Net Worth

July 2012 Net Worth Update (+3,518.70)

In July, our Net Worth increased $3,518.70 from last month, to a total of $171,219.79 (click on spreadsheet below).  
What Worked
We passed the net worth milestone of $170,000 in July!  We contributed a total of $2,245.04 to our retirement accounts, and saw them increase $3,285.04 to $55,669.68 total.  We paid $600 towards our 0% credit card debt. 
What Didn’t Work
Our cash & savings declined because we pulled $3,000 out for a down payment on a SUV.  The balance on the loan is $16,736.99.  My wife has a company provided car and my car is paid off, so this third vehicle is going to be used for “family” stuff, such as weekend trips to the beach, camping, vacation, etc. 
Next Month
August should be a huge income month because my wife earned a large bonus.  The money is slated for paying off our 0% credit card debt, contributing to our son’s 529 Plan, bolstering savings, and tithing.
Goals

Net Worth Milestone – $170,000

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Today we passed the $170,000 net worth milestone! Our net worth is currently $171,781.11.

We passed our last milestone of $160K in December and are well on the way to our 2012 net worth goal of $173,200. Based on my forecasts, we should hit the next net worth milestone of $180K 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

June 2012 Income Statement

June was another outstanding income month and an above average expense month (click on spreadsheet below). 

Our total income for June was $10,456.04.  In addition to our regular paychecks, my wife received a third “extra” paycheck this month.  She also received a 1.75% merit raise that was backdated to April.  In addition to my wife’s awesomeness, we received a completely unexpected $473.02 property tax refund (major blessing!).  My wife received $40 in company reimbursements, we received $75 in credit card rewards, and we earned $3.55 in interest income from our online savings account. 

In June we spent a total of $8,787.81.  Large infrequent expenses included $425.24 for 6 months of auto insurance and $80 in gifts.  We also gave our nanny a $25/week raise.

July should be a fairly average month in terms of income and expenses.

Net Worth

June 2012 Net Worth Update (+4,342.33)

In June, our Net Worth increased $4,342.33, to a total of $167,701.09 (click on spreadsheet below).  This puts us at 96.83% of our 2012 Net Worth goal of $173,200 (see NW meter on left side of page).

What Worked

We paid $1,355 towards our 0% credit card debt.  As I mentioned before, our main short term financial goal is to get this card paid off by the end of the year (0% until April 2013).  

What Didn’t Work
We contributed a total of $1,741.95 our retirement accounts, but only saw them increase $1,623.34 to $52,384.64 total.  Not a big deal.

Next Month
We hope to pay down another good “chunk” of our 0% credit card debt next month.  My wife should also learn how large her Q3 bonus in August will be (she kicked butt this quarter).
Income Statement

May 2012 Income Statement

May was an excellent income month and a large expense month (click on spreadsheet below). 

Our total income for May was $11,571.83.  In addition to our regular paychecks, I received a third “extra” paycheck this month and my awesome wife earning a quarterly bonus of $2,325 gross ($1,937.89 net).   My wife also received $43 in company reimbursements, we received $75 in credit card rewards, and we earned $2.47 in interest income from our online savings account.  I want to take a moment to say that we feel very blessed.  This income allows us to pay our mortgage, save for retirement, live a comfortable lifestyle, etc. and it is only because of God.  We do not deserve it, but pray that we use it to His glory.

In May we spent a total of $9,282.48.  Leading the way was a whopping $1,470.47 in purchases for household items; I guess we’re not buying stuff for our new place J.  Some other large, infrequent expense include: $354.90 for clothing, $230 in extra nanny pay (overtime) and $185.44 for a hotel.
June should be another good income month, led by an “extra” third paycheck for my wife (after I just received 3 paychecks in May).  We will continue to use this “extra” money to pay down our 0% credit card debit.




Net Worth

May 2012 Net Worth Update (+1,636.22)

In May, our Net Worth increased $1,636.22 from last month, to a total of $163,358.76 (click on spreadsheet below). 

What Worked

We increased our savings account $1,550.47 to $5,140.41, thanks primarily to my wife earning a $2,325 gross ($1,937.89 net) quarterly bonus.  We also paid $1,250 off on our 0% credit card debt, which is now down to $7,191.35. I started a small vegetable garden in our backyard.  This is our first step toward growing some of our own food and hopefully saving money long-termJ.

