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I spent a bit more time this month with the monthly net worth review – lots of transactions to sort out. It was harder than normal to sort due to a few trips to stores for multiple purposes (i.e. Wal-Mart & Target).
Our Spending Habits in June
Here are our 3 biggest family related expenses last month as calculated by Mint:
- Housing (Mortgage, Escrow, HOA, etc): $1,198.75
- Auto & Transport: $496.04
- Food (Groceries and Eating Out): $374.52
Happy to see the food expenses stay relatively level. While we do enjoy eating out on occasion, we also like to invite friends over for a meal.
Checking & Savings
Reviewing the accounts brings up something that the two of us need to talk about – savings vs debt reduction. Between all the accounts, the balance has grown and a few options have opened up.
One option is using some of the savings to pay down the student loan. That would significantly speed up paying it off. However it would also mean that we'd be giving up a bit of our financial cushion.
I'm leaning towards paying down the student loan-it would be nice to see the balance drop, but it's a joint decision so we'll figure out what to do together.
Nothing excited has changed with the retirement accounts, we’re still making contributions to the accounts. Focusing on our long term plan, we’ll keep up the automated deposits.
I'm hoping when we get the student loan paid off we can move our attention to these accounts.
Cars and Auto Expenses
We spent about $200 last month to get two tires replaced on the car. I had gotten a flat tire while taking care of errands.
We made some progress with the car situation. We decided which car to sell and which to keep. If anyone is interested in a Celica, please let me know!
We have a little housekeeping to do before we put it up for sale, but hopefully it'll be finished by this weekend. Whatever money we get from the sale will go into the car fund to cover both maintenance for the remaining cars and seed money for whenever we need to replace a car.
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.
House and Mortgage
Here’s where we stand today with the mortgage:
- Total Loan Amount: $105,843.70
- Interest Rate: 5.00%
- Loan Term: 30 years, fixed rate
We're hoping things will turn out well.
Happy to report that several snowball payments were sent to pay down the student loan. The total sent this month was $356.62 with $234.49 (a bit over 65%) going towards principal and the rest going towards interest.
It's kind of frustrating seeing how much is simply going towards paying interest, but it's also motivating me to look for more work so we can increase the contributions.
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 June 30, 2012): $61,640.22 (+$559.13)
Ever so slightly we increased; not great, but it's a move in the right direction.