Income Statement

May 2010 Income Statement

2 Comments

May was a strong income month and a reasonable expense month.

May was my Wife’s 1st full month at her new company and, thus, her 1st full months of paychecks at new new higher salary. We were also bless with my 2.5% salary increase kicking in at the beginning of May. In addition to our paychecks, my wife received a $1,884.50 gross ($1,055.71 net) bonus from her old company, a final $430 unemployment arrived, we received $100 in cash back credit card rewards, and $18.39 in rebates. Not too shabby.

Our expenses were pretty typical; we spent a total of $5,401.88. Auto, clothing, and gifts were higher than usual, but not too outrageous.

I’m not sure what to expect in June. I receive a 3rd “extra” check, but we also have a $1,906.90 in annual insurance premiums due at the end of June. Time will tell.


Net Worth

May Net Worth Update (-$4,254.95)

3 Comments

We slide back quite a bit in May. Our net worth decreased $4,254.95 from last month, to a total of $86,660.75 (click on spreadsheet below).



What Worked

My Wife received a $1,884.50 gross ($1,055.71 net) quarterly bonus from old job. She also set-up $500/paycheck to be directly deposited into our savings account. So, our savings jumped $1,000 this month.

What Didn’t Work

Almost everything went down this month.

Next Month

I hate to be negative, but I’m forecasting another net worth decrease for us next month. I will be receiving an extra (3rd) paycheck, but that will be used to pay $1,906.90 in annual insurance premiums (auto and rental) that are due by June 25th. In addition, we have a number of smaller bills next month that add up to one big bill.


Income Statement

April 2010 Income Statement

April was a surprisingly good income month and a reasonable expense month.


For my wife having been laid off at the end of March, April was a great income month. Of course her new job that she started mid-month really helped – her 1st paycheck was prorated for 2 weeks and 32 extra hours. She received $905.00 in unemployment and a $1,457.99 severance check from her old job. In addition, we earned $88.98 in credit card cash back rewards.

Our expenses in April were a little more than we budget, but low compared to our huge expense total last month. Our expenses this month totaled $5,460.47. Large expenses included $366.59 for misc items for our new (used) 4×4 and $197.09 in “extra” gas for the new 4×4.

May should be a good month. It will be the first full month of paychecks from my wife’s new company, my 2.5% salary increase will kick in, and a final unemployment check for my wife should arrive.

Net Worth

April Net Worth Update (+$2,859.25)

April was a pretty typical month, in a good way. Our net worth increased $2,859.25 from last month, to a total of $90,915.70 (click on spreadsheet below).

What Worked
My wife began her new job mid month. She also received her 2 week severance check from her old job. We contributed a total of $792.70 to our retirement accounts (401k’s and Roth IRA’s) and saw them increase $3,019.25! Wife’s 401(k) acct closed and transferred to IRA.

What Didn’t Work
As expected, we had a little catching up to do this month after paying $12,000 cash for our new (used) 4×4 last month and buying misc items for it.

Next Month
In addition to May being my wife’s first full month at her new job, my company informed us that they will be increasing our salaries back to the full amount beginning my first paycheck in May.

Income

Salary Back To Even

2 Comments

Great news! My company announced today that they are returning us to our full salaries.

In February 2009, everyone in the company received a salary reduction to help us get through the tough economic times – my salary redution was 10%. My company has been slowly increasing our salaries in an effort to get us back to even. This last 2.5% increase represents $1,750/year and returns me to my annual salary of 70,460.

I feel very blessed to have kept my job while others in my company were let go. Hopefully the economy keeps getting stronger.

Career

Wife’s Great New Benefits

My wife started her new job today and it’s going great so far. She’ll be spending most of her time the next couple of months on home study, but is excited to get out in the field.

Check out some of her benefits:

* $0/month out of our pocket for health and vision insurance for both of us
* Complete home office (laptop, printer, etc.)
* Reimbursing for internet and cell phone service
* Company car / gas card

I’m so proud of how she is doing in her career. She keeps upgrading from one great job to another.

Goals

Net Worth Milestone – $90,000

2 Comments

We just passed the net worth milestone of $90,000. We hit our last net worth milestone, $80,000, just one month ago.

God willing, it looks like we’ll hit a net worth milestone of $100,000 in July. That’s a big milestone and would mean we’re way ahead of schedule of making our 2010 net worth goal of $105,700 in December.

I will update our net worth meter (on the left side of the screen) at the end of the month.

Income Statement

March 2010 Income Statement

As I stated in our Net Worth Update, March was a crazy month.

My wife was laid off mid month, but we still had a good income month. My wife received one final pay check, her company cashed out her vacation ($733.52), and will be giving two weeks of severance ($1,300+). We also received a $4,111 tax refund ($3,730 fed & $381 state) and sold 20 shares of BofA stock for small $48 gain. My wife received a $110 company reimbursement for internet and phone service, we earned $25 in credit card cash back rewards, and earned $2.30 in interest income.

Our expenses this month were off the chart, primariliy because with paid cash for a 3rd vehicle (4×4). Our expenses totaled $18,391.59, but if you pull out the $12,250 we paid for the 4×4, our expenses were $6,141.59. Still a bit high, but not so outrageous.

With the purchase of our 4×4, and my wife being out of work part of the month, we’ll be playing a little catch up in April.

Career, Income

Offer Letter

My wife just received her offer letter and it’s a good one.

They offered her a $60,000 base, $4,500 more than her last job. Also included in the offer is a bonus structure for up to 25% of her base pay. She also gets a company car and a complete home office.

That is WAY more than I made when I was 26 years old. Come to think of it, with her bonus and company car, it’s more than I make now. Good thing I’m man enough to admit it.

Net Worth

March Net Worth Update (+$14,753.11)

March was the craziest month we have had in quite awhile. Our net worth increased an amazing $14,753.11 from last month, to a total of $88,056.45 (click on spreadsheet below). This is a new record monthly increase for us.



What Worked

My wife’s company laid off the entire sales force this month, but within two days, she secured her 1st interview and ended up getting a great new job that she starts mid April (more details to follow in another post). We had a major influx of cash this month including her $733.52 of cashed out vacation, a $4,111 tax refund ($3,730 fed & $381 state), and a check for two weeks of severance for my wife should be coming in any day. We also sold 20 shares of BofA stock for small $48 gain. We contributed a total of $1,883.01 to our retirement accounts (401k’s and Roth IRA’s) and saw them increase $4,947.42!



What Didn’t Work

We purchased a great used 4×4 for $12,250 cash. This purchase absorbed most of our savings and our influx of cash from this month. I’ll be using the 4×4 as a daily driver until my wife gets her new company car in a couple of months. After that, the 4×4 will be a fun toy for us to enjoy on the weekends. Now we have to get our savings built back up.



Next Month

We have a little catching up to do in April. Purchasing the 4×4 threw off our cash flow, so we’ll need most of April to recover.



Our path to financial independence and retiring early.