What Didn’t Work
We contributed a total of $2,076.20 our retirement accounts, but saw them decrease $1,462.84 to $50,761.30 total.

Next Month
June may be another good month because my wife receives a third “extra” check.  This should allow us to pay another good chuck off of our 0% credit card debt.  Knocking down that credit card debt is our #1 financial goal right now.


Income Statement

April 2012 Income Statement

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Things are starting to settle down a bit.  April brought an average income month and, thankfully, decreased spending (click on spreadsheet below). 

Our total income for April was $7,591.52.  Our regular paychecks saw a bit of an increase this month in the form of a 1% raise for me ($704.60/year) and my wife changing her filing status to M2 ($200.15 net increase per check that began her 2nd check of the month).  We received $50 in credit card rewards, $43 tax refunds ($41 Fed & $2 State), a $50 gift to our baby’s 529 Plan, and earned $1.77 in interest income from our online savings account. 

Well, our downward trend of spending continues.  In March we spent a total of $7,284.95, higher than our budget of  $6,070.89, but far lower than what we’ve been spending the past 3 months: $22,902.72 in Jan., $14,038.03 in Feb., and $9,560.04 in Mar. 

May should be a good income month, led by an “extra” third paycheck for me.  This extra money should help get us back on track somewhat.  We’ve been putting off having our security camera system installed ($850), but we may get around to it in May.



Net Worth

April 2012 Net Worth Update (+2,363.13)

2 Comments
In April, our Net Worth increased $2,363.13 from last month, to a total of $161,722.54 (click on spreadsheet below). 
What Worked
We had a great visit with my family when they came into town.  My father passed away two weeks after the visit, so it was very nice to see him one last time.  His passing is a reminder to me that saving for retirement is important, but so is enjoying your life along the way. 
What Didn’t Work
We contributed a total of $1,434.26 our retirement accounts, but only saw them increase $781.27 to $52,224.14 total.
Next Month
May will hopefully be an opportunity to pay down some of our 0% credit card debt since I receive a third “extra” check.  We have until April 2013 for the 0% interest offer, but want to get it paid off as soon as possible.



Income Statement

February 2012 Income Statement

We continued our spending spree in March, albeit at a reduced rate. Our income was fairly typical (click on spreadsheet below).

Our total income for March was $7,484.97. In addition to our regular paychecks, my wife received $131.92 in reimbursements from her company (includes February internet & meal and March internet). We also received $75 in credit card rewards, a $35 rebate for purchasing an energy efficient washer, and earned $1.37 in interest income from our online savings account.

We did a little more shopping in March for our new home and spent a total of $9,560.07. Our spending over the past three months has been shocking: $22,902.72 in January, $14,038.03 in February, and $9,560.04 in March. At least the trend is going in the right direction. Some of the larger one-time expenses in March included $667.63 for ADT security installation, $400 for a security door, and $275 to our tax accountant.

Next month my check will be a smidge larger thanks to a 1% raise that my company provided all employees. This is a good sign as we have not had any raises for 4 years. The only large, non-reoccurring expense planned in April is $850 for a security camera system installation.

Net Worth

March 2012 Net Worth Update (+1,646.26)

You will notice a correction to our mortgage balance in February. I mistakenly applied our March payment to our February figures. Even with our excessive spending in March, our Net Worth increased $1,646.26 from last month, to a total of $159,359.41 (click on spreadsheet below).
What Worked
We contributed a total of $1,434.26 our retirement accounts, and saw them increase $2,558.50 to $51,505.87 total. Our first mortgage payment went through reducing our mortgage debt by $589.21. Baby steps…
What Didn’t Work
As expected, our zero percent interest card (0% for 15 months) balance rose $7,065.02 to $8,541.35. This is not as much as the $3,000 that I forecast, but going the wrong direction nevertheless. I wish I could say this was going to go away soon, but realistically, we are months from having it paid off.
Next Month
April will be a fun month because my family is coming into town. It will be nice for them to see our new baby again and to get to show them our new house. Financially, it might not be as exciting as we continue to try and dig our way out of our 0% credit card debt.

Our path to financial independence and retiring early.