July 31, 2012

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 27, 2012

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.

July 2, 2012

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.