State of the Finances

on Thursday, July 2, 2009

As we all know it is the second of the month and so it is time for an update!

All in all, June was a decent month. We had a few major expenses such as car insurance but were able to split the payment in two so we need to make a payment on that this month as well.

Savings: We were able to make some contributions to these accounts. I would like to have seen a bigger improvement here but with our budgeting skills lacking we spent money we shouldn't have. Onward and upward from here.

Emergency Fund: An increase of 39.24 - we added $38 to make it a cool $1000 and then added a little in interest

Travel Fund: An increase of .25 - not somewhere to put money when we have bigger bills to take care of

Retirement: I'm not going to track these accounts very closely as I'd rather not keep too close of an eye on them since they are long term investments. I'll just say that I opened the account but this first automatic payment did not come out yet so the balance is still $0.

O's Savings: In June she celebrated her first birthday! She was given some monetary gifts which were added to her savings account which brings the total up by $90 or almost doubling her account in one month. She will not be seeing such an increase in savings for a while.

Our Net Worth: While it is not back to where it was in January and we are probably not going to make our short term goal we are making some progress. Right now, my hopes are to have the net worth back to where it was in January by the end of the year. As of the end of June it stands at -$25,299.25 or an increase of almost $300. July will be better than this. I expected our net worth to go down with the major bills paid in June so I'm pleasantly surprise.

Debt: We did not do so well in this category in June. We had a slight increase in credit card debt. We should have a bit of extra money this month which will be thrown at the credit card. I want it gone as soon as possible.

S's Credit Card: The total for this is $1640 or an increase of $90. I can't account for this but it won't happen again.

M's Student Loan: This total for this is $15,325. This is a decrease of $123. I am paying a bit more than the minimum payment to make it a nice round number. I don't expect this bill to be paid off any time soon so each month we just keep chipping away at it.

As the previous months, S's Student Loans are still in deferment as he's still in school. The first payment will be due in December.

Here's to the hopes I have better things to report come August!