Net Worth Update – July 2016

July went relatively smoothly. I didn’t overspend and I finally received a sizable and long awaited reimbursment. I also ended up receiving an additional $100 this month when my  lease ended on my old apartment and the subletter decided to finally return my security deposit, albeit 9 months late.

Assets June-16 July-16 $ Change
Cash & Savings $778 $1,374 +$596
Roth IRA $7,922 $8,623 +$701
401K $7,282 $8,115 +$833
FSA $694 $440 ($254)
Liabilities June-16 July-16 $ Change
Credit Cards $1,167 $295 +$872
Net Worth $15,509 $18,258  +$2,749
% Change +17.7%

I had some complications with my health and ended up being out of the office for one full month. Thankfully I can do my job remotely, so loss of employment was not a concern, but this did result in a decline in my FSA.I started off the year with $1,625 in my FSA account. It was important for me to get below the $500 threshold because that is how much I can carry-over into the new year. I got there in July.

My unexpected health issues mean that I will be putting off some dental work until next year. All the medical bills have not come in, and I’m expecting more next month. My doctors and I will also need to decide the best course of action in regards to my health, some of which are quite expensive.

Next year I’m not sure how much I will elect to put in to my FSA. I know I need my wisdom teeth removed in a hospital setting ($700?). I have another crown due, but I can probably hold off. I should use and budget my next year’s FSA for over the counter medications, vitamins, and contact lens solution.  I currently take advantage of reimbursing my transportation expenses to and from doctor appointments.

June Spending

So i am finally going to go through my June transactions to see how far i went over budget. I’m only using transactions that occurred outside of my vacation.

Category Amount
Rent $1,650/$1,650 
Fixed Expenses $64/$70
Food $273/$200
Everything Else $763/$280 ✗

I spent quite a bit extra on food, probably due to returning from vacation and to an empty fridge. I also was sick, so that tends to lead to an increase in convenience food consumption. Where I really went overboard was n the everything else category. My unexpected expenses included but was not limited to the following:

  • $140 – Renter’s Insurance
  • $100 – Gifts
  • $100 – Clothing
  • $300 – Amazon Purchases

The amazon purchases are really what got me. I actually hadn’t been keeping tabs on my amazon spending because I had an Amazon gift card for many months. I really need to pay attention to my spending online.

 

Net Worth Update – June 2016

I’m STILL waiting for $1,000 worth of reimbursements that I haven’t included in my net worth, and now angrily so. I’ll be making some phone calls come tomorrow to correct this, definitely.  But in good news my net worth increased!

Assets May-16 June-16 $ Change
Cash & Savings $1,070 $778 ($292)
Roth IRA $6,900 $7,922 +$1,022
401K $6,844 $7,282 +$438
FSA $694 $694 0
Liabilities May-16 June-16 $ Change
Credit Cards $746 $1,167 ($97)
Net Worth $14,762 $15,509 +$747
% Change +5.1%

The fact that me net worth increased is fairly surprising. The Brexit resulted in a sizable  but temporary loss in net worth part way through the month. I also went insanely over my spending budget. I’m not sure how my net worth increased by so much though, I am thinking there has to be an unsynchronized  account which tends to happen when I don’t post an update exactly at the end of the month. I’ll try to do better next month.

When the market went down following the announcement of the British exit from the European Union, I put some extra money into my Roth IRA, knowing I was planning to do so in August. If the markets had fallen for longer I probably would have put a little more in, but for now I’m strictly planning to put the extra August paycheck towards savings.

As previously mentioned, I went way over budget in spending in June. It was father’s day, my dad’s birthday, I bought renters insurance and then I just threw caution to the wind. I think I went over budget by $600-700. Maybe I’ll do a more detailed post on what happened, maybe not. I’m too bummed about it right now to actually want to. Hopefully next time I see myself going over budget I don’t totally go so off track. Since I did so poorly in June, I’ve cancelled my vacation plans for August.