It’s that time again! Time to see how our net worth did last month. April was a good month for income. We got a nice tax return because I was able to claim a credit for some college courses I paid out of pocket for last year. If I hadn’t gotten the credit, we would’ve only gotten back a couple hundred dollars. This actually makes me happy because I’d like to get as close to a $0 tax return as possible.
When you get money back from a tax return, it means the government took too much money out of your paycheck and owes it back to you. This means you just gave the government a 12-month loan, so you’ll probably want to adjust your withholdings if you got a big return back. The quicker you can get your money into investments, the more time it has to grow. So you don’t want money to be tied up in taxes all year when you could be investing it instead.
Our expenses were a little on the high end this month. I spent more than usual on business expenses and we used some of our tax return to buy kayaks. We got the cheapest ones we could find, so they were just $330 total. I think we’ll have a lot of fun with them and get more exercise. Health = wealth, so I don’t regret getting them.
Even if you take the kayaks out of the equation, we still spent more than I’d like to. Need to get better with making random small purchases that add up.
- Started the month with a net worth of $102,237.29
- Job income = $3,382.70 (My raise kicked in this month woohoo!)
- eBay income = $641.38
- Wife’s income = $360.00
- Antique Booth income = $255.55
- Additional income = $2,544.15 (Tax refund).
- Total net income = $7,138.78
- Regular expenses = $3,629.80
- Business expenses = $1,093.69 (I experimented with some Facebook ads this month so my expenses were a lot higher than usual).
- Total expenses = $4,723.49
- Total saved = $2,460.29
- Total investment gains/losses = +$761.06
What our net worth consists of:
- Investments = $40,228.38 (all in Vanguard funds.)
- Investment breakdown:
- My 401k = $8,536.82
- My Roth IRA = $14,413.87
- Wife’s IRA = $17,277.68
- Cars = $12,500
- Home equity = $ 17,867.95 (I’m calculating this as if we could sell our house for $110,000.00 and subtracting 10% for seller fees. Then subtracting what we owe – $81,132.05)
- Everything we own that could be sold = $15,000
- Emergency fund = $7,752.42
- Cash = $9,775.30
- Balances on credit cards = $-1,054.98 (This is today’s balance and will be paid off in full by the due date.)
- Total net worth as of today’s calculations = $103,124.05
- Total net worth increase/decrease = +$886.76
If you’d like to start tracking your net worth, sign up for a free Personal Capital account! I love Personal Capital because it allows you to connect all of your financial accounts and track your net worth in one place. It’s super easy to use.
Credit cards points
Here’s a breakdown of my credit card rewards history, in case you’re interested in beginning to earn cashback/travel rewards. If you sign up for a card using my links, I may earn a commission.
- Credit card travel points earned for the month = 3,000 (I’m not including the cash value of these points in my net worth, just want to track it).
- Total point balance = 119,471.
- Chase Ink Business Preferred. This was the card I got 80,000 points with! I was able to get this card just by using my social security number.
- Chase Sapphire Preferred. This was the next card we went with after the business card. The reward has gotten even better since we got it! It was 50,000 points, now it’s 60,000 – after spending $4,000 in 3 months.
- Chase Ink Business Cash. Our third credit card. Just got the 50,000 point bonus in March after spending $3,000 in 3 months.
- Chase Ink Business Unlimited. Our current card. We’ll get 50,000 points for spending $3,000 in 3 months.