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Here's one way to start the week- doing a review of last months finances and our net worth. While it's only a snapshot of our finances, doing the monthly reviews allows us to look back and see if there are any trends that we need to tweak and adjust or continue.
Our Spending Habits in May
Here are our 3 biggest family related expenses last month as calculated by Mint:
- Housing (Mortgage, Escrow, HOA, etc): $1,158.75
- Food (Groceries and Eating Out): $391.83
- Auto & Transport: $369.13
Checking & Savings
Glad to say that savings grew a bit last month, even with a big vet bill. Our cat needed to get a prescription refilled and his annual check-up with some labs completed. We also had to renew registration for one of the cars.
Based on how well the cash only spending experiment went in May, I'll be continuing it this month.
While the balances have fluctuated over the last month, we're still making contributions to the accounts. Focusing on our long term plan, we'll keep up the automated deposits. I think once we finish our financial goals for this year, we’ll reexamine our retirement accounts.
Cars and Auto Expenses
We still have 3 cars – the plan was to take advantage of it while one of the cars was inspected and repair, but that hasn't been done yet. Well, now we have to get that done. once that's complete we'll know for sure which one of the cars to sell – either the Jetta or the Celica.
Whatever money we get from the sale will go into the car fund to cover maintenance and seed money for whenever we need to replace a car down the road (hopefully years down the road).
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
It's been a couple of months since I shared our progress on the mortgage. Basically our neighborhood is finishing up on building the last set of town homes. Another set of town homes nearby were recently finished and they are staring at $190s.
Here’s where we stand today with the mortgage:
- Total Loan Amount: $106,249.45
- Interest Rate: 5.00%
- Loan Term: 30 years, fixed rate
We're hoping once the neighborhood is complete we'll see the value of our property go back up to where it was earlier this year.
We’re chugging along with paying down the student loan. I’m looking at projects to take on and increase income a bit so we have more to contribute towards this goal.
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 May 31, 2012): $61,081.09 (+$1,809.62)