And there goes the month! April seemed to fly by. With it being tax month, the net worth saw a nice bump due to getting a bit back on taxes. There were several unforeseen expenses but also some unforeseen income. We went on a weekend trip for a wedding, My karate instructor decided he wanted me to test for my second degree and we decided to go on a camping trip last minute. The unforeseen income came from some bonus checks from my wife’s former job and flipping a lot of things we got at yard sales.
Let’s see how we did on our first month of officially tracking our net worth:
- Started the month at a net worth of $86,291.00
- Regular (after-tax) income = $2,810.31
- Tax return = $3,161.00
- Additional income = $884.47
- Total income for the month = $6,855.78
- Total expenses = $3,086.95 (This includes a 10% tithe on take home pay)
- Total savings for the month = $3,768.83
- Ending net worth amount for the month of April = $90,059.83
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.
So we didn’t do as good as I would like if you consider that $3,161 of our savings came from the tax return. Any dollar saved is a step in the right direction though. We are officially less than $10,000 away from getting our orange belt in finance so that’s pretty cool! Tracking these numbers only motivates me to go out and earn more and find even more ways to cut back!
How did you do this month? Are you going to blow your tax return or invest it and make that money start working for you? The more you save, the closer to true freedom you get.
Nathan created Millionaire Dojo to document his journey to reaching a million dollar net worth so that others may be inspired to follow the same path. He and his wife reached a net worth of one hundred thousand by the age of 25 and has been featured on Business Insider. His blog focuses on practical advice that can be implemented immediately in the form of saving money, earning more, and investing to create passive income.