 to each of their 529 Plans in 2018 and would like increase that to $1,500 to each of their 529 Plans in 2019.
5) Building savings account balance to $20,000 This is a goal we have made for ourselves a few times over the years and have never been able reach it. In 2019 we want that to change! We ended 2018 with $12,824 in savings and w
Wow! 2018 flew by!
Happy New Year! 2018 was another blessed year for our family. We were on track to hit all of our goals
until the stock market dropped at the end of the year. Even though we only hit three of our five 2018
financial goals, I still am counting it as a very good year. Here are the
details:
1) Pass our 2022 Net Worth Goal – FAIL We had a very good chance to hit our 2022 net worth goal of $721,500 but the market dump at the end of the year did us in. We finished 2018 with a net worth of $667,000.27, still over 3 years ahead of our 2018 net worth goal target (2018’s target was $450,800) but short of our goal to be 4 years ahead of our net worth goal targets.
2) Continue tithing and improve attendance – SUCCESS We did a better at making it to church more consistently but still have a lot of work to do do better. We tithed $5,471.01 in 2018, which is an average of $455.91/month. That was better than we were shooting for but there is still room to improve.
3) Pay $6,000 extra towards mortgage principal – SUCCESS We nailed this goal perfectly! We paid exactly an extra $6,000 towards our mortgage principal in 2018. We started the year with a mortgage balance of $232,756.63 and ended the year with a mortgage balance of $213,191.54, a reduction of $19,565.09.
4) Contribute $2,000 to 529 Plans ($1,000 for each child) – SUCCESS We exceed this goal, contributing a total of $2,591.35 to our kid’s 529 Plans in 2018. We contributed $1,321.35 to our son’s 529 Plan and $1,270 to our daughter’s 529 Plan. It feels good to get back on track with this after taking most of 2017 off from contributing. Currently, our 7-year-old son’s 529 Plan has a balance of $21,511.44 and our 4-year-old daughter’s 529 Plan has a balance of $11,579.15.
5) Building retirement accounts balance total to $300K – FAIL We begin 2018 with $267k in retirement savings. Due to the big market downturn at the end of the year, we finished 2018 with a net worth of 274,633.09. Unfortunately, we came up well short of our $300k goal.
December was an outstanding income month and a lower than
usual expense month (see spreadsheet screenshot).
Our total income in December was very good at $23,684.28. In addition to our regular paychecks, I
received a monthly bonus of monthly bonus $1,332.08 gross ($778.82 net) and a $450
auto allowance. My wife also received $10,193
gross ($6,482.51 net) quarterly bonus, $3,150 special company bonus (on a credit
card), a $641.50 auto allowance / mileage reimbursement, and $44.99 in
reimbursements. We also received an
unexpected $843.71 California state tax refund.
Very nice surprise! We earned $8.63
in interest income from our savings accounts.
This month, our expenses totaled $17,963.81. Big ticket items include $1,922 in furniture,
$1,945 in giving (tithe and gifts), and $293.17 in vacation.
Next month might be a bit of a tight income month as neither my wife or I expect to receive much in the way of bonuses. That being said, 2018 ended on a high note income-wise!
It sucks to end 2018 on a down
note but in December our net worth experienced another huge decrease due to the
stock market. Our net worth decreased $18,994.30
from last month to a total of $667,000.27 (see spreadsheet screenshot). It’s good that we are buying shares at a
discounted rate but no fun to see our numbers drop.
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our
Roth IRAs and our Traditional IRAs. We
contribute 5% to my wife’s 401(k). My
wife’s company matches up to 5% of her 401(K) contribution and chips in an
additional 5% on top of the match (both 100% vested when deposited in
March). This month, we contributed $1,210.41
to her 401(k). We contribute 6% to my
401(k) and my company matches up to 4% and deposits the match in March (100%
vested when deposited). This month, we
contributed $309.92 to my 401(k). The
total balance of our retirement accounts decreased $20,422.60 from last month
to a total of $274,633.09.
Brokerage Account
Currently, our brokerage account consists of four stocks and
some cryptocurrency (I prefer to track crypto in the “brokerage account” field
rather than “Cash & Savings Accounts”.
The total current value is $5,186.24, up $504.70 from last month because
we bought $1,000 worth of a stock.
Cash & Savings
Accounts
Cash and savings accounts consists of a small sum of cash at
home and our online savings accounts balance. It does not include our checking
account balance that we use to pay our bills each month. Our cash and savings accounts increased $3,343.71
this month, bringing the total to $12,824.34.
This was a definite bright spot on a tough month.
College Savings
Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $70 to our son’s 529
Plan and it decreased $2,342.36 from last month to a total balance of $21,511.44. We contributed $70 to our daughter’s 529 Plan
and it decreased $11,579.15 from last month to a total balance of $11,579.15.
Home
We use the $528K purchase price that we paid in July 2016
for our home
value. Current comps in the area are
~$530K. The current balance of our
15-year, 2.85% mortgage loan is $213.191.54.
We paid $200 extra towards principal this month.
Vehicles
My wife’s 2017 SUV has 45,000 miles. Her company gives her $300/month auto
allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $39,236.19
at 2.79%. I have a 2012 sedan with 130K miles.
My company gives me a $450/month vehicle allowance and provides me with
a gas card. The loan balance on my car is
$4,739.76 at 1.99%. We also have a ski boat with a loan balance of $51,681.23 at
5.24%.
Credit Card Balance
We do not currently have a credit card balance that is not paid in full each month.
