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It’s the beginning of the month, which I look back at how handled how finances last month. Before I started reviewing the accounts for this post, I knew that our expenses had been much higher than normal.

Summary of February 2010 Net Worth

Summary of February 2010 Net Worth

Cash Savings and Emergency Funds (-$397)

We spent some money this month paying for movers and getting the house ready. We bought some painting supplies and our friends were generous enough to loan us some of their painting materials. Besides having my car  in the shop, we don’t anticipate any other large bills coming up.

We’re making deposits into savings in March and hope to be back to our regular amount for emergency funds.

Retirement Accounts ($850)

We’re seeing some growth with these accounts, but not much. Most of the growth is due to our contributions.  My husband automatically has his 401(k) contributions deposited to get his company’s match. I have a Roth IRA that I’m contributing on my end.

House ($136,000)

We’re basing this number on the appraisal, Zillow’s estimate, and local price we see going around here. Since we don’t plan on selling soon, we’re not too concerned in the short term for price.

Auto Property ($0)

In case you’re wondering how I got the numbers, I’ve got the prices from Kelly Blue Book. We no longer have car loans, so they are assets. Every quarter I’ll update them to account for depreciation. I went to Kelly Blue Book this month and new amount reflects the depreciation. If you’re looking for tips on paying off your car loan faster, we shared our own family plan for getting it done.

Student Loans (-$106)

The loan is slowly chipping away. I printed the papers for the loan consolidation, but never sent them off. Now I have to start again to get my interest rate lowered. I need to stop procrastinating and get it done.

Mortgage (-$123,239)

The mortgage company should have received our first payment today on the new place.  It’s a 30 year fixed rate mortgage and it’s at 5%. We have a second payment to go towards principle during the middle of every month. We’re hoping to reduce the length of our loan and based on how amortization works, we’re looking forward to saving some serious money.

Credit Cards ($0)

We rarely use this card, so we don’t keep a balance on it.I had a small monthly subscription on it, but that finished last month, so I’m using it sparingly to keep it active. Normally we use the credit card for vacations and then pay it off when we come home. Hopefully we’ll be going on a trip this summer to visit some friends, but it really depends if we can save enough money and if we find a great deal.

Net Worth Thoughts

Our focus will be make sure we don’t have monthly expenses increase due to lifestyle inflation. I will get my student loans consolidated before next month’s review.

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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

6 comments comments closed

  1. Congrats on your mortgage! Here’s to paying it off quick and not letting the banks take more of your hard earned money than they need to. =)

  2. @YandT: Thanks! When we saw how much you end up paying after the completing a 30 year mortgage, we knew we had to do something.

  3. Can I suggest linking the spreadsheet to Flickr or something so the readers can see a bigger version of it?

  4. @Austin: That’s a really good idea. I’ll open an account on Flickr this weekend and try it out. Thanks for the suggestion!