Monthly Update: June 2010

Reality checks are an important part of measuring the progress made toward achieving a goal.  Discussing my finances publicly has been very helpful for me, so I’m going to start sharing my little reality checks with all of you, dear readers.  Around the first of each month, I’ll post a quick review of some of my key financial measurements.  June is the first month that I’m making these calculations, so it will be my baseline.  In future months, I’ll compare my stats to the previous month and explain any significant changes. 

I’ll also update the action items in my 30 Sense plan each month.  Click here to see the latest.

To be perfectly honest, I’m getting that uncomfortable feeling again because I’m about to put even more of my financial information out into the world.  But I know that this process will be good for me.  I’ve had such phenomenal support from friends, family, and strangers who have been reading HotFrugal regularly.  I can’t begin to explain how helpful all of the encouragement has been.  I’m a very lucky gal. 

So here goes… 

Net Worth

My net worth as of June 1, 2010 is $78,291.  My assets and liabilities are:

Assets Liabilities
Emergency Savings $9,819 Home Mortgage $110,461
Mad Money Savings $2,362 HELOC $19,309
Checking Account $477 Personal Loan $17,539
Health Savings Account $1,458 TOTAL Liabilities $147,309
401(k) (Vested Balance) $31,359  
Car Value (per KBB) $5,125  
House Value $175,000  
TOTAL Assets $225,600  
   
Net Worth (Assets – Liabilities):  $78,291

Spending

Over the past six months, my spending has averaged $2,449 per month (my goal is to keep this around $2,500 based on my current living situation).  This excludes savings, retirement contributions, health insurance, and healthcare costs.  All of these costs are deducted from my paycheck automatically, so my budget focuses on the spending I do with my take-home pay. 

There are two spending categories that I consistently struggle with in terms of staying on budget each month: Dining Out and Groceries.  I’m often appalled by how much money goes in my mouth each month, but that’s a subject for another post.  The following table shows my actual spending in these two categories for June vs. my budget.

  Budgeted Amount Actual Spend (June) Variance
Dining Out $160 $156 $4 under budget
Groceries $238 $272 $34 over budget

Summary

I’m feeling pretty good about the current state of my finances.  It will be interesting to see exactly how things shake out after my house is sold at the end of this month.  Everything seems to be going smoothly, but I won’t count that chicken until it hatches.  If all goes as planned, selling my house shouldn’t have much impact on my net worth, but it will affect the way my net worth is distributed.  July’s update should be interesting.  Stay tuned!

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