July 2011 Net Worth Update (+$3,714.78)

We were blessed with another net worth increase this month. In July, our net worth increased $3,714.78 from June, to a total of $150,553.96 (click on spreadsheet below).

What Worked
We passed the net worth milestone of $150,000 this month! We contributed $1,213.00 to our retirement accounts in July and saw them increase $1,841.10 to $95,700.56. We also continue to increase our savings account balance for a house down payment and private adoption. Of the $31,047.79 we have in savings, $23,425.66 is earmarked for a down payment and $7,622.13 for adoption. We still have a long way to go to reach our savings goal for both.

What Didn’t Work
N/A :)

Next Month
August is our last full month to prepare for the arrival of our first baby. As a result, we will need to purchase any necessary items that we didn’t receive at the baby showers. As a result, we will be contributing less money next month to retirement and savings.

Net Worth Milestone - $150,000

Today we passed the $150,000 net worth milestone!

We passed our last milestone of $140K, in May. As you probably have noticed, our networth milestones are in $10,000 increments. Since January, we have passed a networth milestone 4 out of 7 months. Way ahead of our expectations. Based on my forecasts, we should hit the next net worth milestone of $160K by October.

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

June 2011 Income Statement

We had our best income month ever in June ($14,358.74 total), but ended up spending a good deal too (click on spreadsheet below).

We were shocked to receive a $4,470 class action settlement from my wife’s old company at the end of June. This was a windfall was a total blessing. In addition to our regular paychecks, I received a third “extra” check in June and my wife received a $25 reimbursement from her company for internet. We earned $125 in credit card & hotel rewards and made $90 selling items on craigslist. We also earned $21.11 in interest income from our savings.

Our expenses were high in June, totaling $8,633.86. This included: $1,464.90 for auto insurance (Cars 2 & 3), $376.82 for rental insurance, $447.59 for Cobra insurance, and of course, more baby items.

July will be another great income month (>$10K) thanks to a third “extra” paycheck that my wife will receive. It could also be a pretty reasonable expense month even though we have a few good size bills to pay: $233 for 6 months of life insurance premiums (Husband & Wife), $400 for a 50% prepayment to our doula, and a $327 traffic ticket.