November 2013 Net Worth Update (+2,098.03)

In November, our net worth increased $2,098.03, to a total of $241,457.07 (click on spreadsheet below).

What Worked

In November, we contributed $818.88 to our retirement accounts and saw them increase $1,018.43 to a total of $106,546.01.   We also contributed $150 to our son’s 529 Plan.

What Didn’t Work
-

Next Month
December should be another good month and strong close to 2013.

 

Net Worth Milestone - $240,000

Today we passed the $240,000 net worth milestone! Our net worth is currently $240,095.38.

We passed our last milestone of $230K in August. Based on my forecasts, we should hit the next net worth milestone of $250K by March.

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

October 2013 Income Statement

October was an even better income month than last month, which was phenomenal, but it was also a large expense month(see attached spreadsheet).

Our total income in August was $13,672.80.  In addition to our regular paychecks, my wife received an unexpected bonus check ($3,000 gross, $1,683.60 net).  She also received a $600 auto allowance, and a $100 company reimbursement for internet service.  I received a third “extra” check this month.  We earned $2.49 in interest income from our online savings account.

In October, we spent a total of $11,199.67 continuing our trend of blowing our budgetJ.  Some of the larger, non-typical expenses include $550 brake job for car 2 and ~$3K in household items.

November should be a pretty standard income and expense month.

 

October 2013 Net Worth Update (+5,439.56)

Our net worth in October increased nicely again.  In October, our net worth increased $5,439.56, to a total of $239,359.04 (click on spreadsheet below).

What Worked

In October, we contributed $1,228.32 to our retirement accounts and saw them increase $4,545.84 to a total of $105,527.58.   While we don’t track current market value of our home in the spreadsheet (we use the purchase price), comps in our area are selling for $100K+ more than our purchase price.

What Didn’t Work
-

Next Month
November should be another good month. 

September 2013 Income Statement

September was a phenomenal income month and a big expense month too (see attached spreadsheet).

Our total income in August was $12,577.62.  In addition to our regular paychecks, my wife received a final check from her old company and a $700 company reimbursement from her new company.  We also received $75 in credit card cash back rewards, $150 in birthday gifts to our son (529Plan) and we earned $2.66 in interest income from our online savings account.

In September, we spent a total of $10,681.95 - not as much as last month ($12K), but more than we should.  Some of the larger, non-typical expenses include $215 BBQ, $2K in food, and $2K in misc. household items.

October should be another good income month - I receive a 3^rd “extra” check.

 

September 2013 Net Worth Update (+6,882.47)

Our net worth in September showed good improvement.  In September, our net worth increased $6,882.47, to a total of $233,919.48 (click on spreadsheet below).

What Worked
September was such a blessing.  We found out that my wife is 4 weeks pregnant!  We are so happy to be having a second child.  We also passed the retirement savings milestone of $100,000 in total retirement assets!  September was my wife’s first full month at her new job, which she loves.  In September, we contributed $1,062.76 to our retirement accounts and saw them increase $5,802.02 to a total of $100,981.74.   We also tucked away a little more into our son’s 401(k).

What Didn’t Work
-
 
Next Month
October should be another good month.  I receive a 3^rd “extra” check and no major expenses are planned.

Retirement Accounts Total Balance Passed $100K

Today our retirement accounts total balance (401k, Roth IRA, & Traditional IRA) passed $100,000.

Our retirement accounts total balance is $100,697.64!  This is a major blessing and milestone for us.  I've always heard the first $100K is the hardest and that it just gets easier.  Let's hope that's the case.

August 2013 Income Statement

August, in addition to being brutally hot, was an good income month and a huge expense month too (see attached spreadsheet).

Our total income in August was $9,765.52.  In addition to our regular paychecks, my wife received a check from her new company for 1 week pro-rated ($1,651.44) and a $25 company reimbursement from her old company.  We also received $100 in credit card cash back rewards, $40 is H.S.A. reimbursements and we earned $2.66 in interest income from our online savings account.

