August was a pretty quiet month overall, once work finally slowed down: expenses were pretty low, savings were “normal”, and I had plenty of time to spend with my boyfriend :) I’m sad that summer is coming to an end (it is my favorite season after all), but I’m really enjoying my new place and am so glad that I doubt I’ll be moving for awhile.
Cash: $9,800 (up $1,400)
Last month, I said: “I’m starting to feel like every month is going to be a high spending month… Expenses came in at just over $4,000 this month with moving.” Well, this month, expenses came it at $2,048.29. Wow. That figure includes my mortgage payment. You have to go back to my last month of college to find a month where I spent less than that.
Apparently (who knew) the trick to low spending months is: don’t travel and don’t move. I mean, I bought some clothes, groceries weren’t any cheaper than normal, I went over on my lunch budget, my electricity and internet bills were higher than expected. Entertainment was a bit low though?
I think that expenses shouldn’t be too bad through the rest of the year, since I have no big trips planned and no moving, but I do have to pay half of the year’s property taxes one month.
Savings: $26,100 (same)
Reserves includes my auto insurance deductible ($1,000), renter’s insurance deductible ($500), and health insurance deductible ($950), as well as 6 months expenses at $3,600 per month and the interest accumulated.
I’m also keeping a condo section around for now to cover small things that I’m planning on buying for the condo. I’m not adding to it, but I’ll let it collect some interest.
Investments: $63,800 (up $1,300 or +2.1%)
This includes my Roth and Traditional 401(k), my Roth IRA, and my taxable investments. I also include the employer matching in my 401(k) since I don’t plan on leaving my employer until the 401(k) matching has vested. Obviously if I did lose the matching, that would be reflected in my net worth in the month that I left my employer.
There were no 401(k) contributions this month since the July paycheck one posted in July (early). This was all market gains.
Mortgage: $269,100 (down $2,200 or -0.8%)
The loan is a 5/1 ARM mortgage at 3.000%. You might think I’m crazy for taking out a 5/1 ARM, but the way that I look at it is that it’s the best rate I can get and I will either pay it off in 5 years with the money that would have gone to cash savings had I not bought a place or I will move shortly after that.
I made $1,600 in principal only payments in August from my paycheck and I also made a small extra payment when I got the security deposit back on my last apartment, in addition to the first regular payment being made on August 1st.
I estimate that the mortgage length is now down from July’s 27 years, 8 months to 27 years, 5 months. I eliminated 3 months of payments with this month’s pre-payments.
To reach my end-of-year mortgage balance goal, I need to make about $3,200 in additional pre-payments.
TOTAL: $188,600 (up $4,900 or +2.7%)
I started 2012 out with a net worth of $132,500, so I’ve seen a change of $56,100 or +42.3% so far this year. The y-axis on the below graph is set at $200,000, which I’m definitely edging towards with four months left in the year.