May 2007 Net Worth
Posted on June 04, 2007 by Him and tagged net_worth
| April 2007 | May 2007 | % Change | ||
|---|---|---|---|---|
| TOTAL NET WORTH | -$59,903.97 | -$59,594.76 | 0.5% | |
| TOTAL CHANGE FROM JAN 2006 | +$41,538.16 | |||
| TOTAL CHANGE IN 2007 (Goal of +$32,000) | +$11,193.18 | |||
| Assets | ||||
| Savings | $9,459.42 | $9,846.07 | 4.1% | |
| His SIMPLE IRA | $7,759.60 | $8,205.01 | 5.7% | |
| His Roth IRA | $6,616.65 | $6,815.28 | 3.0% | |
| His HSA | $291.57 | $285.22 | -2.2% | |
| Her 401K | $12,650.54 | $13,428.01 | 6.1% | |
| Her Roth IRA | $3,878.46 | $4,267.95 | 10.0% | |
| Automobile ? | $9,970.00 | $9,970.00 | 0.0% | |
| Household Items ? | $25,000.00 | $25,000.00 | 0.0% | |
| TOTAL ASSETS | $75,626.24 | $77,817.51 | 2.9% | |
| Liabilities | ||||
| Credit Card 1 (~0%) | $355.09 | $395.65 | 11.4% | |
| Credit Card 2 (Rewards) | $2,681.96 | $4,837.58 | 80.3% | |
| Student Loans | $132,493.16 | $132,179.04 | -0.2% | |
| TOTAL LIABILITIES | $135,530.21 | $137,412.27 | 1.4% | |
On the surface, we're looking at our worst month since we've started our blog. What these numbers do not reflect are more reimbursements from my work for this month, to the tune of $1,500.
Also, you'll notice the very large balance on the rewards card for the month. In April we asked Citibank to change the due date so that the statement closing date would fall as close to the end of the month as possible. They complied with my request, but in order to do so the statement closing date was pushed back another month, thus our current statement now includes two months worth of purchases.
Yes, the other credit card balance went up. One of the stipulations of getting a 0% rate is that we have to make two purchases a month with the card. The month was winding down and when we did remember we needed to make a purchases on the card, we decided to just throw some parking and some groceries on the card. We're going to be paying this card off next month, so the purchases are pretty moot.
Our savings hasn't seen that much this month because of a little vacation we took. While we did spend some money, it was in conjunction with one of my business trips, so most of it is going to be reimbursed anyway. I'll explain the expenses of the trip in a latter post.
Looks like we're going to have to tighten up the wallet this month.
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Ted Valentine | Jun 5, 2007
I'm curious what you invest the HSA in, if you don't mind. I have one through work and put in the maximum for a family each month (3 preschoolers and wife always has something medical it seems).
For the first year I did 100% money market. 80% of that was spent. I've decided to go 50% MM and 50% conservative allocation fund (25% stock/75% bonds I think) because we're not having a baby again this year. (crosses fingers)
Until I get some cushion up to $5k, I'm probably going to keep it very conservative and liquid. After that I may get a little more aggressive.
Your thoughts?
Your total change since Jan 06 is impressive. I knwo it is much harder to pay down XXX in debt than to save that much once you are out of debt.
Great work!
Livingalmostlarge | Jun 28, 2007
Good job, but are you sure you should even be counting household goods in Net Worth?
Most people don't.
To read an explanation of why we count household items in our budget, click the question mark on that line in the budget above.
Ty | Jul 5, 2007
never let those minimum purchased get very high. You're acct is up to 300+ when it could have just been a $1 donation here and there. play it like its a game you can lose.
Gary | Jun 5, 2007
I understand, we had a bad month as well. We didn't put any extra into saving, though we did pay off over $2000 in credit card debt.
I wouldn't knock you on the credit cards because of the flip that you did, but you still added $2200 in debt on the rewards card. That doesn't counter the $1500 you still have coming.
Your heart is in the right place, build wealth and don't accrue more debt, but using cards is not the way to help.
"Flipping a credit card up on a counter registers nothing emotionally. If you use credit cards instead of cash you will spend 12-18% more. This is money you could have saved."
check out the website, Please! and good luck.
http://www.daveramsey.com/the_truth_about/credit_card_debt_3478.html.cfm
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