October 2015 Net Worth

I forgot to rememberOctober

the fifth of November,

the gunpowder, treason and plot.

It was busy a season

and for that reason,

the treason I forgot.

 

Why did I forget Guy Fawkes Night? There’s a lot going on! October was full and that’s bleeding through the rest of the year. Oh, so is life. Things around here are okay. Work is busy… I hate that word…, but thankfully not too stressful.

Unfortunately for me, I got hurt again in October and it took a lot of wind out of my sails.  As is my nature, I go hurt in a weird way… like a doctor saying to my face a few times “Hmmph. This is rare.” Thanks Doc! Fix it! I hope I’m out of the woods, but I’m not very confident.

Speaking of confidence, in response to my question Should I max my 401k? I increased my confidence about retiring with dignity. I threw house savings to the dogs and upped my 401k in 2015. Nothing too crazy, but enough to feel it. Thanks to Hannah from Unplanned Finance for suggesting I up it in 2015. I was so focused on what I could do in 2016, I didn’t stop to think what I could still do in 2015.

To finish off the month with a bang, I watched Back to the Future 2 for the first time. I thought I had seen it. Great Scott! Turns out, I’d only seen the very last scene in the tunnel. Hubs was so ashamed!

[flashback]

October 2014: I stepped away from my debt. I was obsessing  about all the numbers. I had $21,875 in student loans remaining. After a heart to heart chat, Hubs and I decided this was our debt, not just my debt. Supportive husbands FTW!

October 2013: I was sworn in as an attorney! Kate, esquire, at your service. 🙂 I started to keep myself busy while I looked for a job. I signed up to do taxes for low income individuals and I had a lot of coffee dates. So, tell me about what you do?

October 2015: Look at that Upswing!

October Net Worth

Assets!

Retirement: $22,645 (+2,397)  Look at my upswing! It’s so big! It’s not 30,000 big, but it’s so big! It’s silly that it took so long to break through $20k,  and then I shoot right into $22k! 

I added a little extra this month in response to my question: Should I max my 401k? I am most certainly not maxing, but I gave it an extra little bump to ride out the end of 2015.

Taxable: $8,485 I didn’t look. Up, down, sideways. I don’t care. I’m proud to have this account. 

Auto Value: $13,000  Valuing cars is stupid. I’m keeping this at $13,000 until the end of the year and then I’ll re-calculate. If anything happens to the car between now and then, I’ll also re-calculate. Recalculating, Recalculating. After that, I’ll update it every 6 months.

House Fund: $13,927 (+2,334) Another solid month for the House Fund. I’ve got some major milestones coming up: $15,000 is a nice round number and $16,453 marks the next milestone for Round Two! I’m really hoping I can get through Thing 1 by the end of the year!

Round Two Progress: (What is Round Two? check here!)

  • Baby Saver: $2125 
  • Middle Saver: $7953 (Loan value: $5828) ✔
  • Thing 1: $16,453 (Loan value: $8500) >in progress<
    • Yee! $13,927 down, $3,611 to go!
  • Things 2: $24,953 (Loan value: $8500)
  • Big Momma: $45,330 (Loan value: $20,377)

HSA: $5,253 (+496)  I’m being a deadbeat and not paying my bills. I did pay the dental bills because those comes out of my FSA so they don’t count. I have roughly $540 in medical bills that I need to pay, but I am slaaaacking.  There is something psychological about building up this account before I slice and dice it back down to $4700. Slice and Dice! 

The real story is that I have ~$3k of this invested, with a $2k cash buffer. Last time I had a big medical bill, I forgot to turn off the auto-sweep and my investment account sold on one of the worst possible days. It sells from your investments if you spend more than $100 of the cash. How stupid is that? Auto-sweep may only be a good thing if you don’t have any medical bills to pay. I learned that the expensive way. I turned off the auto-sweep function last month and I’m letting the cash accounts build up. Interest free medical bills? Why yes, I’ll take advantage of that. Technically, I haven’t been billed yet, so no one yell at me!

