July Net Worth Update (+$5,033.72)

I know I’m getting lazy with posting, but at least I’m still posting our net worth data.

July was another strong month. Our net worth increased $5,033.72 from last month, to a total of $44,651.53 (click on spreadsheet below).

What Worked
July was a nice month. I receive a third “extra” paycheck, we deposited $1,000 into our savings account, and we plowed money into our retirement accounts (401k, Roth IRAs, & Traditional IRA). We contributed a total of $1,743.52 to our retirement accounts and saw them increase to a total of $3,835.21. We also increased my 401(k) contribution from 5% to 8%.

What Didn’t Work
Nothing to enter for July; we are very blessed.

Next Month
August should be a good month. There may be a couple of large expenses that limit what we can save, but we’ll see.

June 2009 Income Statement

Last month I said we’d tighten our belts in June, and I’m happy to report that we did pretty good controlling our expenses this month (click on spreadsheet below).

We spent just over $6,444.45 this month. This was our first full month of living in our rental unit, which helped reduce our costs of living. One large unexpected bill, we do to switching insurance companies in June. We had to pay a total of $1,296.70 for 12 months of auto and renters insurance. We also had to have my wife’s wedding ring appraised for insurance purposes, costing us $135.94. If you subtract out the large insurance related costs, our expenses for the June drop to $5,011.81.

In addition to our regular salaries, my wife received her $110 company internet and cell phone reimbursements and we received a total of $131.02 in credit card rewards. We’ve both been charging a lot of business expenses to our rewards credit cards. Since we are both reimburse for these expenses, the credit card rewards are truly free money.

Next month should be another very reasonable month for expenses. Incomewise, I will receive a third “extra” paycheck next month but my take home per check will drop slightly because my 3% contribution increase to my 401(k) will kick in. We should also receive a small prorated refund from our old insurance company.