May Net Worth Update
I decided to start tracking our net worth because I want to keep better track of where we are financially, and especially since we’re trying to hit zero day by September, tracking it carefully will, a) allow us to get there, and b) potentially give us an incentive to get there faster.
So without further ado, here’s where we are starting May out! (Spoiler Alert: We’re much closer to our zero-day than I first assumed! WAHOO!)
Loans. Total: -$21,713.33. Last Month: -$22,386.08.
Total Difference: +$672.75
We changed our monthly payment to $700, and then I added an extra $40 payment on request of Angela from Tread Lightly, Retire Early, who said to take the AirBnB money I saved by staying with her and shooting it at the loans. But even still, we paid A LOT in interest this month. I guess I didn’t notice as much when we were putting more than a thousand dollars towards the debt every month and paying in smaller increments throughout the month. Thankfully, we’re still on track to pay off $10,000 this year. And we slowed down to make sure we also hit our saving goal. So it’s a good change, but I’m a little sad to see this not in the $1,000+ range. Even still, progress is progress. And I need to be happy about that.
Husband 401k: +$6,754.78. Last Month: +$6,049.20.
Total Difference: +$705.58
Retirement is looking spiffy! We’re about nine months away from this account hitting $10k, so I’m not complaining. This 15% thing is really treating us well, what can I say, haha. I’m so ready to get rid of the loans so we can up this contribution even more. But I’m learning to be patient, and enjoy the journey.
My 401k. Total: +$1,519.97 Last Month: $864.84.
Total Difference: +$655.13.
Hello, one comma club! They say that first one’s the hardest. Or maybe that’s the first 100K, but I digress. Progress is slow and steady, but we’re still killing it, if I do say so myself. One of these days, I’ll finally get through my retirement projections, and see how we’re stacking up for the next 40 or so years. On an aside, the husband and I are currently going through Tanja Hester’s Work Optional, and it’s really helping us figure out a lot of what we want our life (and our retirement, whenever that is) look like. Highly recommend it!
E-Fund: Total: +$8,623.01 Last Month: +$6,105.71
Total Difference: +$2517.3. Interest: Two books! ($21.97)
Hello, tax refund! Seeing as I thought we were going to have to pay, and we ended up being paid, I’m not complaining that it was a lot. And honestly, it’s easier to make one good decision with $2,000 than it is 12 smaller decisions of $166, And now we’re only three months away from that fully funded emergency fund! Instead of having to wait until almost the end of the year to make our goal. Celebrate good times, c’mon!
We went back and forth about funding this account with the tax refund or using the money to pay off our student loans, ultimately, we decided to fund the emergency account and then continue to fund it over the $10k we had planned because a) husband’s car is up there in mileage (167K is not a small number of miles—although we’re hoping to see it through to the 200K stage), and b) a move is in our near (1.5-2 years) future, and I want to make sure we’re saving for that as well.
And it helped because we bought two vacuums this month, too. Our old one was NOT cutting it with the dog fur, and it was time for an upgrade. And my car had another problem (thankfully, not as expensive as last time, but still!), so our savings would have been closer to $100 without it. Ugh, soon, there will be a month that we don’t dip into this. The vacuums, while not an emergency, were necessary with the new doggo. And they were both on sale, so we saved about $300 on a purchase that we were going to have to shell out money for anyway. I’m thankful we can cashflow large expenses like this, but I’m looking forward to a month where we don’t have to. Same with the car, glad we could afford it. Sad we needed too.
Adventure Fund. Total: +$787.52 Last Month: +$424.29.
Total Difference: +$363.23
A bit tax refund and a bit hoarding all my extra side hustles here. But $315 is a nice little jump, that’s for sure. It could have been more, but I spent $85 on a weekend in Seattle, and $15 on a conference by one of the author’s I read this year. And husband and I spent just under $200 on our trip up to Oregon for our first anniversary. What is this nonsense, married a year?!
Then again, that’s exactly what the adventure fund is for. It’s guilt-free money that we use to have a crap ton of fun. This month was a big spending month for adventure fund, but now it’s back to saving until Thanksgiving, so we can see my family! We’re buying our tickets soonish, so expect to see this number go down in the next month or two. Especially with my side hustle attached to the school year. Summertime, the money dries up some. However, I’m developing a summer course, which I hope will help. And I’m also dipping my toe into freelancing.
