Net Worth Update, June 2015 (plus bonus Q2 checkin)

networthupdateI have a hard time knowing how to assess this month; I was out of town for half of it, spent weirdly on groceries, bought some clothes that I probably shouldn’t have, replaced my computer’s hard drive, finished paying for last month’s car repairs, made a lot of side hustle money, watched the stock market drop, pretty much broken even…. I don’t quite know what to think. Nor do I really know how I’m doing on my yearly goals, so I’m kind of looking forward to writing up the end of this post where I do that analysis and find out 🙂 So, since I don’t have much interesting to say about June…. To the numbers!

Screen Shot 2015-06-29 at 9.22.02 PMWell…huh. That’s not so good. I really don’t like seeing that red $61 at the end of the totals line. Notes:

1) Travel — this was mostly meals out, plus a botanical gardens entrance fee and some assorted travel costs like buses to/from various airports. My friends paid for my plane ticket and all the food we ate at their house. The funds for this were taken from my travel savings account, not from my general budget.

2) Slush — I bought a rice cooker, a paring knife, a couple of used books, and a subscription to The New Yorker (I got a really good discount deal, and I really miss The New Yorker. Way more than I miss New York!)

3) Gremlins — only one this month. I became a member of the NAACP. It’s only $30 and if you’re feeling like making a response to the Charleston shootings, you could do a lot worse. Another good option is donating to the Southern Poverty Law Center.

4) Repairs etc — half of that is the rest of the car repair, and half is the new hard drive.

5) Clothing — sigh. I shouldn’t have done this. I bought more stuff from zulily early in the month when it looked like I was going to have all kinds of $$ to spare. I basically need to not buy clothes again unless they’re returnable or unless it’s the end of the month.

6) Gifts — I hadn’t planned on this, but I ended up buying my friends some stuff for their new house as a housewarming gift. To be precise, I bought them trash cans and trash bags, because I fully believe that the worst thing in the world to try to move from one place to another is your trash cans.

Screen Shot 2015-06-29 at 9.44.23 PMWow, that market drop on 6/29 was dramatic. If it hadn’t happened, I would have beaten my target net worth for the month by a few hundred dollars. On the other hand, if I hadn’t spent all that on clothes and gifts and slush purchases, I would also have beaten my target be several hundred! On the other other hand, without the $415 in side hustle income I pulled in, I would’ve been in pretty awful shape. So I’ll try to do better in July — no more clothes buying, for one thing. Anyway, the upshot is I had my highest income of the year this month, at $3572 net after taxes/deductions, and I lived on 45% of that income, so that’s pretty good by the percentages, even if the raw numbers don’t look that great. My net worth rose $1775, and now stands juuuuuuust barely over my monthly goal, at $25,035.

Bonus Q2 checkin

This is where I find out in real time, as I’m writing this, how I’m doing at six months into the year 🙂 (To recap, just before the new year, I made some 2015 goals and promised to check back in at the end of each quarter.)

1) Emergency Fund: Contribute $500 every month until I reach $5000. On track! And nearly there, thank heavens; I’m really tired of diverting all this money every month.

2) Retirement Savings: Contribute $1000 to my 403(b) every month. Yup! Pretty easy since it’s automatically withdrawn. Market’s down right now, but I’m not worried overall.

3) Contribute $500 a month to a combo of travel, down payment, and gremlins funds. Yes, this is doing well; I faithfully put the money away each month. However, some of it’s been spent back out (travel stuff basically). A harder goal to measure than I’d realized.

4) Net Worth: growth of $1500 a month. Doing really well — I’m actually currently averaging $1836 a month. That said, I’m behind where I’d need to be to be on track with my stretch goal of a $24K ($2000/month) increase over the course of the year. I’m not really sure I should have this goal anymore, which is something I should write a post about soon.

…and that’s all. Better than I was afraid, really! Glad to turn the leaf over to a new month, though.

31 thoughts on “Net Worth Update, June 2015 (plus bonus Q2 checkin)

  1. Brave of you to post your numbers on the down day. I’m hoping it recovers tomorrow. If not, this will be my first down month. I have a level head about it and that’s good. If its going to stay low, I hope it stays low through Friday. LET ME BUY ON SALE!

    Congrats on breaking $25k. You’re also doing great with all your goals.

    p.s. Rice Cookers are amazing. I love mine so much. Enjoy your rice!!

    1. thesingledollar says:

      I was afraid it’d slide even more today and prevent me from breaking $25K 🙂

  2. $1950 in savings! Seems like a good month to me. 🙂

    1. thesingledollar says:

      That’s what it’s supposed to be! But careful reading will demonstrate that I also took $125 out of my travel savings, so the net’s a bit lower than that in reality. I did ok on savings though, for sure 🙂

  3. Hannah says:

    When we were considering where to give for the Charleston shootings, the NAACP never even crossed our minds. Southern Poverty Law Center ended up being our choice, but that was because our church chose it as the recipient of a special offering.

    I’m curious if you feel like your investing goals are ever getting in the way of your overall financial strategy? For example, would you have chosen a different repair path for either your computer or your vehicle if both hadn’t bonked in the same month?

