Net Worth Milestone: $280,000

We passed the net worth milestone of $280,000.  We passed our last net worth milestone of $270,000 in February.

Our net worth is currently $280,108.56.  I will update our chart on the left at the end of the month.

We should hit our next net worth milestone of $290,000 around September.

April 2014 Income Statement

April was great income month and a higher than normal expense month (see attached spreadsheet).

Our total income in April was $14,208.22. In addition to our regular paychecks, I received a third “extra” paycheck and my wife received a $600 auto allowance and a $100 company reimbursement for internet service.  We also received $1,902 Federal tax refund, $540 State tax refund, $120 in gifts and earned $3.77 in interest income from our online savings account.

In April, we spent a total of $10,107.32.  Some of the other larger, non-typical expenses include $300 for a tax accountant, $156 wife’s hair, $531.98 dinning, and $1,703.35 in household items.

May should be a good month for us to get ahead.  My wife receives her quarterly bonus and a annual “wellness” bonus.  Plus our daughter will be born! 

April 2014 Net Worth Update (-1,526.37)

In April, our net worth decreased $1,526.37, to a total of $275,232.94 (click on spreadsheet below).

What Worked

We received a $1,902 Federal tax refund and a $540 State tax refund.  We contribution at total of $1,632.49 to our retirement accounts and saw them increase $4,355.90.  We also contributed $150 to our son’s 529 Plan.

What Didn’t Work
We heavily depleted our savings to pay off credit card.

Next Month
May should be a better than normal income month because my wife should receive her quarterly bonus.