Yes, we lost $5k this month but we can’t help but smile! We freakin’ refinanced, baby!!!
Two years of trying and it finally came true. So we’re all still in celebration mode over here… as you can tell from all the recent mentions of it ;)
But that’s how powerful it was – we don’t even care about the $5k we just lost in the stock markets this month! Haha… You think we have control over that stuff anyways? Pshhh…
So while we ended up down for the count in May, our game plan still holds solid and we’re makin’ some good progress. It’s never dull around here, that’s for sure ;) Here’s how our new net worth breaks down this month:
Net Worth Breakdown: MAY
CASH SAVINGS (+$2,271.70): Besides the extra $1,000 we saved from refinancing last month, we had a good amount of blogging income this time around. A lot of renewals and a lot of non-cancellations ;) We also hardly spent anything this month.
EMERGENCY FUND (+$623.88): Back to the original $10k we like it at! We’re usually pretty good at keeping it that way for months at a time, but every now and then we get stuck like everyone else and have to dig in. Fingers crossed we have a ways to go until that happens again though…
*NEW –> TAX FUND (+$1,860.00): Still keeping this in a separate category for now… it’ll go up and up and UPPP every month, and then come crashing DOWN every quarter :) Haha… gotta love paying your own taxes.
IRAs – ROTHS & SEP (-$1,141.80): Just the markets doing their thang… we haven’t added a penny to these accounts the last few months. And probably won’t until the end of the year when I try and pump up my SEP to save on taxes.
401(k)s (-$5,400.95): Same dealio here. Nothing added, just a whole bunch subtracted ;) I SWEAR my owed 401k money is going to come in any day though! I haven’t stopped fighting for it, don’t you worry. We’re talking almost $20k here!!!
AUTOS WORTH (kbb) (+$600.00) : I know Toyota’s hold their value, but jeez! These numbers fluctuate almost as much as Zillow’s! Haha… but I still love my KBB… I buy and sell off those prices, so it is what it is. Here’s the newest breakdown:
- Pimp Daddy Caddy: $2,670.00
- Gas Ticklin’ Toyota: $11,305.00
HOME VALUE (Realtor) ($0.00): I was REALLY hoping for an appraisal when we were refinancing last month, but sadly it never was needed… which was probably better to get the deal closed anyways, but now we still don’t have an up-to-date value on the place. So it will remain at the $300k our realtor last told us it was worth (a year ago?).
CREDIT CARDS ($0.00): Always a pretty sight like that!
MORTGAGES (-$3,928.50): Yayyy!!! I have no problem whatsoever losing a little bit in the short term, to SAVE A LOT in the future! To the tune of over $300 each month now that we’re refinanced. I still don’t want to be living here for years and years to come, but figured we’d be renting it out before selling it anyways. So we’ll def. realize the gains. And a conventional 5.5% mortgage is WAYYYY better than an interest-only one at 6.875%! Yikes. Here’s how they now break down:
- 1st Mortgage: $289,961.88 – 30 year conventional @ 5.5%
- 2nd Mortgage: $62,054.22 – Maxed out HELOC @ a variable 2.8%
And that concludes another month of net worth voyeurism! It wasn’t completely the way I like ’em, but there was a lot of GOOD changes that have now placed us in much better positions. And you always gotta smile about that :) Hope you guys did well too!!
Mad love, as always
PS: Hope you guys have some good Travel Funds set up! It’s Summer time, baby!!
PS: If you’re just getting started in your journey, here are a few good resources to help track your money. Doesn’t matter which route you go, just that it ends up sticking!
- The "Budget/Net Worth" spreadsheet - the colorful Excel template I personally use.
- The "Money Snapshot" spreadsheet - a simple Excel template I created for my former $$$ clients
If you're not a spreadsheet guy like me and prefer something more automated (which is fine, whatever gets you to take action!), you can try your hand with a free Personal Capital account instead.
Personal Capital is a cool tool that connects with your bank & investment accounts to give you an automated way to track your net worth. You'll get a crystal clear picture of how your spending and investments affect your financial goals (early retirement?), and it's super easy to use.
It only takes a couple minutes to set up and you can grab your free account here. They also do a lot of other cool stuff as well which my early retired friend Justin covers in our full review of Personal Capital - check it out here: Why I Use Personal Capital Almost Every Single Day.
(There's also Mint.com too btw which is also free and automated, but its more focused on day-to-day budgeting rather than long-term net worth building)