November was another a great income month and a lower than usual expense month (see spreadsheet screenshot). Best of all, we learned that my wife will keep her job and not be part of her company’s layoff.
Our total income in October was $15,665.25. In addition to our regular paychecks, I received a third “extra” paycheck. I also received a monthly bonus of $1,250 gross ($730.82 net), $450 auto allowance and $100 holiday gift card. My wife also received a $923.10 auto allowance / mileage reimbursement, $100 gift card, and $44.99 in reimbursements. We earned $5.75 in interest income from our savings accounts.
This month, our expenses totaled $13,848.45. Big ticket items include $436 in car service, $535 in gifts, and $473 in clothing.
Next month, my wife will receive ~$12K in bonuses and I should receive a solid monthly bonus too. Hope to improve our savings balance with this money ?
In November, we dug our way back bit from our huge $19K decrease last month. Our net worth increased $3,853.30 from last month to a total of $685,994.57 (see spreadsheet screenshot).
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs. We contribute 5% to my wife’s 401(k). My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (both 100% vested when deposited in March). This month, we contributed $700.72 to her 401(k). We contribute 6% to my 401(k) and my company matches up to 4% and deposits the match in March (100% vested when deposited). This month, we contributed $420.38 to my 401(k). The total balance of our retirement accounts increased $2,587.82 from last month to a total of $295,055.69.
Brokerage Account
Currently, our brokerage account consists of four stocks and some cryptocurrency (I prefer to track crypto in the “brokerage account” field rather than “Cash & Savings Accounts”. The total current value is $4681.54, down $1,305.79 from last month.
Cash & Savings Accounts
Cash and savings accounts consists of a small sum of cash at home and our online savings accounts balance. It does not include our checking account balance that we use to pay our bills each month. Our cash and savings accounts increased $1,005.96 this month, bringing the total to $9,480.63.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it increased $227.72 from last month to a total balance of $23.853.80. We contributed $0 to our daughter’s 529 Plan and it increased $122.43 from last month to a total balance of $12,842.10.
Home
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$530K. The current balance of our 15-year, 2.85% mortgage loan is $214,664.01. We paid $200 extra towards principal this month.
Vehicles
My wife’s 2017 SUV has 45,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $39,810.1 at 2.79%. I have a 2012 sedan with 130K miles. My company gives me a $450/month vehicle allowance and provides me with a gas card. The loan balance on my car is $4,934.88 at 1.99%. We also have a ski boat with a loan balance of $51,858.41 at 5.24%.
Credit Card Balance
We do not currently have a credit card balance that is not paid in full each month.
October was a great income month and a high expense month (see spreadsheet screenshot).
Our total income in October was $16,986.62. In addition to our regular paychecks, my wife received a $2,250 gross ($1,524.87 net) supplemental bonus and a $250 gift card. I received a monthly bonus of $2,708.33 gross ($1,583.47 net). My wife also received a $1,370.46 auto allowance / mileage reimbursement and I received a $450 auto allowance. We earned $5.87 in interest income from our savings accounts.
This month, our expenses totaled $15,334.35. Big ticket items include $1,986.66 in vacation costs, $2,332.03 in household stuff, and $169.68 in skin care stuff for my wife.
Next month, my wife will learn if she is part of a nationwide layoff at her company. We’re optimistic that she will avoid the cut but she is looking into other options, just in case.
Ouch! October was a tough month for our net worth. It decreased $19,377.10 from last month to a total of $682,141.27 (see spreadsheet screenshot).
Retirement Accounts
Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs. We contribute 5% to my wife’s 401(k). My wife’s company matches up to 5% of her 401(K) contribution and chips in an additional 5% on top of the match (both 100% vested when deposited in March). This month, we contributed $728.28 to her 401(k). We contribute 6% to my 401(k) and my company matches up to 4% and deposits the match in March (100% vested when deposited). This month, we contributed $392.50 to my 401(k). The total balance of our retirement accounts decreased $16,380.27 from last month to a total of $292,467.87
Brokerage Account
Currently, our brokerage account consists of four stocks and some cryptocurrency (I prefer to track crypto in the “brokerage account” field rather than “Cash & Savings Accounts”. The total current value is $5,987.33, down $782.67 from last month.
Cash & Savings Accounts
Cash and savings accounts consists of a small sum of cash at home and our online savings accounts balance. It does not include our checking account balance that we use to pay our bills each month. Our cash and savings accounts decreased $943.94 this month, bringing the total to $8,474.67.
College Savings Accounts
Our kids have 529 Plans through Vanguard. This month, we contributed $0 to our son’s 529 Plan and it decreased $1,606.89 from last month to a total balance of $23.626.08. We contributed $0 to our daughter’s 529 Plan and it decreased $866.66 from last month to a total balance of $12,719.67.
Home
We use the $528K purchase price that we paid in July 2016 for our home value. Current comps in the area are ~$530K. The current balance of our 15-year, 2.85% mortgage loan is $216,132.96. We paid $200 extra towards principal this month.
Vehicles
My wife’s 2017 SUV has 40,000 miles. Her company gives her $300/month auto allowance and $0.53/mile reimbursement. The loan balance on my wife’s car is $40,428.42 at 2.79%. I have a 2012 sedan with 127K miles. My company gives me a $450/month vehicle allowance and provides me with a gas card. The loan balance on my car is $5,132.67 at 1.99%. We also have a ski boat with a loan balance of $52,034.45 at 5.24%.
Credit Card Balance
We do not currently have a credit card balance that is not paid in full each month.
Our path to financial independence and retiring early.