    1. thesingledollar says:

      Interesting way of putting that question. The car and computer would have been the same no matter what — neither needs to be totally replaced yet, so it was just a matter of doing the correct repairs and the price on those is fixed — but that said, yes, this month did make me think that maybe my investment goals are too aggressive. I don’t want to be in the position of being old and having nothing saved, but I also don’t want to be in the position of having so much of my net worth tied up in inaccessible places (retirement funds) that I can’t cover basic maintenance and spending without stress. What I was hoping I’d do during the first six months of this year was have enough low-spending months to build up a cash reserve (outside of savings accounts) to cover repairs. But I’ve had enough expenses (some unnecessary spending, but most necessary/semi-emergency spending on car, plane tickets, computer, and the like) that that reserve hasn’t materialized, so everything’s either being spent, or going into long-term goal funds that I don’t want to touch for day to day stuff. It’s time to revisit my strategy, because I’m not sure what the answer is. I may wait until the emergency fund is full (two months) to rethink things, but I think some rethinking is coming.

      1. Hannah says:

        Maybe instead of rethinking your current strategy you can think about your “future money” (ie your next raise or your side hustle income) could be more devoted it to the mid term financial goals (e-fund, house fund, travel, targeted savings, etc.) instead of those long term investments. I know that’s not what the good financial people say to do, but I feel like a robust cash flow makes me feel richer than a high net worth.

        1. thesingledollar says:

          Yeah, that’s been my plan with potential raises, but the next one would be a year from now, so it’s a bit tough to know how to handle the intervening 12 months. I really do want more cash flow though in the interim.

  4. Jenna says:

    So $61 down in cash, but you still saved a good bit! There’s a silver lining in that. I hope your next month is a good one!

    1. thesingledollar says:

      I hope so too! Thanks!

  5. You’re doing amazing with the savings despite a little overspending! This was a weird month for me too, and it seems like a lot of people. Never put a lot of weight into astrology but hmmm.

    1. thesingledollar says:

      I’m getting super tired of saving everything though 🙁 I need to either renew my motivation, or ease up some, before I break and spend a ton of money on something crazy.

  6. Cindy says:

    Glad to hear I’m not the only one who had a spendy June. It was a weird month, wasn’t it? Super awesome that you broke $25,000!

    1. thesingledollar says:

      Well, if this Greek debt thing goes on, it probably won’t last long 🙂 But it’s nice to see! Thanks!

      1. Cindy says:

        I kept seeing a lot of posts today about the markets being down, but checking my accounts everything looked fine. I just checked again: I’m down $377! Guess it just goes to show how fluid net worth really is!

        1. thesingledollar says:

          Yup! I’m less concerned about that part than I am about the cash part, for obvious reasons, but it’s definitely a good reminder that things don’t *always* go up 🙂

  7. Hey, GREAT job being on track with your year’s goals! You’re totally inspiring 🙂

    1. thesingledollar says:

      Man, I feel kind of uninspirational right now, but I’m hoping it’s just my low caffeine levels 🙂 Thanks.

  8. Debt Hater says:

    You still managed to hit your goal even on one of the biggest drops in the market this year – great job! Looks like you’re probably even a little higher than that now judging by the slight recovery in the market too. I think you still might be able to hit your stretch goal with some good luck. And only two months until the emergency fund is fully funded. That should free up some cash towards that goal?

    1. thesingledollar says:

      OMG I cannot wait to start putting $$ into non-emergency accounts 🙂 I think to hit the stretch goal would require extraordinary luck at this point; I probably got some of my bigger unexpected boosts (tax refund) earlier in the year. However, I should wind up somewhere in between my basic and stretch goals, and will try not to be disappointed with that! Anyway, thanks 🙂

  9. ARBM says:

    My June has been a very spendy month too… some expected and planned for… others have just come up, or came in way over what I expected… Hopefully July will be a bit better…

    But well done on the $25,000+ net worth, in spite of the market being down!

    1. thesingledollar says:

      Thanks! I hope the market recovers so everything looks awesome for all of us at the end of July 🙂

  10. Jessica says:

    Ugh that stock market dip yesterday made me sick! Thankfully our investments came up a bit today… I’ve been debating getting a rice cooker on and off for a long time. For some reason I’ve really screwed up rice in the past, but lately I’ve been doing better. Even with the bit of excess on the spending side you still met your savings goals, so I think that’s pretty awesome!

    1. thesingledollar says:

      I mean, my investments are meant for thirty years from now, so it’s no big deal really, but yeah, I would have liked more margin on the net worth update 🙂 I’ve kind of wanted a rice cooker for years, but been putting it off. But I just realized that the one I bought, which came recommended by Cook’s Illustrated, was actually really cheap, so I went for it. I’ve only made quinoa in it so far, but it works great!

  11. I have to delete zulily emails before opening. They’re deadly!

    1. thesingledollar says:

      I think I might have to do that too now!

  12. Well done! Repairs and maintenance are the worst! Good job staying on track. I feel like I’m always going over.

    1. thesingledollar says:

      Things get out of control so fast, don’t they?

  13. Yeah I would say your month was a success considering. So once you reach your 5k emergency fund, what are you going to do with that extra $500 each month?

    1. thesingledollar says:

      Hi Alexander! My plan is to (1) put that money into my repairs and professional fees slush funds for several months and then (2) starting in January, give myself $100 extra a month for general spending money and put the other $400 into my down payment savings fund.

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