Net Worth: May 2010

May 3, 2010 · 12 comments

Can I get a booya for a HUGE leap in my net worth? If the month of April were a person, I would probably want to make babies with it…unless it was a guy, then that would just be weird. Seriously though, I had a great month. I paid down a ton of money on my student loan and am oh-so-close to being debt free.

Here’s the breakdown…

Checking Accounts: $3,160, +$492. Looks like it’s time to transfer some money from my checking account again. April was one of my three paycheck months so my income was rather generous. Why can’t every month be three paychecks?

Savings Account: $14,712, -$8,613. Well I’m a whole heck of a lot more cash poor. I told you I had some tricks up my sleeve in last months net worth report. That trick my friends involved taking $10,000 from my savings to throw it at my student loan. Fortunately, I was able to scrounge up $1,400 to put back in there to make the total only $8,600. I have $10,000 in an E-fund, $2,022 for temporary savings, and $2,681 left in the wedding fund.

Roth IRA: $14,826 +$336. I have fully contributed to my Roth since my senior year of college. I’m hoping to be able to scrounge up the money to do so again this year!

TSP (401K): $14,542, +$947. The standard 5% contribution heads this direction each month. I also get that 5% fully matched. Free money is the second greatest thing in the world. The first greatest thing, of course, is JUSTIN BIEBER.

Student Loan: -$4,287, +$10,208. Do you know how good it feels to have this sucker ALMOST paid off. I am so close I can taste it. If all goes according to plan, I should be debt free by August. Are you excited for me!?

That put’s me at a net worth of $41,789!!! I’m up +$3,895 from last month which may or may not TOTALLY TURN ME ON! Bow chick a bow wow. I don’t suspect having another big month like this for a while. It was a rather large jump for a few reasons. 1) Three Paychecks 2) $360 in blogging income 3) $240 in tutoring income 4) Overall good spending habits. Just goes to show if you spend less than you make, things work out.

Thanks for stalking me checking in on yet another net worth update. See you tomorrow :)

**If you have wondered why the blue bar (debt) in the graph sometimes increases, it’s because my credit card balance gets taken in to account each month. Even though I pay the balance in full it still appears as a “liability” in Quicken. I just deduct this from my checking account balance to give myself an accurate net worth reading. This is why my actual NW increase, may not always necessarily match with the totals of each category, but I promise the overall total is REAL. I chose not to include possessions (including my car) in my NW calculations, which would probably increase my worth by about $8K.**

1 Young Mogul

Wow….over $3000 in one month! That is huge.

2 Jessica

Great job PD! You’re an inspiration to us all! =)

3 Investing Newbie

I totally agree about Justin Bieber.

4 Chris

That Justin Bieber thing makes me feel a little uncomfortable. His weird hair defies all that is good in this world.

5 Girl Makes Cents

Baby, baby, baby oooh….why is that song just so darn catchy? I don’t even know any other words. Happens when you work with tweens!

Great job last month!

6 Money Funk

Awesome job on the NW and having that SL total so close to $0! {envious} :)

7 Roshawn @ Watson Inc

Congrats on such a great month! I’m curious as to what your motivation was to use your savings to get rid of a sizable chunk of your debt. I mean it is sometimes difficult for people to part with the cash.

8 PunchDebt

If you click on the link about my $10,000 payoff in the article it explains it better. It was hard to part with such a big chunk of money, but I know financially it made the most sense. I was earning 1% interest by keeping the money in savings, but paying 7% interest to keep my student loan around. That was stupid, so I did the smart thing and paid off debt. I still have $10K in savings though so it’s not like I depleted my savings to nothing.

9 ionie

I join you in your awesomeness, having paid off the last of my car loan – $2500 – in April. Now I own my obscenely adorable Mini Cooper outright.

10 Budgeting in the Fun Stuff

Very cool! Ours went up about $3800 too! Combo of blog money (my first $387 blog payday ever), our retirement accounts, and paying down our car loan. I post our update every month too. We include the cars and house as assets and liabilities, but it’s itemized so you can just ignore it if you want.

The bane of my existence is my husband’s car loan instead of a student loan, but I get it. Woot to debt freedom! Ours is 7 years away since the car will be paid off this year or next and our home will be paid off by 2017.

11 Stephan

Great job, and im glad you realized it was dumb not paying of your students loans if you were only making 1% in your savings account. Was april a generally low month when it comes to your spending or did you really try to not spend a lot and break into your debt more?

12 James

Dude you are funny. Nice work on having 2 401 K and getting you net worth over $40k thats awesome. Keep up the $avings.

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