It’s officially June! Time to reflect on May and see how we did on increasing our net worth. The month was pretty low-key on expenses and I had a windfall with some items I sold on eBay so we were able to save a nice chunk of our somewhat small income. I’m going to do a more detailed look at our finances this month cause it looks like all I did last month was state the income and outgo and the ending result.
- Started the month with a net worth of $90,059.83
- Regular income = $2,810.32
- Additional income = $1,636.41
- Total income = $4,446.73
- Total expenses = $3,129.11
- Total savings = $1,317.62
- Total net worth = $92,835.33
What our net worth consists of:
- Investments = $28,097.62 all in Vanguard funds
- Cars = $23,000
- Home equity = $15,000
- Everything we own that could be sold = $15,000
- Emergency fund = $8,632.48 currently in a Betterment 60% stock 40% bonds account
- Cash = $3,105.23
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.
If you were to subtract our net worth at the beginning of the month from our current net worth, it doesn’t add up. I think this is due to me not being as detailed with the first net worth check up. This time I added all cash up to the penny (except for my actual change jar filled with pennies).
We ended up saving a total of 30% this month which I think is pretty good considering we don’t have a huge income. Some of the spending this month was for long term savings. I switched us over from Verizon to Total Wireless and had to pay the balance of my phone off which was $120. We’ll be saving $30 a month though so I’ll make that money back in 4 months. No, my phone wasn’t on a monthly payment plan, I got the phone for “free” but Verizon charged me each month for the phone and then credited back what they charged. Gotta love how the phone companies work.
Our additional income for the month came mostly in the form of buying and flipping items. I’ve made a total profit of $1,000.74 since I started tracking what I’ve flipped. We also sold some items that we didn’t need anymore so that’s probably where the rest of the additional income came from. I’m looking into other ways to bring in even more side hustle income and would be thrilled if I can get to where I’m making more money side hustling than working my normal job. I wouldn’t mind getting a raise at my job either though.
I’m still striving to cut down our expenses even more as we spent $531.13 in the miscellaneous category this month and that’s just too much in my opinion. I was able to cut our power bill in half and lower the water bill a little so that’s nice. Here’s a snapshot of our budget from the every dollar app:
We could definitely cut back in the food and lifestyle departments so hopefully we’ll do better in the months to come. We currently have our Jeep up for sale so that will shave about $35 a month off car insurance (until we buy the camper we’re planning to get with the Jeep money).
Can’t complain about saving over $1,300 in one month! How did you do in May?
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.