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.

 

 

March 2014 Income Statement

March was a standard income month and a high expense month (see attached spreadsheet).

Our total income in March was $9,938.22.  My wife canceled her monthly ESPP contribution so her take home increased $401.18.  In addition to our regular paychecks, my wife received a $600 auto allowance and a $100 company reimbursement for internet service.  We also received $73.73 in credit card cash back rewards and earned $3.41 in interest income from our online savings account.

In March, we spent a total of $10,105.71.  Some of the other larger, non-typical expenses include $313.95 for a speeding ticket and $125.00 for our son’s preschool registration.

April will be interesting.  I receive a third “extra” paycheck and we meet with our tax accountant to do our income taxes.

2014 Net Worth Update (+2,728.93)

March was a good net worth increase month.  In March, our net worth increased $2,728.93, to a total of $276,759.31 (click on spreadsheet below).

What Worked
We contribution at total of $1,223.05 to our retirement accounts and saw them increase $1,953.11.  We also contributed $150 to our son’s 529 Plan and $750 to savings.  We also closed my wife’s ESPP and moved the money into savings. 
 
What Didn’t Work
Our relatively new taxable brokerage account investment declined considerably.

Next Month
April should be a better than normal income month because I receive a third “extra” paycheck.

 

 

February 2014 Income Statement

February was a record breaking income month for us and a pretty reasonable expense month (see attached spreadsheet).

Our total income in February was $37,327.14.  This blew away our previous best income month of $25,449.19 in December 2011.  In addition to our regular paychecks, my wife received a $66,600 gross ($27,808.32 net) quarterly bonus.  She also received a $600 auto allowance, and a $100 company reimbursement for internet service.  We earned $1.52 in interest income from our online savings account.

In February, we spent a total of $28,200.31.  At first glance this seems insanely high, but $12,120.90 was for paying off our auto loan and $7,950.00 was church tithe.  Subtract those two items out and our expenses totaled a much more reasonable $8,129.41.  Some of the other larger, non-typical expenses include $161.00 for wife’s hair, $199 for massages, and $300 to paint our baby’s room.

March should be a standard income and expense month.

February 2014 Net Worth Update (+28,622.68)

February was our best net worth increase month by a very large margin.  In February, our net worth increased $28,622.684, to a total of $274,030.38 (click on spreadsheet below).

What Worked

In February, my wife earned a $66,600.00 gross ($27,808.32 net) quarterly bonus!  This positively impacted every area of our balance sheet.  We contribution at total of $4,523.05 to our retirement accounts ($3,300 from her bonus) and saw them increase to $8,361.82.  We also contributed a total of $3,704.17 to her ESPP ($3,300 from her bonus), $1,150 to savings, $150 to our son’s 529 Plan, 10% of gross to our church tithe, and bought stock in our brokerage account.  In addition, we paid off our $12,098.89 auto loan.  Thanks to the huge blessing of my wife’s bonus, we passed three net worth milestones in one month (250K, 260K, & 270K)!  We're 108.79% of our 2014 net worth goal ($251,900).  Now, we'll shoot for hitting our 2015 net worth goal ($296,000) one year early.

What Didn’t Work
N/A

Next Month
March looks like it is shaping up to be a pretty standard month.

Net Worth Milestone: $270,000

We passed the net worth milestone of $270,000.  This comes right after passing $250,000 and $260,000 in one day!

Our net worth is currently $271,307.22.  I will update our chart on the left at the end of the month.

We shoul hit our next net worth milestone of $280,00 around May.