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How are we doing with our money? Today we're doing a net worth review of our June income and expenses!
Why We Do Monthly Net Worth Reviews
At the beginning of every
The purpose of the net worth reviews is to give us a regular
- Net worth reviews gives us an opportunity to talk. We have spoken about money before doing these net worth reviews, but having these reviews on a monthly basis has become a part of our schedule.
- Comparing our budget to actual spending is valuable. These reviews allows us to see if what we planned is reasonable or if we completely missed the mark.
- We get to see our progress (or lack of) on our financial goals for the year. It’s handy tool for checking up on our annual and long term goals.
That said, we don’t obsess over the specific numbers when it comes to our net worth.
It's simply a snapshot that we use to gauge our financial progress.
Cash and Bank Accounts
The bank accounts are holding steady which makes us feel pretty good, considering how many expenses came up with the cars and with the business (taxes and licenses).
The checking balance decreased by a bit, lowering our buffer, but savings has been doing well.
We'll need it this month as we'll be purchasing a replacement car for my husband.
Our Freedom Fund is gaining a bit of interest over at Ally, which always welcomed.
Mortgage and HOAs
One of our long-term financial goals is to pay off our mortgage way before we retire.
Our retirement contributions aren’t included in our joint expenses above simply because they are taken out before the money hits our accounts.
For the most part, everything is automated, so we just check on a monthly basis that the our 401(k) and IRAs have been funded.
We’re not planning on making any changes to our retirement contribution amounts right now as we focused on paying the student loan off early.
Cars and Auto Expenses
Since we were down to one car last month, expenses were a bit more due to juggling our trips between us.
We also went on a small family vacation and got the car ready by replacing one of the tires that had a nail in it.
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.
We have one student loan between us. Nothing exciting or new, we’re just chugging along with the student loan payments.
Payments have been automated so it’s been relatively easy to keep up with them; we just confirm payments have been made each month.
Thoughts on Money in June
Now that everything has been summarized, it’s time to look at the numbers. Here’s our net worth from the spreadsheet:
Net Worth: $95,709.29
Happy to see us inching to the six-figure mark. With a planned car purchase this month, we'll have to get our savings built up again.
I’d love to hear from you about your family’s own money review. How was June for you?