July 2015 – $69,108 – Net Worth Update (+$2,316.50)4 min read

What Happened

Wow, what a month! In the green in every area (other then the ones at $0). Stocks grew after taking our hit last month. Cash grew thanks to a sale of a vehicle. Savings grew very nicely due to an extra paycheck in the month. The mortgage fell! All good things heading into August! We are thinking that we will be able to close out our 6 month emergency fund of $15,000 this month by moving the proceeds from the car sale and our extra money over to the emergency fund this month. Only time will tell!

Net Worth - June 2015

Assets

• Home Value - $160,000 - Holding on to this number since our appraisal was done before our refinance (August 2014)
• 401k - After moving over last month and dropping due to fees, we gained a little of it back (12% of the cost) this past month. Hopefully the trend will continue and we will be ahead in no time! We have started sending 5% of my wife's check into her new 403b plan, so this number should start growing more rapidly in the future as our contributions will increase.
• IRA - came back a little this month, ~$20ish... nothing to get excited about, but not a loss, so that's good!
• Auto Value - Same value according to Mint.com
• Cash Money - We sold a car and profited around $1,000! This is sitting in the account waiting to clear, but will be moving over towards our emergency fund. Another thing we did was have to bail out our Auto Repair Sinking Fund since it was down about $1,180 for the year due to extra repairs we've had over the last 5 months. We decided to bring it back to $0 since we had an extra paycheck this month.
• Savings - Our goal was to finish our emergency fund this month, but since we cleaned up our sinking funds and balanced them out due to spending more then we had allocated, we came up a little short. We have the check for $1,000 in the checking account and will be moving it over this week, which will put us only $714 away from our goal. This should be easily attainable since we had already taken out our grocery money for August with our extra check at the end of July. Hopefully, we'll report back next month that we're done with Baby Step 3!

Liabilities

• Home Mortgage - Another $393 knocked off of principal! Love seeing steady growth of principal being paid off each month. This is $2.00 more that went to principal this month then last month. We will be over $400 a month in principal soon enough! Same message as last month, steady progress towards our goal! I do love that we are now under the $145k mark!

Take Away for the Month

Very happy with the way this month turned out! Great growth, adding over $2,300 to our net worth feels really good! We are knocking on the door to $70k for our net worth! I think we might be able to hit $80k by the end of the year. That is, if we keep growing and staying intentional about how we use our money!

It was awesome to have the money from the sale of the car come through for us. This really helped us fund more of our emergency fund. Creating a solid budget for the month also meant that we could take advantage of every extra dollar and make it work harder! I am thinking in the near future, we are going to see a LOT more growth out of our investments as we get to transition from emergency fund building to retirement in baby step 4 of our journey! Also, looking forward to seeing more of our money get out there and go towards our house eventually, but, again, baby steps is what it takes to accomplish and win the overall goal, to become wealthy and give!