Net Worth Update – September 2016

Assets Aug-16 Sept-16 $ Change
Cash & Savings $2,378 $2,555 +$177
Roth IRA $9,465 $10,090 +$625
401K $8,917 $9,467 +$550
FSA $440 $180 ($260)
Pending $550 $400 ($150)
Liabilities June-16 July-16 $ Change
Credit Cards $863 $610 +$253
Net Worth $20,887 $22,082  +$1,195
% Change +5.7%

It’s a day early but I won’t be making any purchases tomorrow, so before I forget, here we go! My net worth increased by about 5.7% in September.  This month I went over budget by about $200. Exactly $140 of that can be explained by the renewal of my passport. Some months I am able to stay within the confines of my budget, others not quite. I guess it’s a good cut off point since it’s challenging yet obtainable. I’m living on a bare bones budget and even though I do go over from time to time, I’m quite pleased since I live in one of the most expensive cities in the nation.

I mentioned in my previous post there will be some changes to how I save. I will try diligently to start saving for a downpayment on a condo.  I really would like to move into a 1 bedroom place, at $2,500/month on average it makes more sense to go ahead and buy. I’ve crunched the numbers. I expect to be able to save $350 a month on my current income. After my pay raise, I expect my ability t save to be $1,000/month.

Mid-month Musings

I’m finding it increasingly difficult to stick to my budget. It’s probably because I’m actually going out and doing more. While the title suggests it’s mid-month, I am actually 2/3rds of the way through September. Some things I’d like to highlight thus far in the month:

  • I’m $110 over budget in my “Everything Else” category.
    • At first I was disappointed, but then I remembered my $140 passport. It was another unexpected expense due to my upcoming vacation.
  • I’m $20 over my food budget. 
    • I’ve been eating out more and socializing. I’m still actively trying to cut corners in certain areas to increase savings.
  • Preliminary numbers indicate a net worth of $21,500. 
    • This most likely indicates I won’t have the stellar increase in net worth I was hoping for. I still have 10 days left in the month, so there will most likely be some additional spending.
  • Promotion?
    • I sense a promotion is on the horizon. If everything goes according to plan, I’ll be earning an additional $600/month after taxes.
  • Project Downpayment
    • I’ve decided to start actively saving for a condo. I hope to be able to start the condo hunt by April of next year.