July had its fair share of ups and downs. Let’s get right to it…
Net Worth as of July 31, 2014: $211,675
Overall, my net worth increased by $88,538 this month!
A terrific increase in net worth this past month, the largest increase by far, but I’m still disappointed with myself. Let’s head into the breakdown to see why.
Cash: $1,374 [MTM ($1,151)]
Every month, I say this category always fluctuates. This month is no exception. Unfortunately, it didn’t fluctuate in my favor this time around. A huge chunk of this decrease was due to the travelling I did as well as some travelling I booked for September.
Savings: $1,123 [MTM ($99)]
My emergency fund is still in tact at $1,000. My travel fund decreased by $99, which was completely expected since I just got back from San Diego and used that money as play money. That’s the whole point of having a travel fund in the first place, right? So I wasn’t too sad about this decrease.
401k: $413 [MTM $271]
Slow and steady is the motto for this account. I love that my employer immediately matches my contributions every pay period. My previous employer only matched my contributions once a year.
Traditional IRA: $8,785 [MTM ($113)]
A small loss this month for the Tradish. The markets aren’t performing too well, plus the fact that I am not contributing one penny to this account is the reason for this drop.
Roth IRA: $14,890 [MTM $283]
Yes, this account increased by $283. But considering I contribute about $460 to this account every month, I actually lost money this time around. Darn it, markets! When the market performs well, it’s amazing! When it doesn’t do so hot, it’s not fun at all 🙁
Est. Car Value: $17,821 [MTM $0]
No change this month. I’ve decided to update this quarterly. Next update to this value will be next month in August.
Est. Home Value: [MTM $89,000]
I’ve been looking forward to updating this amount for a few months now! This increase in value almost feels as if I’m cheating, though. In fact, if my home didn’t increase in value, I would be looking at a decrease for the month. It’s not like I did anything to cause this bump in value. I guess this is the good part about being a home owner!
Credit Cards: $2,165 [MTM $586]
After last month’s amazing progress in the category, it hurts to see this balance back up over the $2,000 mark. I paid about $1,500 towards my credit card debt this month, but I still ended up with an increase in balance.
Part of it is due to the fact that I put our Air Bnb on my card for our latest trip to SD. But most of my friends paid me back (except for one – if you’re reading this, I’ll be bugging you soon enough)! I guess another reason is due to the fact that I finally booked my flight to New Orleans in September for FinCon. Even though I got a pretty good deal, it is not cheap to fly to NOLA from SFO.
Still, these travel expenses may be hefty, but it simply doesn’t add up. I’m so frustrated at my backwards progress this month that I’m vowing to track all of my expenses for the month of August. As a pf blogger, I know this seems odd that I’m just now going to start tracking my expenses. I’ve been avoiding doing so simply because I’m scared of the findings.
But now – this credit card debt war that is currently underway depends on me being meticulous about what I’m doing with my money. So for August, I’ll be tracking my expenses so that in September I can review, adjust, and hopefully get back on the right track.
Student Loans: $15,654 [MTM ($125)]
I was tired of seeing little $50 decreases each month, so I finally decided to throw just a little more at these loans. A three-digit difference really makes me feel better than a two-digit decrease ever did!
Car Loan: $18,500 [MTM ($331)]
Nothing new here. Slow and steady progress for now until my credit card debt is gone for good!
Mortgage: $275,413 [MTM ($477)]
Same as my car loan – nothing new! I’ll be paying the absolute minimum each month until my situation changes.
This month was my greatest net worth increase yet! But my progress (or lack there of) with my credit card debt is completely overshadowing this feat. I’m trying to focus on the positive, and hopefully my credit card debt progress will be much better this month!
How did your July go? Did your credit card debt yo-yo like mine does?