Tag Archives: Net Worth

HotFrugal Goals: Where Are They Now?

Until recently, it had been a year since I had written a HotFrugal post.  I’d say it’s time to take stock of my current financial situation and goals.  This is the type of post that is interesting if you’re nosy (I certainly am, so don’t feel bad), but it’s definitely long and detailed.  So dig in and join me, won’t you?

Savings Accounts

F@!# You Fund:  This is what I like to call my Emergency Savings Fund.  I censored it a bit since my mother reads this blog.  Basically, I want to have enough money saved so that I can say a big “F@!# You!” to any major unexpected expenses that crop up (major home repair disasters, car maintenance fiascos, etc.).  I also want to be in a solid financial position if I lose my job, and I’d even like to have the option to quit my job if it ever becomes really, unbearably horrible.  Goal:  $25,000.  Current balance:  $12,313.

Mad Money Fund:  This is a phrase I’ve borrowed from my mother.  Mad Money is fun money that can be spent on any kind of Want.  Typically, I use this fund for vacations, though more recently, I tapped it for a tattoo (!!).  There is no specific amount I try to keep in this fund; it just depends on the timing and types of vacations I have planned.  Current balance: $995.

Triumph Motorcycle Fund:  No, I don’t know how to ride yet.  But I know I want to!  I’m saving as though I’d buy a new bike and all necessary accessories (helmet, saddlebags, etc.).  Goal:  $11,000.  Current balance:  $568.

Roth IRA Starter Fund (formerly known as iPad Fund):  It’s time to kick this one into high gear.  Once I have enough saved, I will open an account with Vanguard and then track future contributions and growth in the Retirement section (see below).  Goal:  $3,500.  Current balance:  $40.

Retirement Accounts (Vested Balances)

Old 401(k) from Former Job:  (At some point I need to roll this over to an IRA.)  $43,750

401(k) from Current Job:  $9,003

TOTAL:  $52,753

Debt

Mortgage:  My house is worth $165,000.  I’m not working to pay down my mortgage more quickly because I’m not sure how long I’ll live in this house.  Remaining balance:  $128,096.

Car:  Yup, I bought a new car at the beginning of the year.  The old one needed more costly repairs, and I was able to get 0% financing.  I won’t make any effort to pay this off early since I’m not being charged any interest.  Remaining balance:  $13,964.

Net Worth

A rough calculation based on the above info puts me at $104,609.

So there you have it.  My number one priorities are the F@!# You Fund and the Roth IRA Starter Fund.  It’s going to take a long, long time before I’m able to buy a motorcycle, but I’ll get there eventually. 

Viva la frugal!

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Monthly Update: July 2010

Where the heck has the last month gone??  I lost the entire month of June somewhere between being crazy busy at work, selling my house, and enjoying the start of summer.  I have some new posts in the works, so I promise that July will be a more interesting month here at HotFrugal. 

Now, let’s get on to the June update.  The big news of the month is that I closed on my house and am now totally and completely debt free!  My net worth has gone down a bit due to the sale.  Closing costs and last minute repairs can add up quickly.  These costs ate into the proceeds from the sale, so that impacted my overall net worth.  No worries though…  I’m still doing quite well and continue to make progress toward achieving my financial goals. 

Net Worth

My net worth as of July 1, 2010 is $64,888.  Last month my net worth was $78,291.  My assets and liabilities are:

Assets Liabilities
Emergency Savings $23,063 Nada!!
Mad Money Savings $2,362  
Checking Account $539  
Health Savings Account $1,646  
401(k) (Vested Balance) $32,153  
Car Value (per KBB) $5,125  
TOTAL Assets $64,888  
   
Net Worth (Assets – Liabilities):  $64,888

 

Spending

Over the past six months, my spending has averaged $2,533 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.    

June was a heavy spending month because I did a lot of shopping for new clothes in an effort to look less like a hobo.  I got some great deals, but I did spend a lot of money.  That means clothes and shoe shopping are off limits for a few months. 

I continue to struggle to stay within my Grocery and Dining Out budgets.  This is something I really need to work on because it’s not only affecting my bank account, but my waistline as well.  Not good!

  Budgeted Amount Actual Spend (June) Variance
Dining Out $160 $187 $27 over budget
Groceries $238 $272 $11 over budget

 

Summary

I’m very happy that I’m this close to achieving my $24,000 emergency savings fund goal.  I’m getting a refund from the balance in my escrow account for property taxes and insurance that will put me over my goal as soon as I get the check and cash it.  This will be the first major financial goal I’ve accomplished, and I’m a little giddy about it.  Viva la frugal!

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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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