After updating my net worth I went ahead and updated my progress bars on the left.
Earlier this month we paid off the remaining balance on my credit cards. We no longer are carrying a credit card balance from one month to the next. We are really excited about this because this was the debt earning us the highest interest.
For retirement we are only 18% of the way to our year end goal of $10k. After a quarter of the year has gone we are about 7% behind on this goal. Hopefully the market will turn and catch us back up in the next couple quarters. If not we will need to consider contributing to my IRA to reach this goal.
Our total debt has been reduced to just under $38k. This puts us 34% of the way to our year end goal of $30k in debt. We are well on schedule here. However this month we are taking on a mortgage. I will need to readjust this goal next month including the mortgage in our total debt calculation.
Total net worth has increased to $25,877. This puts us 66% of the way to our year end goal of $30k. When I made this goal I was not sure how much the wedding would cost us and hold us back. Now however, I am optimistic we will reach this goal within a few months and I may need to push for something higher. How much higher I have no idea.
Wednesday, April 2, 2008
March Net Worth Update
March was a good month for my fiance and I. We filed my fiances taxes and recieved about $1,000 refund already from her federal and states. This money was put directly into our wedding fund as we had planned along to save all tax refunds for the wedding.
Assets:
Cash was up this month because of the taxes mentioned above. We also did not have to make our payment on our wedding location this month because my fiances parents covered it. I'm hoping this will be the same case next month.
Retirement was up slightly but I feel like we contributed more then the increase shown. So this means our returns were down and ate up some of our contributions. Hopefully next month the market will turn in our favor.
Total assets increased by 3.87%
Debts:
Credit cards took a giant decrease this month. This is because we made the payment to pay off all my credit card debt. The amount we still have in credit cards is for daily expenses that we pay off in full each month. A balance will no longer be carried forward on the credit cards.
All the other debts were paid down with thier usual amounts.
Total debts decreased by -3.95%.
This gives us a total net worth increase of 17.96% or almost $4,000. We have crossed over $25k for our net worth!
Next month I am afraid we must have a drop. We will be closing on our house April 18th so will be paying out money in closing costs. We also might have to make a payment on our wedding location. We are also paying for a drain for our new house backyard where there is a problem with pooling water. This money will be put into escrow by the sellers so I am not sure when we will get the money to pay for this or if it will come out of our pockets at first. Hopefully we will still be able to break even or not go down too much!
Assets:
Cash was up this month because of the taxes mentioned above. We also did not have to make our payment on our wedding location this month because my fiances parents covered it. I'm hoping this will be the same case next month.
Retirement was up slightly but I feel like we contributed more then the increase shown. So this means our returns were down and ate up some of our contributions. Hopefully next month the market will turn in our favor.
Total assets increased by 3.87%
Debts:
Credit cards took a giant decrease this month. This is because we made the payment to pay off all my credit card debt. The amount we still have in credit cards is for daily expenses that we pay off in full each month. A balance will no longer be carried forward on the credit cards.
All the other debts were paid down with thier usual amounts.
Total debts decreased by -3.95%.
This gives us a total net worth increase of 17.96% or almost $4,000. We have crossed over $25k for our net worth!
Next month I am afraid we must have a drop. We will be closing on our house April 18th so will be paying out money in closing costs. We also might have to make a payment on our wedding location. We are also paying for a drain for our new house backyard where there is a problem with pooling water. This money will be put into escrow by the sellers so I am not sure when we will get the money to pay for this or if it will come out of our pockets at first. Hopefully we will still be able to break even or not go down too much!
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