Net Worth Review: July 2012

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This edition of the net worth review was a bit later than normal as I started running the number this weekend instead of sooner.

As a reminder we do a net worth review as a way to stay on top of how our finances are doing. While seeing an increase is positive, our main concern is to look at the whys and hows of our money.

Our Spending Habits in July

I logged into Mint to get a snapshot of our spending last money. Here are our 3 biggest monthly expenses in July as calculated by Mint:

• Housing (Mortgage, Escrow, HOA, etc): $1,208.25
• Pets: $762.86
• Food (Groceries and Eating Out):$517.06

As you can see the vet visit was a bit higher than originally estimated. Instead of reabsorpotion of 1 tooth we had to worry about 3 teeth.

They're extracted and he's doing well right now, no longer in pain. while that was definitely a chunk of money, we had a heads up. since we have a 0% rate on the credit card, we placed the vet charge on it and we'll be paying it this month and next.

Checking & Savings 

The bank accounts look alright. My husband got a bonus from work with his last paycheck of the month. While it's showing up in the balance checking account, when this is publish it will mostly likely be allocated.

Part of that money will be used to take care of the legal costs to get our wills updated and to get the paperwork done for guardianship should something happen to both of us.

Retirement Accounts

Happy to note that the accounts went up just a bit. We're keeping up with the automated contributions. I’m hoping when we get the student loan paid off we can move our attention to these accounts.

Cars and Auto Expenses

Good month for the cars – no repairs, just had to worry about gasoline and insurance. While gas prices are rising, we've cut back on driving – combing trips and so forth.

House and Mortgage

As you see with our spending review a little while ago, our housing is the largest expense. Part of it is due to the extra principal payment we send in each month. Right now our current mortgage balance is $105,436.26. Paying down the mortgage quickly is both about finances and also about peace of mind.

Student Loans

Things are steadily moving down with the student loan. I paused on extra payments last month because I bought the plane tickets for FINCON12. My goal for August is to make a double payment with the student loan.

Monthly Summary

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

Net Worth (as of  July 31, 2012): $66,060.58 (+$4,420.36)

Let's hope this uptick continues for the rest of the year. How about you? How are you doing with your finances right now?

Photo Credits:  borman818 and Alan Cleaver