Car Fund: $225 (+50) I’ve been good! I left the car fund alone (when there was absolutely no temptation). This fund is starting to get real to me. I am going to need cash saved for Hubs’ car in two years. If we want to save anything substantial, I need to leave this account alone so it can grow. $50 / month isn’t going to get Hubs a paid for car, but it could be a decent down payment. 

Liabilities!

Student Loan: $0! It’s been 2 years and 5 months since I graduated. I’ve been student loan free for 7 months. Those numbers are nice 🙂

Car Loan: $9,472 ($376)  4 digits and the interest is starting to settle down. I paid off an extra $2 in principal this month. I’m still paying $7 for the luxury of having this loan. *grumpy face* However, the House Fund earns more interest than this costs me. 1% loans FTW

Overall:

  • Net worth: $54,063. Up $5,653 from last month. 

Holy crap cans. After months of reaching for $50k, I blast right through it and nearly hit $55k! Over $5k is a huge increase! My biggest increase all year!

  • Net worth increase: $131/day

I’m back up in the net worth increase per day. After several months moving in the wrong direction, it’s nice to see this moving up again! To be clear, this is my net worth increase per day over the last 10 months.

How was your October? It’s sharing time! Did you cross any milestones? Any big ones coming up? Share and we can celebrate!

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18 comments

  1. Congratulations on the “esq” achievement! Also congratulations on being interested in helping lower-income people with their taxes. Both of these things are awesome to the extreme. I’m though sorry to hear about your health issue and hope it can be resolved quickly and not too expensively.

    You know, with all of this talk about Back to the Future lately…I have to admit that I’m starting to question whether I ever really saw the second movie. Like you, I thought I had — but since I can’t remember ANYTHING about it, that may turn out not to be the case! I should probably watch it just to check. 🙂

    My October was actually great — I did a total ban on buying restaurant food and takeout, and spent $241 less on food than I had the previous month. Crazy! I am definitely planning on continuing all the shopping and cooking habits I formed during that time.

    1. Nice work on the food savings! That’s impressive! We’re working on cutting back our food spending, but we don’t track the individual categories enough to see a $241 decrease 🙂

      I’m not going to tell you to watch BTTF2, it’s alright. It’s weird watching movies for the first time, long after everyone else saw them. I’m so behind on most movies. I haven’t even seen Star Wars for heaven’s sake. It wasn’t until this month that I realized Luke Skywalker and Hans Solo are two different people. For shame.

      The tax prep stuff was fun. I did it for the 2014 tax season. I would like to do it again, but it is an incredible time commitment.

      1. Haha, I’m imagining a mash-up of Harrison Ford and Mark Hamill, and it’s a pretty entertaining mental image.

        So sorry to have misread and muddled your 2013 vs. 2015 notes. It wouldn’t really make sense if you had just been sworn in as an attorney but had also been in a job with a 401(k) for a while…whoops.

        I really need to learn more about taxes at some point. My dad is a CPA, so he usually helps me a lot with the tax prep stuff, but that’s not really a good excuse for not knowing how to do it myself! It’s pretty cool that you were able to use your knowledge to help other people out.

  2. HSAs are a very strange beast if you use both the investing and the spending function. Ours requires something like $2200 to be saved in cash before you invest, but it won’t trigger a divest until you are below some really strange number (maybe $749). All I know is that I don’t have to pay social security taxes on the money that I put in, so I’m a fan.

    And I’m glad you upped your contribution. I think it makes sense 🙂

    1. That might be a weirder HSA setting than mine. I was so grump-tactic when mine sold from the investments. I’ll probably keep the auto sweep off until the end of the year to catch any trickling medical bills that may come in.

      and Yes! It does make sense. Thank you for the kick in the pants!

