What is up readers? This is the post all of you have been waiting for. I’m going to lay out exactly how much my family makes, spends, and saves during a months time. I will be using the tool personal capitol, which is a free program you can download and use on your smartphone or computer. I will be using
a spreadsheet every dollar as well, because that’s the way my wife does the budget (happy wife, happy life) we are going to do this. Working together is the only way to do it!
Net Worth: $141,670
*Disclaimer: I am including the value of my home. The value of my home is calculated by Zillow, which may or may not be very accurate. I realize that this is somewhat misleading, because obviously I would have to cash out (sell) my house and we are not planning on doing that.
Difference Of: -$147,027
Whoa. What the heck happened to cause the loss of almost 150k in net worth? Penny Stocks gone bad? Mid-life car purchase? Or perhaps I had a mental breakdown from seeing Mr. 1500’s unedited photos on the beach!
Well, it actually wasn’t any of those reasons. Faulty calculating is to blame. Luckily, Roy from Band of Savers caught my mistake and pointed it out to me. When I was originally calculating my net worth I was counting all of my equity and none of my mortgage. If only the bank would do the same! So my true net worth wasn’t as high as I truly thought. Luckily for me, this mistake cost me nothing except for a bit of pride. Ah well. The blog goes on.
|Teach Me To Money||Checking||$275.72|
|Teach Me To Money||Savings||$5.00|
|My 403b (Roth)||Investment||$12,295.35|
|Cash Total: $10,839.42|
The major item of note is that we dropped our emergency fund down about 3k. We did this to pay for 2 more college classes that I signed up for in the fall. You really have to pay about 3 classes in advance in my current program, which is crazy! I know that if I get good grades then I receive reimbursement, but it doesn’t make my stomach stop churning when I look at only 4k in the bank! Scary stuff, and proof that safety cushions can be blown very quickly. Always be prepared for the worst case scenario, and then some. Still, the blog goes one.
Also of note is that teach me to money has not grown, at least in monetary terms. I plan to make some money in the future, but currently I’m just so busy writing, schooling, and working on the house that monetizing becomes my last priority.
Spending and Saving:
I know that last month I told you that I would be using a spreadsheet. Guess what? It didn’t work. I kept track for about 15 days and then blew it. There were some major miscalculations (imagine that), and miscommunication with my wife which led to a fight.
The crazy thing is that through all of this tension and struggle we still ended up on budget or under budget. I’d like to give you exact numbers, but I’m not sure where about $500 went. I know we spent it, but the credit card statement was somewhat vague on its listing of merchants. I’m going to be much better this month and have implored my wife to help me out.
The main takeaway here is that you need to work together, if you are married. You can’t win by separating accounts and having personal goals. When you get married you become one individual working towards team goals. No more selfishness. I lost sight of this somewhere, but have doubled down on my commitment to my wife. We will work together and destroy this house debt! (Also, I want to cut her credit card up, but that is a different argument).
Wife: I never misuse the cards, always pay them off, and use the points to pay extra on the mortgage. Your welcome.
Me: Any-who, we’ve determined you are always right, so…the blog goes on.
I guess we still are using a spreadsheet partially, but I am going to install the everydollar app on my wife’s phone and we shall see how it works. I like the ability to update real time and this lets us both know where we stand. No more guessing if I can buy those sweet Kevin Durant socks, now I can just check the clothing budget on my phone.
Here is our proposed budget for August.
The goals reflected below will pertain to money, but they will also include personal ambitions. We are holistic individuals, and if we ignore one area we sabotage ourselves.
Money: Nothing doing on the extra income front this past month…but I did have a breakthrough in the budget area. It is amazing how you can dictate how much to spend and stick to it, even if you aren’t sure where it all went;) As for the extra income ideas, I just don’t know. I guess getting good grades in my masters classes technically yields extra income in the form of tuition reimbursement, and will grant me lane changes on the districts pay scale.
I want to get better at knowing where every dollar is going this month. That means that not one penny shall go unaccounted for, even in the misc. category. I want to know where it is all going so that I can get a better picture at the end of the year of what we spend money on. This will help me set and reach goals in the future. I believe that small continuous steps are the way to win.
House: Welp, I did drywall and insulate the basement. I even got a bit ahead of myself and applied one coat of mud. I also managed to wax and wash one car. This means that I did not wax and wash one vehicle and still have not rented a trencher. FAIL
My goal in August is to finish mudding/sanding and begin painting the basement. I also want to wash and wax the other car and rent a trencher.
Blog: Current Views in July 2016- 574. So during the month of July I got 510 more views than in June! Readers, thank you so much!!! You are all awesome, oh and please keep reading and commenting. It is what keeps me going. I know 510 may not seem like a lot, especially in light of some the other PF blogs out there, but I’m happy with any growth that occurs. #Allviewsmatter <—- Sorry couldn’t resist the opportunity to kid around.
I guess my next goal is to publish 2 quality posts in August. It should be a little more difficult since I am starting my full time teaching gig back up.
School: I got another couple of A’s to add to my transcript! Whoop whoop. Thanks to my wife for editing my papers, and my classmates/profs who helped me along the way. On to the next A hopefully, because I will be finishing up another class in August.
Physically: 2 miles every 5 days? Nope, didn’t happen. I did start increasing my distance and ran about 4 miles every 3 days or so. Now I just have to stay consistent.
My goal in August is to run 4-5 miles every 4 or 5 days…baby steps;)
Spiritually: I did go to Church every Sunday in July (sans vacation), but did not do very good with my daily devos, so FAIL.
My goals has to be more specific so I think reading my bible 6 out of the 7 days per week in the month of August, and journaling 3 out of 5 days every week should be a good goal to shoot for.
That will do it for this month’s report. Thanks for reading and be sure to check back in next month to see if I succeeded or failed.