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.