Net Worth

At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on.

At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on.

  • Net worth reviews gives us an opportunity to talk. We have spoken about money before doing these net worth reviews, but having these reviews on a monthly basis has become a part of our schedule.
  • Comparing our budget to actual spending is valuable. These reviews allows us to see if what we planned is reasonable or if we completely missed the mark.
  • We get to see our progress (or lack of) on our financial goals for the year. It’s  handy tool for checking up on our annual and long term goals.

That said, we don’t obsess over the specific numbers when it comes to our net worth. It’s simply a snapshot that we use to gauge our financial progress.

Cash and Bank Accounts

The bank accounts are holding steady which makes us feel pretty good, considering how many expenses came up with the cars and with the business (taxes and licenses). The checking balance decreased by a bit, lowering our buffer, but savings has been doing well. We’ll need it this month as we’ll be purchasing a replacement car for my husband. Our Freedom Fund is gaining a bit of interest over at Ally, which always welcomed.

Mortgage and HOAs

One of our long term financial goals is to pay off our mortgage way before we retire.  Currently our balance on the mortgage is $101, 743. With payments automated, we’re expecting to be under $100,000 by the end of the year.

Retirement Accounts

Our retirement contributions aren’t included in our joint expenses above simply because they are taken out before the money hits our accounts. For the most part, everything is automated, so we just check on a monthly basis that the our 401(k) and IRAs have been funded.

We’re not planning on making any changes to our retirement contribution amounts right now as we focused on paying the student loan off early.

Car Expenses

Since we were down to one car last month, expenses were a bit more due to juggling our trips between us. We also went on a small family vacation and got the car ready by replacing one of the tires that had a nail in it.

In case you’re wondering how I calculate the vehicles’ values, I used Kelly Blue Book. Every quarter I’ll update the values to account for depreciation.

Student Loans

We have one student loan between us. Nothing exciting or new, we’re just chugging along with the student loan payments. Payments have been automated so it’s been relatively easy to keep up with them; we just confirm payments have been made each month.

Thoughts on Money in June

Now that everything has been summarized, it’s time to look at the numbers. Here’s our net worth from the spreadsheet:

Net Worth: $95,709.29

Happy to see us inching to the six figure mark. With a planned car purchase this month, we’ll have to get our savings built up again. I’d love to hear from you about your family’s own money review. How was June for you?

Net Worth Review: Wrapping Up the Debt Movement

by Elle Martinez
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At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on. April was a month […]

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Net Worth Review: March Madness

by Elle Martinez
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At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on. This month had some […]

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Net Worth Review: Looking Back At February

by Elle Martinez
Thumbnail image for Net Worth Review: Looking Back At February

At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on. This month’s review will […]

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Net Worth Review: Looking Back at 2012

by Elle Martinez
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I usually end my review with the net worth total, but for the year end review, I’m going to share my numbers first. From there I’ll share the ups and downs we had. When we started out last year our net worth was at $71,999.38. Now 12 month later, our net worth is $78,202.12. When I first looked at […]

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Net Worth Review: November 2012

by Elle Martinez
Thumbnail image for Net Worth Review: November 2012

At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on. Our Spending […]

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Net Worth Review: October 2012

by Elle Martinez
Thumbnail image for Net Worth Review: October 2012

At the beginning of the month we examine last month’s finances and see how it’s affected our net worth. The purpose of the net worth reviews is to give us a regular system to look at our accounts, see what’s changed, and analyze what went well and what we need to work on. Our Spending […]

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