|liquid assets – debts||$49,000||$15,000||$6,900||+$6,300
|$ until FI||$823,900||$846,400||$835,700||-$10,700
Spending was pretty average this month. I got my annual insurance bill though and it’s due a month earlier than I thought it was AND went up by almost $300 (payable in July, when I had thought August). I asked my agent to check the rates and the package I have is still the cheapest, so I guess this is what I’m stuck with. I also did a lot of stock-up spending in June and had a bit of a weekend away.
My net worth is now close enough to $400,000 that I would probably surpass it in July if I wasn’t going to get only a $650 paycheck due to finishing up my maximum 401(k) contribution. Instead of making any pre-payments this month beyond some credit card rewards early in the month, I pushed all of my after-tax paycheck savings (only $1,300 this month) to savings to help cover cash flow for the next few months. Since the interest rate on my checking account (1.57%) is better than the interest rate on my savings account (0.87%), I left the money there instead.
Expenses: I spent $2,870 in June after the mortgage or $1,840 without it. So far, my total spending for 2014 is $22,750, which is $45,500 annualized. To hit my $38,500 spending goal for the year, I need to spend no more than an average of $2,625/month over the remaining 6 months this year. I’m starting to think that the annualized figure is looking more realistic than my original goal due to various fixed costs going up more than I had thought (HOA dues, insurance, and property taxes are up over $1,000 combined from 2013).
Some of my controllable expenses broke down as follows:
- $107 Athletic wear – 5 more workout tank tops and some underwear. Found some good sales :)
- ($55) Jewelry – I returned the two necklaces I didn’t like from last month.
- $91 Outerwear – I bought a new long rain jacket. It’s off season for it, but it was exactly what I was looking for. I’m going to donate my old long rain jacket that I don’t really like the style of anymore.
- [Total clothing spending in June: $143] – it almost seems like I need a no new clothing ban in the next few months while I sort out job stuff!
- $104 Entertainment/Social – And we’re back to a more normal month for this year. [average this year: $208, last year: $224]
- $25 Eating out by myself [average this year: $14, last year: $25]
- $1 Groceries [average this year: $204, last year: $152]
- $170 Work lunches [average this year: $159, last year: $77]
- $53 Internet
- $109 Electricity – this is for April/May [total so far this year: $519, last year: $520]
- $101 Household goods [average this year: $30, last year: $29] – Stocked up on hand soap refills, toilet paper, propane, and bought some LEDs to replace the kitchen, hallway, second bedroom, and master bedroom overhead lights (divided in half, mostly).
- $20 Eyebrows
- $79 Toiletries [average this year: $22, last year: $31] – stocked up on vitamins, moisturizer, loofahs, shampoo, and conditioner. I should be good on all of those counts for the rest of the year.
- $103 New router (half of the cost)
- $151 Furnishings – some new small kitchen things including a very nice knife (half), new sheets, and some bedding plants
- $35 Fuel [$70 so far this year, $176 last year]
- $335 Travel – had a nice weekend away! Such delicious food.
I found myself at Costco this month and saw some LEDs for $6 each, not the $21 each I’d found on Amazon. At that cost, they’re basically a wash for the first year and then for the following 20 years, I will save $84/year on electricity. To me, a year payback period was pretty much a no-brainer, so I bought enough to replace them all. Woo! That felt pretty good. This move should save about $9 per electricity bill! It might even help get me fully into the first tier of electricity for the July and September bills, which would mean that those two electricity bills would be $40 or less! Now I’m excited for my July electricity bill :)
I am thinking about putting a ban on buying new clothing for the next few months until I get another full paycheck (July doesn’t count since it’ll only be $650 with maxing out my 401(k)).
Savings: $23,700 (up $1,400)
These funds are spread across a Chase savings account, a general online savings account, a checking account that gets free ATM fees anywhere in the world, and my health savings account.
I’ve decided to keep the Chase savings account open even though I could now close it with no penalty as it has come in handy a few times, for example to get a deposit rather than a statement credit for credit card rewards and then immediately send them to the mortgage. Plus, it is only the opportunity cost on $300, which at the Ally online savings account rates loses me $2.55/year.
I added my meager paycheck savings of $1,300 and change to savings this month, rather than the mortgage or investments. Plus interest rounded it up to the next $100.
Investments: $156,700 (up $4,400 or +2.9%)
This includes my Roth and Traditional 401(k), my 401(k) employer matching (fully vested!), my Roth IRA, my taxable investments including stock index funds and Series I Savings Bonds.
The change here comes from:
- About $2,500 in stock market gains, dividends and interest, about $900 of which was dividends (far more than I put in this month!)
- May paycheck 401(k) contribution and employer matching
- (basically the same numbers as last month!)
Mortgage: $152,200 (down $800 or -0.5%)
Some statistics here:
- 2.5%: the interest rate on my 5/1 ARM
- February 2018: when the interest rate on my mortgage is set to reset, possibly to 7.5%
- 0: months of payments eliminated with this month’s pre-payments
- < $100: extra payments made on the mortgage this month
- < $1: interest this month’s extra payments will save me on the next regular payment
- 31.0%: portion of my regular payment went to interest (originally was 59%; down 4.4 percentage points from May)
- 57.5%: amount of equity in my condo, assuming purchase price
- 46.8%: amount of the mortgage I’ve paid down
A pretty bland month for the mortgage. This will continue to be the case until I start a new job. I’m going to stockpile cash in the meantime.
TOTAL: $395,300 (up $8,200 or +2.1%)
I ended 2013 with a net worth of $345,900, so I’ve seen a change of +$49,400 (so close to $50,000!) or +14.3% so far this year. I’ve set the y-axis on this graph to $465,000 so we can see how my net worth grows towards that throughout the year.
And let’s take a look at how I did on June’s goals:
- Go to the barre place by work twice per week before/after work. FAIL! I think I went once some weeks. There was just too much going on and it was hard to prioritize it.
- Commit to some form of exercise each weekend day, any of: a) 30-60 minute walk, b) 45 minute run, c) any distance/length of bike riding, d) going to a morning class at the yoga studio near my place (three time choices!), or e) doing some sit-ups and push-ups at home. Log it in Google Calendar too. PASS! I think I did better at this than I have been.
- Send $2,000 to the mortgage on pay day. FAIL! I didn’t send any AND only ‘saved’ $1,300 after-tax, not $2,000. Boo insurance bill going up.
- Keep my total spending (including the mortgage!) under $2,400. This should be do-able, especially since I don’t have to pay for groceries. FAIL! I spent $2,870 including the mortgage. Almost $600 was unplanned, stock up type items.
- Enjoy the first of our summer weekend getaways! DONE! It was great.
Now for some new goals for July:
- Study for interviews.
- Apply for jobs and interview places!
- Get at least two offers for new jobs.
- Go to the barre place by work once per week.
- Try to keep discretionary spending (i.e. non-food) to a minimum. (I know this isn’t very SMART.)
- Figure out how long my health insurance will last with my employer once I leave.