In August, we spent a total of $12,135.49.   With my wife starting her new, higher paying job, we took the liberty to get some stuff that we’ve been needing/wanting.  Some of the larger, non-typical expenses include $1,186 gun safe, $978 in auto repairs (2 cars), and $389 wetsuits (2).

September will be interesting.  It will be my wife’s first full month at her new company.  Plus, she still is due 1 final week of pay from her old company.

August 2013 Net Worth Update (-1,390.52)

We were doing well in August until the end of the month, then the wheels came off the cart.  In August, we saw our net worth decrease a $1,390.52, to a total of $227,037.01 (click on spreadsheet below).

What Worked
My wife began a new job this month making $97K annual salary plus an opportunity to earn $35K+ in bonus each year.  The company gives her $600/month auto allowance, a gas card, $100/month for home office, and 20K shares of stock each year.  This is a huge blessing to our family. 

What Didn’t Work
Sadly, all of our numbers fell this month.

Next Month
September will be my wife’s first full month with her new company.  Her large income should really help us towards our goals.

Net Worth Milestone - $230,000

Today we passed the $230,000 net worth milestone! Our net worth is currently $230,104.07.

We passed our last milestone of $220K in March. It took us a bit longer than usual to reach the next milestone, but it's a blessing nevertheless.  Based on my forecasts, we should hit the next net worth milestone of $240K by the end of the year.

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

July 2013 Income Statement

July was an average income month and a larger than budget expense month (see attached spreadsheet).

Our total income in July was $8,083.39.  In addition to our regular paychecks, my wife received a $25 company reimbursement.  We also received $45.36 in credit card cash back rewards and earned $2.71 in interest income from our online savings account.

In July, we spent a total of $8,300.78.   Some of the larger, non-typical expenses include $1,200 vacation and $924.20 for groceries.

 
August will be interesting.  My wife will be giving her 2 week notice and does not start her new job until the end of August.  Hopefully her current company won't let her go as soon as she gives notice.

July 2013 Net Worth Update (+6,412.78)

After a down month last month, in July we saw our net worth increase a whopping $6,412.78, to a total of $228,427.53 (click on spreadsheet below).

What Worked
My wife received an $891.92 employer match to her 401(k).   We contributed a total of $1,201.96 to our retirement accounts and saw them increase $5,951.17 to $97,009.73 total.  We refinanced our auto loan from a 6.5% to 2.29% loan.

What Didn’t Work
We continue to dip into our savings account.

Next Month
My wife may be starting a new job at the end of next month.  Stay tuned.

June 2013 Income Statement

June was an average income month and a large expense month too (see attached spreadsheet).

Our total income in June was $8,168.51.  In addition to our regular paychecks, my wife received a $30 company reimbursement.  We received $175 in credit card cash back rewards and we earned $2.39 in interest income from our online savings account.

In June, we spent a total of $10,314.57.  Our spending has been out of control lately.   Some of the larger, non-typical expenses include $548 auto insurance, $455 for furniture, etc.

July should be a normal income month, and we hope to give an honest attempt at reducing our expenses.

 

 

June 2013 Net Worth Update (-2,582.98)

In June, our net worth decreased $2,582.98 from last month, to a total of $222,014.75 (click on spreadsheet below).

What Worked

We refinanced our auto loan from 6.5% to 2.29%.  This will save us ~$1,000 over the four year term.

 

What Didn’t Work
We contributed a total of $1,201.96 to our retirement accounts and saw them decrease $2,146.63 to $91,058.56 total.  We also pulled ~$1,000 out of savings.

Next Month
July should be a pretty typical month.

May 2013 Income Statement

May was a nice large income month and a large expense month too (see attached spreadsheet).

Our total income in May was $12,074.62.  In addition to our regular paychecks, my wife and I both received a third “extra” paycheck (my wife’s was for 1 week).  I also cashed in 32 hours of PTO for $764.59 (net).  We received $25 in credit card cash back rewards, a $210 health insurance refund, a $13 state refund check, and we earned $3.47 in interest income from our online savings account.

