|liquid assets – debts||$49,000||$6,900||$12,000||-$5,100
|$ until FI||$823,900||$835,700||$901,300||+$65,600
You’re probably wondering where the big bump comes from when cash, savings, and investments are all down and the mortgage balance only went down a tiny bit. Well, after much debate, I decided to increase the value of my condo in my spreadsheets by 3% for each of the two years that I’ve owned it, compounded. It’s a pretty modest increase based on what prices are looking like around here (I think it’s actually up in value by about 25% from my purchase price), but it seemed closer to accurate than using my purchase price. That bumped me over $400,000 overall :)
Expenses: I spent $4,952 in July after the mortgage or $3,924 without it. So far, my total spending for 2014 is $27,702, which is $47,489 annualized. To hit my $38,500 spending goal for the year, I need to spend no more than an average of $2,160/month over the remaining 5 months this year. I’m not sure that’s going to be possible. We will see how things unfold though!
Some of my controllable expenses broke down as follows:
- $175 Clothing – mostly stocking up on underwear, but also buying a hat and two dresses (mostly with gift cards)
- $142 Entertainment/Social [average this year: $198, last year: $224]
- $28 Eating out by myself [average this year: $16, last year: $25]
- $355 Groceries – for two people [average this year: $225, last year: $152]
- $183 Work lunches [average this year: $162, last year: $77]
- $53 Internet
- $150 Condo insurance, 12 month policy [-$123 from last year based on actual cost, +$10 from last year based on this billing plan]
- $0 Household goods [average this year: $26, last year: $29]
- $0 Toiletries [average this year: $19, last year: $31]
- $90 Recreation – 5 pack of yoga classes
- $115 Furnishings – home decor :)
- ~$1,500 Car insurance, 12 month policy [-$500 from last year based on actual cost, +$300 from last year based on this billing plan]
- $30 Fuel [$100 so far this year, $273 last year]
- $13 Taxis [first laziness this year]
- $158 Umbrella insurance, 12 month policy [-$223 from last year based on actual cost, no change in billing plan]
- $584 Travel – had a nice weekend away! So relaxing. Also started paying for a trip in the fall with some girlfriends.
Note that in 2013, I paid monthly for my 2012-2013 insurance policy through July and then in full for my 2013-2014 policy in August, which is what I’m referencing with last year’s actual cost.
July was a pretty expensive month, though about average if you take out the insurance costs.
Savings: $21,800 (down $1,900)
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 took my August budget money out of here since I made the final 401(k) contribution with my July paycheck.
Investments: $156,500 (down $200 or -0.1%)
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:
- Some stock market losses
- June paycheck 401(k) contribution and employer matching
Mortgage: $151,500 (down $700 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
- $0: extra payments made on the mortgage this month
- $0: interest this month’s extra payments will save me on the next regular payment
- 30.9%: portion of my regular payment went to interest (originally was 59%; down 0.1 percentage points from June)
- 57.6%: amount of equity in my condo, assuming purchase price
- 47.0%: amount of the mortgage I’ve paid down
A pretty bland month for the mortgage.
TOTAL: $412,000 (up $16,700 or +4.2%)
I ended 2013 with a net worth of $345,900, so I’ve seen a change of +$66,100 or +19.1% 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.