August 2010 Net Worth Update -($268.43)

Our net worth slipped off a bit in August. It decreased $268.43 from last month, to a total of $92,766.65 (click on spreadsheet below).

What Worked

We increased our savings to $3,613.59. We plan to focus on getting our savings balance to a much higher level to provide some security in this uncertain economy.

What Didn’t Work

We contributed $813 to our retirement accounts and saw them decrease $1,186.75. So far this year, we’ve contributed $12,609.65 to our retirement accounts. Last year, we contributed a total of $19,437.41. Another $3,658.50 should be contributed to my 401(k) through automatic payroll deductions over the rest of 2010. That leaves $3,169.26 that we have to contribute to our Roth IRA’s in order to match last year’s total contribution. We need to get our act in gear to make this happen.

Next Month

I’m hoping good thoughts for our net worth in September, but whatever comes our way, we'll deal with.

July 2010 Income Statement

July was nice and normal income month and a decent month in terms of keeping our spending in check.

In addition to our paychecks, my wife received a $75 reimbursement from her company for internet and cell phone and we earned a $50 cash back Citi credit card reward.

Not too much to say about our expenses. They were in line with our budget and no large unexpected bills came in. All and all, a good month.

August looks like it will shape up to be similar to July.