In May, we spent a total of $10,484.87.  Some of the larger, non-typical expenses include $1,053.27 in gifts, $475 extra in nanny/babysitting, ~$315 in doctor visits/prescriptions,

June should be a normal income month, but we have a few large bills including ~$550 in auto insurance due.

 

May 2013 Net Worth Update (+4,037.71)

We saw a good increase to our net worth in May.  Our net worth increased $4,037.71 from last month, to a total of $224,597.73 (click on spreadsheet below).

What Worked

One benefit of my wife returning to work at her old company is that the benefits begin day one, including her 401(k) plan.  They match up to 6%, but we do not include that amount until it is vested.  So, we contributed a total of $1,707.17 to our retirement accounts and saw them increase a healthy $3,147.82 to $93,205.19 total.

What Didn’t Work
We had hoped to refi our home mortgage to a lower rate this month (currently 3.75%), but it didn’t happen and rates are creeping up.

Next Month
In June, we have ~$450 in auto insurance due (2 cars / 6 months) and will have guests at our house for part of the month.

 

April 2013 Income Statement

April saw a boost in our income, thanks to my wife beginning her new job mid-month.  Sadly, our expenses were extraordinarily high (see attached spreadsheet).

Our total income in April was $7,170.03.  In addition to my regular paychecks this month, my wife received $900 unemployment and 2,367.22 from her new job.  We received $50.00 in credit card cash back rewards, a $200 rebate, and we earned $5.61 in interest income from our online savings account.

In April, we spent a total of $10,281.36, requiring us to dip into our savings.  In addition to our normal expenses, we paid $1,058.06 in supplemental tax and $2,200 for a new fence.

My wife left her new job after 2 weeks and went back to work for her old company.  May will be her first full month of employment since December, so it will help us get back on track.  We also both receive a third “extra” check in May.

 

 

April 2013 Net Worth Update (-649.10)

Our net worth dropped for the first time since over 1 year ago (February 2012).  Our net worth decreased $649.10 from last month, to a total of $220,560.02 (click on spreadsheet below).

What Worked
We contributed a total of $818.88 to our retirement accounts and saw them increase $2,163.26 to $90,057.37 total.  My wife quit her new job after being stolen back by her old company for the same salary ($83,000).  What made her go back was confidence in selling the product (she made $28K in bonuses last year), a 410K with 6% company match, and an opportunity to further her career by selling another product.

What Didn’t Work
We took a good chuck of money out of savings to pay for a new fence and some bills.

Next Month
May should be a good month for us to get caught back up.  My wife and I both receive 3 paychecks in May.

March 2013 Income Statement

March was a pretty low income month because my wife was still searching for a job.  We were, however, able to lower our standard expenses a bit (see attached spreadsheet), but were hit hard with income taxes.

Our total income in March was $5,478.50.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received $25.00 in credit card cash back rewards and we earned $6.30 in interest income from our online savings account.

In March, we spent a total of $7,837.81.  This included a couple of large tax hits: $1,121 state income taxes, $226 federal income taxes, and $300 to our tax accountant.

In April, my wife begins her new job, so we should have an influx of cash, which is good because we have a $1,058.06 in supplemental tax bill coming up.

March 2013 Net Worth Update (+1,529.02)

Another good net worth increase month considering my wife is unemployed.  Our net worth increased $1,529.02 from last month, to a total of $221,209.12 (click on spreadsheet below).

What Worked

We contributed a total of $818.88 to our retirement accounts and saw them increase $2,403.48 to $87,894.11 total.  Thanks to using Upromise.com to book my business travel, we’re slowly increasing my son’s college savings.  In late breaking news, my wife has just accepted a new job paying $83,000 a year with great benefits, such as a company car.

What Didn’t Work
We had to pay $226 in Federal income taxes and $1,121 in State income taxes.  As a result, we had to dip into savings a bit.

Next Month
My wife begins a new job April 8th!!!  We have a number of bills coming due in April, so it will be a tight month. 

