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Our Spending Habits in May
It was a busy month in May and while the stock market (and our retirement accounts) went down, our other accounts were steady. After taking into accounts everything, we were pretty level with a net worth, seeing a relatively small dip. I wish we could've seen a bump in net worth, but it's par for the course.
By the way, I'm now uploading our spending habits on Flickr, so you can see a bigger graph. As you can see, car expenses were up this month as I need to get the VW repaired, buy 2 new tires, and get both cars inspected.
Good news, we decreased in dining out expenses, mainly because we're trying to cut back before the vacation.
Checking & Savings
Our checking and savings accounts were pretty consistent overall. That's great considering we bought our plane tickets last month. Even though it was cheapest price we've seen, it was still a chunk of money to spend.
We did get our tax refund and I'll include that in June's net worth review.
Like many people, our retirement accounts have decreased last month. We're still contributing to our accounts so we can grab more shares.
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:
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!
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.
After tallying up all the accounts, we saw our net worth go down. I'm hoping next month's review will go a lot better.
Net Worth (as of May 31st, 2010): $24,414.92 (-$1,389.42)
Your Net Worth Update
How are you doing with your finances? How are you doing in 2010 so far?