November 2011 Income Statement

November was a reasonable expense month and very, very good income month (click on spreadsheet below).

Our total income for November was $12,479.03; our 3rd highest income month since we began tracking our finances in 2007. I received my two regular paychecks and a 3rd “extra” paycheck. My wife received one regular paycheck and $2,404.85 from SDI (just had a baby via C-section). We also received a $50 gift from my parents (deposited to our baby’s 529 Plan), $71.38 in credit card rewards, $75 insurance reimbursement, $20 from a craigslist sale, $18.04 from a credit card settlement, and earned $28.23 in interest income from our online savings account.

We spent a total of $6,831.93 in December, not too bad considering that we earned nearly double that. Some of the larger expenditures include a(nother) $500 co-pay from the hospital for our baby’s delivery and $300.51 in gifts.

December should a decent income month as my wife shifts from SDI to PFL and my filing status is being changed from M1 to M3 to increase my paychecks. Since we completed most of our Christmas shopping done in November, our expenses in December should be very reasonable.

November 2011 Net Worth Update (+$8,068.61)

With the ups and downs of the market, it was tough to tell where November would land. Thankfully, it landed up and our net worth increased $8,068.61 from last month, to a total of $156,472.12 (click on spreadsheet below).

What Worked
The biggest impact to our net worth this month was a $3,425 gross ($2,701.37 net) bonus that my wife earned. On top of that, this was an “extra” check month for me. So, we were able to deposit $4,891.17 into savings.

What Didn’t Work
We also contributed a total of $1,834.88 to our retirement accounts. but they only increased $1,633.64.

Next Month
December may be a tricky month as my wife switches from SDI (not taxed) to PFL (taxed). That being said, I am changing my filing status from M1 to M3, which should help our cash flow. It is also obviously the end of the year, so I'll be reviewing our 2011 goals and posting our goals for 2012.

October 2011 Income Statement

October was a reasonable expense month and an above average income month (click on spreadsheet below).

Our total income for October was $8,252.44. In addition to our regular paychecks, we received $1,050 for our new baby. We also sold some items on craigslist for $30, a $50 Chase credit card cash back reward, and earned $26.40 in interest income from our online savings account.

We spent a total of $7,346.87 in October. We actually spent close to budget, if you subtract out $1,845 for cord blood banking and a final $400 payment to our doula. After deducting these one-time expenses, our total expenses were only $5,101.87. This makes me feel a little better about keeping our regular expenses down in October.

November should be another good income month since I receive a 3rd “extra” paycheck. We’ll try to get most of our Christmas shopping done in November, which will inflate our expenses somewhat, but no other large expenses are planned in November.

October 2011 Net Worth Update (+$9,000.12)

I’m posting this a few days early because I will be away on business. After a $6K+ drop in our net worth last month, I was happy to see it recover nicely this month. Our net worth increased $9,000.12 from last month, to a total of $148,403.51 (click on spreadsheet below).

What Worked
My wife’s 10% 401(k) contributions began this month. We contributed a total of $1,428.38 to our retirement accounts and saw them increase a massive $8,477.30. We also opened a Vanguard 529 Plan for our baby, funding it with $3,000 from our savings.

What Didn’t Work
Our savings balance dropped, but only to fund our son’s new 529 Plan.

Next Month
November looks to be shaping up as another strong month. I receive a 3rd “extra” paycheck that we should be able to bank 100% of.

Upromise.com

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September 2011 Income Statement

The excitement of our first child’s birth in September overshadowed our pretty normal income and expense month (click on spreadsheet below).

In addition to our regular paychecks, my wife received a $25 reimbursement from her company for internet. We also sold some items on craigslist for $25 and earned $26.82 in interest income from our online savings account.

We ended up spending a total of $5,819.22 in September, including $500 for an insurance co-pay for the hospital and $156.69 for a tux rental. The $1,850 cord blood banking bill and $400 balance due to the doula were not paid this month, but will be paid in October.

I’m not sure what to expect in October. Our net income from my wife’s company will drop because her 10% 401(k) contribution begins in October; at same time we are adding our baby to her insurance, increasing the cost from $75/month to $325/month. My wife will be taking 1 week PTO and then 4 weeks short term disability (full pay). After that, she will need to take 1 week unpaid and then begin Paid Family Leave (55% of your highest gross quarter).

September 2011 Net Worth Update (-$6,074.95)

It’s a BOY!!! Our son was born at the end of September, making this our best month EVER. Being new parents is a lot of work, but there is nothing that comes close to the amazing feeling. We the excitement of our new baby, I haven’t had a second thought about our net worth getting pummeled again this month. Our net worth decreased $6,074.95 from last month, to a total of $139,403.39 (click on spreadsheet below).

What Worked
Our beautiful baby boy was born!

What Didn’t Work
We contributed $1,013.00 to our retirement accounts, but saw them decrease $7,716.19 to $81,483.75.

Next Month
Going forward, my wife’s net income will be reduced because of her new 401(k) contribution and we will be adding our baby to her insurance. We have elected to begin contributing 10% of my wife’s pay to her 401(k) plan during her first open enrollment in October (the company matches 6% with a 3 year vesting period). We will also be adding the baby to my wife’s insurance, increasing the cost from $75/month to $325/month.