February 2013 Income Statement

February was an okay income month, all things considered (wife unemployed), but we weren’t able to keep our expenses as low as we would have liked (see attached spreadsheet).

Our income totaled $7,716.98 in February.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received a $2,154.27 refund check from our mortgage prepaid & escrow, $96.78 in credit card cash back rewards, and we earned $8.10 in interest income from our online savings account.

In February, we spent a total of $7,599.12.  Most were standard expenses, but one larger non-standard expenses was $195 for my wife’s hair and nails (interviewing expense).

Next month we should receive a $200 electricity rebate for our new pool pump.

Net Worth Milestone - $220,000

Today we passed the $220,000 net worth milestone! Our net worth is currently $220,270.39.

We passed our last milestone of $210K in December. Based on my forecasts, we should hit the next net worth milestone of $220K by July.

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

February 2013 Net Worth Update (+1,730.39)

We’re blessed that forward progress continues, even with my wife unemployed.  Our net worth increased $1,730.39 from last month, to a total of $219,680.10 (click on spreadsheet below).

What Worked
We contributed a total of $818.88 to our retirement accounts and saw them increase $2,854.42 to $85,490.63 total.  That large increase was primarily due to an unexpected $2,061.48 distribution to wife's Traditional IRA from old 401(k) plan.  We also continue to pay our car payment as early as possible so that more is applied to principle.

What Didn’t Work
N/A

Next Month
My wife has been interviewing a lot, so we may see a new job on the horizon.

January 2013 Income Statement

As expected, January was a low income month because my wife was unemployed.  Sadly, we weren’t able to keep our expenses as low as we would have (see attached spreadsheet).

Our income totaled $5,506.34 in January.  In addition to my regular paychecks this month, my wife received $1,800 unemployment.  We also received $50 in credit card cash back rewards and we earned $9.14 in interest income from our online savings account. 

In January, we spent a total of $8,869.22 - about $3,362 more than we earned.  Some of the larger non-standard expenses were: $685 for six months of life insurance (20 year term for both of us) and $551.36 for six months of auto insurance for our two vehicles.

Next month, we should receive a $2,154.27 refund from our mortgage prepaid & escrow.

 

January 2013 Net Worth Update (+5,730.49)

We had a good start to the year, especially considering that my wife is currently unemployed.  Our net worth increased $5,730.49 from last month, to a total of $217,949.71 (click on spreadsheet below).

What Worked

My 2.25% raise went into effect this month, unfortunately, it was absorbed by the increase in social security tax.  We contributed a total of $1,218.88 to our retirement accounts and saw them increase $4,643.05 to $82,636.21 total. 

What Didn’t Work
No complaintsJ 

Next Month
Next month we should receive a $2,154.27 refund check from our mortgage prepaid & escrow.

 

2013 Financial Goals

Every year, we set goals that we hope to reach by the end of the year.  Below is our list for 2013.

1) Increase net worth to $211,000
 Our net worth goal for 2013 is $211,000.  We set these goals 6 years ago based on certain assumptions.  So far, we are WAY ahead of our goals and passed our 2013 in December 2012.  So, unless the market drops significantly in the next 12 months, we have reached this goal before even starting 2013J

2) Pass our 2014 Net Worth Goal 1 year early
We are ended 2012 with a net worth of $212,219.22, passing both our 2012 ($173,200) and 2013 net worth goals ($211,000).  Since we are 1 year ahead of our plan, it just makes sense to shoot for reaching our 2014 net worth goal ($251,900) by the end of 2013.

3) Contribute $15,000 to retirement accounts
 Our goal for 2013 will be to contribute $15,000 to our retirement accounts.  This is a big decrease from the $27,920.48 invested in 2012, but my wife was laid off in November, so we have to keep our goals realistic. Through my employer’s 401k plan, we have $10,645 automatically scheduled to be contributed.  We’ll have to make up the remaining $4,355 via Roth IRA contributions.

