Wednesday, May 4, 2011

May Net Worth Update

My assets increased by $785.98 and my liabilities decreased by $236.22. Here's the summary explanation:

403(b): (+515.92) In the past few months that I've been doing these net worth updates, I've completely overlooked the contributions of my employer's match. I've noted the increase in my bi-weekly contributions to $125 (thanks payroll tax holiday), but I have not mentioned the $80 extra my job kicks in. Mistakenly, I've attributed the increase in this account to my contributions and market activity only. My bad! In fact, every two weeks, $205 is transferred to this account. Anything above and beyond that amount is due to the performance of the account's investments (between April and May, my investments grew by $105.92).

Emergency Savings: (+1.10) No deposits into this account. Just interest earned.

Regular Brokerage Account and Roth IRA: (+64.04 and +174.45) Recurring deposits of $25 into the regular brokerage account every two weeks and not much going on (save for changes in value of investments) in the Roth. The Roth is kicking a$$!

Savings Account: (+30.47) This increase is a dramatic difference from previous months! And it's all because I'm "keeping the change" ;)

Car Loan: (0) I have yet to make my car payment this month. No worries about any late fees, every time I pay my car note, my credit union advances the payment date because the amount I pay is so high. Nevertheless, the amount that I pay  towards it this month will definitely be more than the required (i.e. minimum) payment, but less than what I initially planned for....all because I went a little crazy (see "credit card" below).

Credit Card: (-837.02) Why, oh, why is my credit card payment so high? I went shopping. And it felt good; largely because it gave me a glimpse of what life will be like once I've eliminated my car payment. I spent as much as a I did because: 1) I was going on vacation (I wanted to have fun and look good doing it) and 2) I knew I'd have the money (i.e. "car payment money") to pay the bill in full and stick to my "no finance charge" goal.

Student Loan: (+45.43) Previously, I've posted the "principal balance" from the "detailed disbursement information" on my account (in which case, the above amount should be $30,096.16, which would make the monthly change for this account +$99.60). However, I decided that the payoff amount (the amount I'd have to pay today to completely eliminate my student loan) would be a more helpful number to track. This being the case, the difference between my balance last month and this month is less than it had been in previous months. I will continue to post the "payoff" amounts in my updates. In the rare event that I play the lottery and the even rarer event that I win, this is the first number that I'd want to be crystal clear on!

Until next time!

1 comment:

  1. I think my net worth look just like yours except I dont have a 403b, Got a Roth, Car loan $5k, student loan 24k. WOO HOO FOR NO CREDIT CARD DEBT. thats something to be proud of.
    I'm also repaying my car loan early. i make an extra payment each month. Payoff by Dec 2011, possibly by Oct 2011. Don't get discouraged keep going. WE CAN DO IT!