Net Worth Milestone: $290,000

We passed the net worth milestone of $290,000. We passed our last net worth milestone of $280,000 in May (last month).

Our net worth is currently $290,155. I will update our chart on the left at the end of the month.

We should hit our next net worth milestone of $300,000 by October.

May 2014 Income Statement

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

Our total income in May was $17,802.05. In addition to our regular paychecks, my wife earned a $13,140.00 gross ($7,080.03 net) quarterly bonus and received annual wellness check $1,000.00 gross ($985.45 net).  She also received an $800 auto allowance and a $100 company reimbursement for internet service.  We sold a video game system for $100 and earned $2.77 in interest income from our online savings account.

In May, we spent a total of $10,680.52.  Some of the other larger, non-typical expenses include $1,695 cord blood banking for daughter and $400 for tax on old bonus credit card.

June will be interesting.  My wife had our baby at the end of May and will be on disability for 3 months.  The weekly disability checks should be ~$1,075.  As a result, we’ll have to limit our spending a bit.

May 2014 Net Worth Update (+6,563.66)

In May, our net worth increased $6,563.66 to a total of $281,796.60 (click on spreadsheet below).
 
What Worked
Our second child was born this month!  She is a happy and healthy little girl.  We feel so blessed!  In addition to popping out a baby, my wife received a $13,140.00 gross ($7,080.03 net) quarterly bonus!  We contribution at total of $1,016.16 to our retirement accounts and saw them increase $3,813.59.  We also contributed $150 to our son’s 529 Plan and bolstered our savings a bit.

What Didn’t Work
Our taxable brokerage accounts dipped down a bit.

Next Month
My wife will be on disability for 3 months to spend time with our baby.  Disability pays ~$1,075/week, so we will need to reduce our expenses.

 

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.

 

 

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.