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Our Spending Habits in August
I'm surprised at how quickly 8 months fly by. The big news this month was we lost a car and we gained a new one.
I'll explain more below, but I find it amusing that we got into a car accident on the first of August and we bought a car on the last day of August.
Eating out was a bit of an issue here this month. One reason was that sharing a car and commuting sucked up a lot of our time.
Homemade meals at our place typically need to be planned out, so we cheated and just ate out more instead.
Checking & Savings
Our balances definitely looked great as we logged into bank accounts, but a big chunk of it will be gone come next month.
We've kept the $8,000 tax credit in our bank accounts until we had the car situation settled.
Now that we have bought the car (less than we budgeted!), we'll go ahead and schedule a large payment to knock down our principle on our mortgage.
Between that money and the cash we spent on the car, our balances will be a bit lower. It's still looks as if we're growing our accounts, so I'm happy with our progress.
The good news is that we got a fair deal and the car looks to be good enough to last a few years. Let's hope we're right. 🙂
Our Retirement Accounts
We're having a bit of a problem with accessing one of the accounts. It seems as the company handling it has a confusing way to login and now we've been blocked.
I have Quicken keep track of the portfolio, so we're not totally in the dark. Hopefully, Human Resources can get that fixed quickly.
House and Mortgage
No real changes here, I hope next month, we'll share a big decrease during the monthly.
Here’s where we stand today with the mortgage:
- Total Loan Amount: $121,573.41
- Interest Rate: 5.00%
- Loan Term: 30 years, fixed rate
If we continue to pay $150/month extra towards principle, our 30-year mortgage will become a 20-year mortgage. That means we’ll save $42,408.57 in interest payments!
Like the past few months, we’re chugging along with the student loan payments.
Payments have been automated so it’s been relatively easy; we just confirm payments have been made each month.
After tallying up all the accounts, I’m happy to report we’re growing our net worth.
I was really upset with the car accident as we had to go hunting for a car.
I was worried that we might have to go over budget and dip into our emergency funds, but thankfully we didn't.
Net Worth (as of August 31st, 2010): $38,543.59 (+7,350.19)
Your Net Worth Update
How are you doing with your finances? How are you doing in 2010 so far?