4) $100,000 total balance in retirement accounts
At the end of 2012, our total balance in retirement accounts was $77,993.16.  Through contributions and market performance, we hope to end 2013 above $100,000 in our retirement accounts.

5) Grow our family
 We would love to add a second child to our family, either through natural means or adoption.  Our son is a little over 1 years old, so it would be nice for him to have a sibling somewhat close in age.  Our current saves are earmarked for private adoption, should that be the route we go.

Review of 2012 Financial Goals

We started 2012 with 5 financial goals that seemed like a stretch.  We were blessed with reaching 4 of 5 of the goals.  My wife’s bonuses, totaling $28,093.27 gross ($20,683.50 net) really helped us achieve most of our 2012 goals.

1) Increase net worth to $173,200 SUCCESS
 We began 2012 with a net worth of $164,821.70 and reached our $173,200 net worth goal in August.  We ended 2012 with a net worth of $212,219.22, exceeding our 2013 net worth goal of $211,000.  It’s a HUGE blessing to be 1 year ahead of our plan.

2) Furnish our new home SUCCESS
 We purchased a 5 bed / 3 bath house in January 2012 and, while the overall task of furnishing our new home was larger than originally expected, we were successful.  The furniture, appliances, décor, etc. added up to over $30,000.  We had to put ~$9,000 on a 0% interest credit card, but paid the balance off in July before incurring any interest.  We are thoroughly enjoying our new home.

3) Rebuild savings account balance to $15,000  FAIL
 We ended the year with $12,213.11 in savings.  Passing $15,000 just wasn’t in the cards, especially considering that we pulled $3,000 out of savings for an auto down payment in July and paid off ~9K in 0% interest credit card debt.

4) Contribute $24,000 to retirement accounts SUCCESS
 We exceeded this goal, but in an unexpected way.  We contributed $22,244.42 to our retirement accounts during the year.  In November 2012, my wife’s company laid off the entire national sales force and, as part of the separation package, 100% vested her company 401(k) match and in profit sharing.  This increased our retirement accounts by ~$6,000 and brought our 2012 total retirement account contributions to $27,920.48.

 5) Increase son's 529 Plan to $6,000 SUCCESS
 We reached this goal right at the buzzer.  We began 2012 with $3,158.24 in our baby boy’s 529 Plan, but did not get anywhere close to the $6,000 mark until the end of the year.  Sure enough, God blessed us with two amazing quarterly bonuses from my wife’s company, helping us reach this and other goals.  We ended 2012 with $6,018.02 in our son’s 529 Plan.

I’ll be posting our new 2013 goals shortly.

December 2012 Income Statement

December ended up being a pretty good income month considering that my wife was laid off at the end of November.  However, we spent more than we earned.

Our income totaled $9,427.56 in December.  In addition to my regular paychecks this month, my wife received a $4,128.20 separation package from her company.  In addition, my wife received a $25.00 in company reimbursement for internet, we received $260.00 in gifts, and we earned $6.54 in interest income from our online savings account.  My wife began unemployment this month and received $1,350.

In December, we spent a total of $10,120.01; hard to tell my wife just lost her job, huh?  Some of the larger non-standard expenses were: $1,326.72 pool pump, $1,058.06 in supplemental tax, $250 range membership, and $235.48 in clothing.

Next month my 2.25% raise kicks in and my wife will receive her first full month of unemployment.  We may also receive a refund check from our prepaid and escrow account in January or February.


 

December 2012 Net Worth Update (+4,299.05)

Our net worth increased $4,299.05 from last month, to a total of $212,219.22 (click on spreadsheet below).  This puts us at 122.53% of our 2012 net worth goal of $173,200.  Our best year end finish yet.

What Worked
I received a 2.25% raise at the end of December that goes into effect in January.  We contributed a total of $1,369.81 to our retirement accounts and saw them increase $3,440.23 to $77,993.16 total.  We also contributed $250 to our son’s 529 Plan this month.

What Didn’t Work
As I mentioned before, my wife was laid off and is now officially unemployed. 

Next Month
Next month should be relatively normal except for my wife being unemployed.