Net Worth Update – August 2016

Assets June-16 August-16 $ Change
Cash & Savings $1,374 $2,378 +$1,004
Roth IRA $8,623 $9,465 +$842
401K $8,115 $8,917 +$802
FSA $440 $440 +$0
Pending $550 +$550
Liabilities June-16 July-16 $ Change
Credit Cards $295 $863 ($568)
Net Worth $18,257 $20,887  +$2,630
% Change +14.4%

Well the goal for August was to save my entire third paycheck but then I splurged early on and then purchased a $1,200 plane ticket that I had forgotten to budget. Thankfully as a graduation gift my mom is paying half of the ticket in $50 bi-weekly installments, which explains the $550 pending category.

I did receive  an extra $175 in income from my employer. Also, something I hadn’t mentioned before was a large debt that I had been trying to pay back to my employer for relocation. Now that the debt is paid I have $725 over that I had budgeted toward the debt, I now feel comfortable counting it towards my net worth. Both explain the jump in my cash and saving.

I have roughly $200 in FSA reimbursements I need to claim.  So it will be nice to have that extra cash on hand.

Even though I blew a bit more of the paycheck than I expected, if I take into consideration the pending payments from my mom, my net worth increased 14.4% or ($2,630). Without the pending payments my net worth increased 11.4% ($2,080).  I’m thankful that all these extra expenses fell on a month in which all the stars seemed to align.

Below is a summary of my spending for the month:

Category Budgeted Actual Remaining
Rent $1,650 $1,650 $0 left
Fixed Expenses $70 $93 $23 over
Food $200 $342 $142 over
Plane Ticket $1,216
Everything Else $780 $879 $99 over
Total  $2,700  $2,964  $264 over

I went out to eat more than usual this month and that explains the overspending in the food category. I didn’t stay on budget in the everything else category. The two primary purchases that put me over at the last minute included some groceries from amazon, and travel insurance for my trip.

I went over my fixed expenses because I prepaid my internet bill.

I didn’t renew my Amazon Prime subscription.  I am going to go ahead and switch over to the monthly subscription with the hopes of renewing only 9 times (or less) throughout the calendar year.

As a side note, I do not budget for my health care spending since it is reimbursed from my FSA. I’m also trying to get into the mentality of doing everything I can to better my health rather than save money on my health care.

Mid-month Update

I want to do a mid-month update since August seems to be one of those atypical months. So as of today here are the major happenings:

  • Earned an extra $170 from work
  • Bought a $1,200 plane ticket for my November vacation.
  • Gave myself permission to splurge $500 on various things
  • Have $800 of incoming cash that will be paid over the course of the next 6 months.

Right now I’m estimating a net worth of $20,500 at the end of the month despite the additional expenditures of this month.

Somehow I forgot to mention and budget for my November vacation on this blog. It will be a good one, but it will definitely set me back. I highly doubt I’ll meet my goals for the year.

A Change of Plans

August is one of those rare months in which I receive three pay checks. I had said that I planned on saving the entirity of my third pay check in my “cash and savings” account. I have since changed my mind. Instead, I am allowing myself to spend an extra $600 in August on a few things:

  • $150 – Personal Hobby
  • $100 – Amazon Prime renewal (?)
  • $250 – Clothing & Personal
  • $100 – Wedding Gift

The only thing that is questionable is the Amazon prime renewal. If I see the need for it during August, I’ll go ahead and renew it, if not, I will let the subscription lapse and renew when I next deem it necessary. I have an inkling getting rid of Amazon prime may do me more good than harm, but with free same day shipping in my city it’s really a good bargain especially since i don’t have a car. We will see. If I don’t need Amazon prime during August, chances are I really don’t need it at all.

I anticipate earning at least an extra $100 this month.