Already Passed our 2012 Net Worth Goal!

Today we passed our 2012 net worth goal of $173,200. That puts us 4 months ahead of schedule. Our current net worth is $174,101 and my wife expects to receive a large quarterly bonus next week, so our net worth should jump another $8,000 or so by the end of the month.  Our net worth meter (on left) will be updated at the end of the month.

July 2012 Income Statement

July was a somewhat higher than average income month and large expense month (click on spreadsheet below). 

Our total income for July was $8,061.55.  In addition to our regular paychecks, my received $60 in company reimbursements.  We also received a $128.61 auto insurance refund, $150 Best Buy store credit, and we earned $3.24 in interest income from our online savings account. 

In July we spent a total of $11,571.94.  Our largest expense was a $3,000 downpayment on a third vehicle that cost $17,998.  With this vehicle comes additional costs in terms of fuel, insurance, etc., but it will add to our quality of life as we make an effort to do more family outings.

Next month should be one of our largest income months ever, thanks to a very large quarterly bonus that my wife should receive.  Expenses should be slightly higher with the addition of our auto loan, insurance, and fuel.

 

July 2012 Net Worth Update (+3,518.70)

In July, our Net Worth increased $3,518.70 from last month, to a total of $171,219.79 (click on spreadsheet below).  

What Worked

We passed the net worth milestone of $170,000 in July!  We contributed a total of $2,245.04 to our retirement accounts, and saw them increase $3,285.04 to $55,669.68 total.  We paid $600 towards our 0% credit card debt. 

What Didn’t Work
Our cash & savings declined because we pulled $3,000 out for a down payment on a SUV.  The balance on the loan is $16,736.99.  My wife has a company provided car and my car is paid off, so this third vehicle is going to be used for “family” stuff, such as weekend trips to the beach, camping, vacation, etc. 

Next Month
August should be a huge income month because my wife earned a large bonus.  The money is slated for paying off our 0% credit card debt, contributing to our son’s 529 Plan, bolstering savings, and tithing.

Net Worth Milestone - $170,000

Today we passed the $170,000 net worth milestone! Our net worth is currently $171,781.11.

We passed our last milestone of $160K in December and are well on the way to our 2012 net worth goal of $173,200. Based on my forecasts, we should hit the next net worth milestone of $180K 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.

June 2012 Income Statement

June was another outstanding income month and an above average expense month (click on spreadsheet below). 

Our total income for June was $10,456.04.  In addition to our regular paychecks, my wife received a third “extra” paycheck this month.  She also received a 1.75% merit raise that was backdated to April.  In addition to my wife’s awesomeness, we received a completely unexpected $473.02 property tax refund (major blessing!).  My wife received $40 in company reimbursements, we received $75 in credit card rewards, and we earned $3.55 in interest income from our online savings account. 

In June we spent a total of $8,787.81.  Large infrequent expenses included $425.24 for 6 months of auto insurance and $80 in gifts.  We also gave our nanny a $25/week raise.

July should be a fairly average month in terms of income and expenses.

June 2012 Net Worth Update (+4,342.33)

In June, our Net Worth increased $4,342.33, to a total of $167,701.09 (click on spreadsheet below).  This puts us at 96.83% of our 2012 Net Worth goal of $173,200 (see NW meter on left side of page).

What Worked

We paid $1,355 towards our 0% credit card debt.  As I mentioned before, our main short term financial goal is to get this card paid off by the end of the year (0% until April 2013).  

What Didn’t Work
We contributed a total of $1,741.95 our retirement accounts, but only saw them increase $1,623.34 to $52,384.64 total.  Not a big deal.

Next Month
We hope to pay down another good “chunk” of our 0% credit card debt next month.  My wife should also learn how large her Q3 bonus in August will be (she kicked butt this quarter).

May 2012 Income Statement

May was an excellent income month and a large expense month (click on spreadsheet below). 

Our total income for May was $11,571.83.  In addition to our regular paychecks, I received a third “extra” paycheck this month and my awesome wife earning a quarterly bonus of $2,325 gross ($1,937.89 net).   My wife also received $43 in company reimbursements, we received $75 in credit card rewards, and we earned $2.47 in interest income from our online savings account.  I want to take a moment to say that we feel very blessed.  This income allows us to pay our mortgage, save for retirement, live a comfortable lifestyle, etc. and it is only because of God.  We do not deserve it, but pray that we use it to His glory.

In May we spent a total of $9,282.48.  Leading the way was a whopping $1,470.47 in purchases for household items; I guess we’re not buying stuff for our new place J.  Some other large, infrequent expense include: $354.90 for clothing, $230 in extra nanny pay (overtime) and $185.44 for a hotel.

June should be another good income month, led by an “extra” third paycheck for my wife (after I just received 3 paychecks in May).  We will continue to use this “extra” money to pay down our 0% credit card debit.