  3. On a smaller scale suited to my smaller income, I had a similar huge increase last month after months of barely keeping my head above water. Hey, it’s nice when the markets rise! Who knew! Plus I’m hitting my low-spending winter months; aside from Christmas presents, I usually can be pretty cheap from November through March. Anyway — congrats on a great month! As usual I love your flashbacks too. Maybe I’ll start doing that next year; I have some net worth format changes in mind anyway so I could do that along with the rest of them.

    1. Yay for market swings!

      I’m hoping we can keep our spending low in the winter. Hubs has decided he wants to try all the really expensive winter sports. I want to find a nice cup of cocoa and chill by a fire for 5 months. Let the battle begin.

      Glad you like the flashbacks. They’ve been really good for me to see how far I’ve come. I tend to get caught up in minor things that don’t matter. Before I started doing them, I lost sight of how bad things were mentally before I got my job and how good things are today. Minor setbacks or feelings of grumps need to be relative. I’m excited to see how you reformat things!

  4. This is fantastic!! What a great October you had. 🙂 So sharing time – I have a very similar situation to you. Apparently I had only seen parts and not the full Back to the Future movies all the way through…my fiance & I watched number I and II back to back on a Friday evening equipped with homemade pizza. He was ashamed because number II is one of his favorite movies!

    This month overall was a pretty great one for me. Now with my rollover savings from month to month, I have the opportunity to just throw additional cash at my savings (aside from my automatic withdrawals). I was able to throw an additional $500 on a random night to contribute to our home downpayment fund – that felt pretty dang good! This is thanks to moving, downsizing, lower rent & utilities. It’s only been a few months at the new place but I think it will definitely contribute to faster savings for us!

    1. Boys. Hubs is a big fan of the whole series. We’ve gotten to the point now that doesn’t expect me to have seen any movies. My favorite part is I get upset with when he assumes I haven’t seen a movie that I have seen.

      Loving the rollover cash! That’s a good chunk of change! Yay for downsizing to save!

  5. Well done this month! Breaking through $20,000 is awesome! It’s great to hit big, round numbers. It helps to keep you going in the right track. (I LOVE hitting milestones… no matter how small.) And helping low income people with taxes two years ago? You’re awesome!

    1. Thanks 🙂 It was fun to see new numbers this month. For the last few months, both my Roth IRA and 401k have been hovering within the same thousand. How Rude! So happy to see the accounts make friends and meet new numbers 😀

  6. Congrats on the huge jump! I haven’t been tracking my net worth yet… but I keep thinking it’s something that I should do… soon… I will! My big win for October was getting my husband’s education fund up to our goal of $7500!

    1. You should totally start tracking. The awareness is great. Maybe you could start collecting numbers, and work on deciding what you want to track. e.g. I don’t track my travel or emergency fund. Travel because it will go up and down and I’m not growing wealth. Emergency because I don’t want to feel financially punished if we need to use it. I vote: start collecting numbers, play around with it for the next month or so and start tracking Jan 1. Then you have a nice starting point 🙂

      Yay for the education fund! Nice work!

  7. Nice work, Kate! The markets were kind to us too, and put us back on track to meet our goals for the year. Hooray. And that’s awesome you upped your 401k contributions — you will never, ever regret doing that. Whenever I see our 401k balances, I just think, “Wow, thank goodness we had some good sense back in our 20s!” Because those things now grow faster than we can save, at least when the market is cooperating, and that’s the point we all want to get to, right?

    1. Well Thank Goodness you didn’t throw the plan out the window with the mid-year meh returns!

      It’s a bit of a bummer that I effectively only get 1-1.5 years to contribute to my 401k in my 20s. The time is now to make good sense of them. At least I haven’t been twiddling my thumbs financially. I look forward to the day when my accounts grow faster than I can feed them!

      1. I know you feel like you’re getting a late start — we have several friends in academia who felt the same way, but are now in a perfectly good place. You’ll make up for the late start (which isn’t actually that late!) with a high savings rate. That matters!

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