Net Worth

August 2013 Net Worth Update (-1,390.52)

We were doing well in August until the end of the month, then the wheels came off the cart.  In August, we saw our net worth decrease a $1,390.52, to a total of $227,037.01 (click on spreadsheet below).

What Worked
My wife began a new job this month making $97K annual salary plus an opportunity to earn $35K+ in bonus each year.  The company gives her $600/month auto allowance, a gas card, $100/month for home office, and 20K shares of stock each year.  This is a huge blessing to our family. 

What Didn’t Work
Sadly, all of our numbers fell this month.

Next Month
September will be my wife’s first full month with her new company.  Her large income should really help us towards our goals.


Goals

Net Worth Milestone – $230,000

Today we passed the $230,000 net worth milestone! Our net worth is currently $230,104.07.
We passed our last milestone of $220K in March. It took us a bit longer than usual to reach the next milestone, but it’s a blessing nevertheless.  Based on my forecasts, we should hit the next net worth milestone of $240K by the end of the year.
I will update our net worth meter (on the left side of the screen) at the end of the month.
Income Statement

July 2013 Income Statement

July was an average income month and a larger than budget expense month (see attached spreadsheet).

Our total income in July was $8,083.39.  In addition to our regular paychecks, my wife received a $25 company reimbursement.  We also received $45.36 in credit card cash back rewards and earned $2.71 in interest income from our online savings account.

In July, we spent a total of $8,300.78.   Some of the larger, non-typical expenses include $1,200 vacation and $924.20 for groceries.

 
August will be interesting.  My wife will be giving her 2 week notice and does not start her new job until the end of August.  Hopefully her current company won’t let her go as soon as she gives notice.

Net Worth

July 2013 Net Worth Update (+6,412.78)

After a down month last month, in July we saw our net worth increase a whopping $6,412.78, to a total of $228,427.53 (click on spreadsheet below).

What Worked
My wife received an $891.92 employer match to her 401(k).   We contributed a total of $1,201.96 to our retirement accounts and saw them increase $5,951.17 to $97,009.73 total.  We refinanced our auto loan from a 6.5% to 2.29% loan.

What Didn’t Work
We continue to dip into our savings account.

Next Month
My wife may be starting a new job at the end of next month.  Stay tuned.

Income Statement

June 2013 Income Statement

June was an average income month and a large expense month too (see attached spreadsheet).

Our total income in June was $8,168.51.  In addition to our regular paychecks, my wife received a $30 company reimbursement.  We received $175 in credit card cash back rewards and we earned $2.39 in interest income from our online savings account.

In June, we spent a total of $10,314.57.  Our spending has been out of control lately.   Some of the larger, non-typical expenses include $548 auto insurance, $455 for furniture, etc.

July should be a normal income month, and we hope to give an honest attempt at reducing our expenses.
 
 
Net Worth

June 2013 Net Worth Update (-2,582.98)

In June, our net worth decreased $2,582.98 from last month, to a total of $222,014.75 (click on spreadsheet below).

What Worked
We refinanced our auto loan from 6.5% to 2.29%.  This will save us ~$1,000 over the four year term.

 

What Didn’t Work
We contributed a total of $1,201.96 to our retirement accounts and saw them decrease $2,146.63 to $91,058.56 total.  We also pulled ~$1,000 out of savings.

Next Month
July should be a pretty typical month.

Income Statement

May 2013 Income Statement

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May was a nice large income month and a large expense month too (see attached spreadsheet).

Our total income in May was $12,074.62.  In addition to our regular paychecks, my wife and I both received a third “extra” paycheck (my wife’s was for 1 week).  I also cashed in 32 hours of PTO for $764.59 (net).  We received $25 in credit card cash back rewards, a $210 health insurance refund, a $13 state refund check, and we earned $3.47 in interest income from our online savings account.

In May, we spent a total of $10,484.87.  Some of the larger, non-typical expenses include $1,053.27 in gifts, $475 extra in nanny/babysitting, ~$315 in doctor visits/prescriptions,

June should be a normal income month, but we have a few large bills including ~$550 in auto insurance due.
 
Net Worth

May 2013 Net Worth Update (+4,037.71)

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We saw a good increase to our net worth in May.  Our net worth increased $4,037.71 from last month, to a total of $224,597.73 (click on spreadsheet below).

What Worked

One benefit of my wife returning to work at her old company is that the benefits begin day one, including her 401(k) plan.  They match up to 6%, but we do not include that amount until it is vested.  So, we contributed a total of $1,707.17 to our retirement accounts and saw them increase a healthy $3,147.82 to $93,205.19 total.

What Didn’t Work
We had hoped to refi our home mortgage to a lower rate this month (currently 3.75%), but it didn’t happen and rates are creeping up.

Next Month
In June, we have ~$450 in auto insurance due (2 cars / 6 months) and will have guests at our house for part of the month.
 
Income Statement

April 2013 Income Statement

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April saw a boost in our income, thanks to my wife beginning her new job mid-month.  Sadly, our expenses were extraordinarily high (see attached spreadsheet).

Our total income in April was $7,170.03.  In addition to my regular paychecks this month, my wife received $900 unemployment and 2,367.22 from her new job.  We received $50.00 in credit card cash back rewards, a $200 rebate, and we earned $5.61 in interest income from our online savings account.

In April, we spent a total of $10,281.36, requiring us to dip into our savings.  In addition to our normal expenses, we paid $1,058.06 in supplemental tax and $2,200 for a new fence.

My wife left her new job after 2 weeks and went back to work for her old company.  May will be her first full month of employment since December, so it will help us get back on track.  We also both receive a third “extra” check in May.
 
 
Net Worth

April 2013 Net Worth Update (-649.10)

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Our net worth dropped for the first time since over 1 year ago (February 2012).  Our net worth decreased $649.10 from last month, to a total of $220,560.02 (click on spreadsheet below).

What Worked
We contributed a total of $818.88 to our retirement accounts and saw them increase $2,163.26 to $90,057.37 total.  My wife quit her new job after being stolen back by her old company for the same salary ($83,000).  What made her go back was confidence in selling the product (she made $28K in bonuses last year), a 410K with 6% company match, and an opportunity to further her career by selling another product.

What Didn’t Work
We took a good chuck of money out of savings to pay for a new fence and some bills.

Next Month
May should be a good month for us to get caught back up.  My wife and I both receive 3 paychecks in May.

Our path to financial independence and retiring early.