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Our Spending Habits in July



july 2010 spending review

July 2010 Spending

It's time for another net worth review at Couple Money. I'm glad to see our little dips in net worth have stopped. We have increased a bit since last month and I'm grateful the tax refund came in (finally). Even so, we  had 3 big expenses this month that account for a chunk of our money.


  • Laptop (gift) We felt really good about this one as it was for someone who definitely deserves it.
  • Car repairs – My husband needed to get that done as it was a master cylinder problem that was getting worse.
  • PS3 –  This was our treat and while I know that it was a big purchase, we're going to be picky with how we budget for games on the system.

Checking & Savings

Our checking and savings accounts looked much better as the deposits came in. We transfered some of the money to our car replacement fund. We know our vehicles won't last forever, so we're setting aside that money.

We're holding off on paying the mortgage down since we got rear ended yesterday. While we expect the other guy's insurance to fix the car, we're still a bit skeptical due to a previous experience with insurance. I just hope the other company does't total my husband's car.

Auto Property

No change with our cars as we're trying to see how this goes with the insurance adjusters. I love having no car payments, so if needed, we'll buy a car with cash saved. It won't be fancy, but we should be able to find something reliable. If you’re looking for tips on paying off your car loan faster, we shared our own family plan for getting it done.

Retirement Accounts

I'm happy to report some of our retirement funds are doing better. It's nice to see the balance go up.

House and Mortgage

We’re really happy to see our mortgage balance go down a bit faster with every month. We’ve been making our extra mortgage payments, with it being directed towards the principle.

Here’s where we stand today with the mortgage:

  • Total Loan Amount: $122,033
  • 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!

Since we received our tax refund, we're planning on using some of it on paying down the mortgage. I'll update the amount once that goes through.

Student Loans

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.

Monthly Summary

After tallying up all the accounts, I'm happy to report we're growing our net worth. I expect the remainder of the year to be relatively uneventful unless there is a problem with the car due to the accident.

Net Worth (as of July 31st, 2010): $31,193.40 (+7,501.86)

Your Net Worth Update

How are you doing with your finances? How are you doing in 2010 so far?

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..

5 comments add your comment

  1. Wow, have you calculated your % increase? $7,500 / $24,000 = a 31% increase in your net worth in one month! Well done!

    I think I’m prodding on at more like 2-3% 🙂 I’m the tortoise.

  2. @Sam: LOL, a tortoise! Well I think you have your finances squared away a bit better than us. 🙂

    It definitely feels good to see the jump, but mostly it’ll be slow growth for us for the rest of the year. It would be nice to see double digit increases month to month though.

  3. That is a nice jump! I am “behind” Sam with an increase of 0.7% this month. Most of the year has been like this for us and I promptly blame the stock market 🙂

  4. @Suba: Thanks! If net worth jumped like this month for the rest of the year, I’d be ecstatic. Unfortunately, it doesn’t look that way. We will, however, work harder to keep it growing.