Net Worth Update – May 2016

I’m still waiting for $1,100 worth of reimbursements that I haven’t included in my net worth.  I won’t have time to update on May 31, so this is technically coming a day early.

Assets Apr-16 May-16 $ Change
Cash & Savings $834 $1,070 +$236
Roth IRA $6,273 $6,900 +$637
401K $6,213 $6,844 +$631
FSA $1,103 $694 ($409)
Liabilities Apr-16 May-16 $ Change
Credit Cards $1,070 $746 +$324
Net Worth $13,353 $14,762 +$1,409
% Change +10.6%

Below is an overview of my budgeted vs actual spending for the month of May. I went on vacation this month so I budgeted $500 more in the Everything Else category.

I only went over my budget in the Fixed Expense category because I used a bit more cellphone data than I would have liked, maybe next month?

I had some extra income and reimbursements which led to underspending in the Everything Else category.

I underspent on groceries due to the vacation. I stuck all my vacation expenses under Everything Else because it’s easier to keep track of the $500 usage that way.

Category Budgeted Actual Pending
Rent $1,650 $1,650
Fixed Expenses $70 $71
Food $125 $200
Everything Else $780 $488 -86

Right now I’m waiting for some additional reimbursements. When that comes, I’ll have enough cash in my accounts to where I’m feeling comfortable. I’m thinking about using my third pay check in August to build up my cash cushion and emergency fund.

The Month of June

June will be a normal month. I’m not going on vacation and I have no trips planned. I will rollover my unused vacation spending into June because my vacation isn’t over until June 4.

Net Worth Update – April 2016

I’ve decided to calculate my net worth as though I have not received a series of pending reimbursements.  Hopefully next month I’ll see a sizable increase in my net worth once everything falls into place.

Assets Mar-16 Apr-16 $ Change
Cash & Savings $491 $834 +$343
Roth IRA $5,245 $6,273 +$1,028
401K $5,645 $6,213 +$568
FSA $1,228 $1,103 ($125)
Liabilities Mar-16 Apr-16 $ Change
Credit Cards $42 $1,070 ($1,028)
Net Worth $12,567 $13,353 +$786
% Change +6.3%

Below is an overview of my budgeted vs actual spending for the month of April. I “earned” an extra $250 this month, $150 came from per diem and $100 from cashing out my Amazon gift card balance.  In the table below, I have added these reimbursements to the Everything Else category. Eventually, this will result in a $319 underspend for the Everything Else category. I plan to use the $319 for my vacation.

I also received $280 from my health insurance.  This will go into my emergency fund.

I only went over my budget in the Fixed Expense category. This is due to a slightly higher than usual cellphone bill. I’m hoping to shave off $3 on next month’s bill since I’m using Project Fi.  I technically went over budget for food, but when I am eating to socialize, I classify it as Entertainment.

Category Budgeted Actual Pending
Rent $1,650 $1,650
Fixed Expenses $70 $73
Food $200 $200
Everything Else $280 $847 -$886 ?

So it looks like I’ve comfortably met the spending goals for the month of April, conditional on $886 worth of pending reimbursements going through. These charges are what caused me to go over Everything Else

  • -$17 – Flexible Savings Account
  • -$659 – Reimbursment #1
  • -$35 –  Reimbursment #2
  • -$175 – Loan repayment

I am also expecting a $270 check.

The Month of May

May will be a different beast with me only being in the city half the month and taking vacation. But still I plan on changing the way I spend for May and June.  The next two months I’m going to try to limit my purchases to occur only once a week (the 7th, 14th, 21th, 28th of the month). Come July and August this will decrease to three times a month (10th, 20th, 30th). Maybe I will try twice a month at some point. I’ve already changed my due dates on my credit cards to correspond with the latter. I will also have $10/week in cash for discretionary spending. Usually this includes things like drinks and snacks when I’m out and about. Personal capital sent me a notice about my 9 transactions this week and that’s not okay.  Hopefully this has me spending a bit less.

Health Care Costs

I qualified for a program through my insurance to help manage my chronic illnesses. This program waives my copays and may help coordinate my care. The savings from this will be $1,000/year or more!