November 29, 2012

Net Worth Milestone - $200,000

Today we passed the $200,000 net worth milestone! Our net worth is currently $200,435.

We passed our last milestone of $190K in October. Based on my forecasts, we should hit the next net worth milestone of $210K by January.

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

November 2, 2012

October 2012 Income Statement

October was a very good income month and a slightly high expense month (click on spreadsheet below). 

Our total income for October was $8,065.98. I received a third “extra” paycheck this month.   In addition to our regular paychecks, my wife received a $25 company reimbursement.  We also received $58.08 in credit card cash back rewards and we earned $2.14 in interest income from our online savings account. 

Our spending continues to be higher than plans - we’re not within our budget of ~$6,600.   In October, we spent a total of $9,326.18.  Some of the larger non-standard expenses were: $475.70 for two new car seats, $200.78 for brakes, and $119.57 for a baby monitor.

Next month (November) should be another very good income month because my wife receives a third “extra” paycheck and what may be a large quarterly bonus. 

November 1, 2012

October 2012 Net Worth Update (+992.69)

We barely squeaked by with an increase to our net worth this month, but we’ll happily take it.  Our net worth increased $992.69 from last month, to a total of $189,253.96 (click on spreadsheet below).  This puts us at 109.27% of our 2012 net worth goal of $173,200.

What Worked
We continue to pay our auto loan a week or two early so that more of our payment goes to principle ($264 principle reduction this month instead of ~$200).

What Didn’t Work
We passed the net worth milestone of $190,000 earlier this month only to see the market retract and drop us down below it again.  We contributed a total of $1,854.48 to our retirement accounts but only saw them increase $968.85 to $65,231.77 total. 

Next Month
Next month my wife receives a third “extra” paycheck and may earn ~$8K gross quarterly bonus. We plan to put a large portion into savings and also contribute ~$1,500 to our son’s 529 Plan.