Random Cash. Total: +$1649.31 Last Month: +$1,627.13.
Total Difference: +$22.18
Again, this money fluctuates all the time depending on which bills have been paid. But it’s still a solid chunk of change, so I include it. This time we stayed practically even, so I’m impressed. Haha.
Total Difference: So How’d We Do?
Overall Assets. Total: +$19,334.59 Last Month: +$15,071.17 .
Total Difference: +$4,263.42
Loans. Total: -$21,713.33. Last Month: -$22,386.08.
Total Difference: +$672.75
Entire Picture. Total: -$2,378.74. Last Month: -$7,314.91.
Total Difference: +$4,936.17
Wow, we did fantastically. Even without our tax refund, we were able to increase our net worth to $2500 in a month WITH several big purchases. And our tax refund was just icing on the cake. Which means that next month, we have a fantastic shot of hitting zero day! How insane is that! To hit it at the beginning of June instead of September! That’s four months earlier than I thought we could do it!
And it comes as an excitement because after we hit zero-day, the pennies aren’t as needed, and so I’m going to round everything for easier math. Hallelujah! I have been waiting for this day for a while now, and it seems like it’s almost here!
We’ve also finally decided that we’re celebrating by organizing my craft corner and sprucing up the house. I have a terrible habit of never decorating, but I also feel like our house doesn’t quite feel like ours, and so adding teals and yellows will for sure help settle in a little more.
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[…] While tutoring definitely does not pay enough for me to quit my current job, or reach the illusive financial freedom, but it helps power my family’s Adventure Fund. […]
YAY! You are doing so awesome. And love that you really did save that Airbnb money and put it toward your loans ????
Haha, I would have felt SOOO guilty if I hadn’t… And, in the grand scheme of things, loans was a really decent use of $40! 🙂
This is very impressive, and I am super excited for you. <3
<3 THANKS! I’m so ready to be in the positive!
You had such an amazing month!
I feel you on those loan interest payments, though. I used to dread opening up my payment site every month only to find hundreds of dollars in interest newly tacked on. Thankfully, as you drop that loan amount lower and lower, that feeling of dread starts to go away as your interest seems smaller and smaller! You’ll be there soon!
Looking forward to your zero day post, which is going to be here faster than we know.
Congrats again!
Elise
Thankfully, my loan payments are automated (saves me .25% on interest that way! WOOT WOOT!), but it does suck adding it all up on my debt tracker… especially with how much I still owe. But in a few years, IT WILL BE GONE!
Also, thanks on the Zero Day encouragement. I’m so EXCITED. It’s so close. I’m really, REALLY hoping that we can get there by the end of this month, but it’s a bit of a stetch. Still, fingers crossed that we get there! If not, DEFINITELY in two months.
I never decorate either, but since I will be waiting a REALLY long time to feel like our house belongs to us if I will only accept it with a paid off mortgage, I guess we’ll have to do a LITTLE decorating 😀
PiC is wanting to do some painting and I want no part of it 🙂
Which vacuums did you get, and how are they coping with the dog hair?
We got a fancy Shark vacuum that was on clearance because the newer model came out and I LOVE IT! And we actually didn’t get two vacuums, we got a vacuum and a floor shampooer thing, since she LOVES mud. It’s another one we got on clearance. I don’t know the name of it, but it works well enough.
Exciting stuff, getting so close to zero day! Glad you were able to cashflow the vacuums, though “We can afford it, but I wish we didn’t have to” expenses always suck. It sounds like you still had a fantastic month despite it all. That’s a pretty big thing to celebrate!
Good luck on the decorating!
We did have a FANTASTIC month!! I’m still blown away by it (even if deep down I feel we could do better I’m looking at you, vacuums!). And I’m really working on being content with progress, because the journey is just as fun as the destination. Haha.
Zero day is getting closer and closer! I am betting it’ll happen next month. ????
I’m sooooo hoping it’ll happen next month. At the edge of my seat with anticipation hoping… May is the last month of solid side hustle income (darn kids having summers off), which means that if it doesn’t happen then, it’ll probably happen in July, rather than June… However, I’m exploring other side hustle income options, so we’ll see… For now, fingers crossed for June!
You can do it!!!! 🙂
Thanks!!