May 2008 in Review
May ended up as a good month net worth wise. I had an increase of $2,403.08 after the dust had settled. Help came from a few different sources, such as the $600 tax rebate and a continued rise in the value of my 401K and taxable stock account.
This is the second best month so far this year. I am very optimistic that I will handily beat my total net worth gain from last year. My current projection for the year indicates a rise of a bit more than $24,000. Although, at my age, this is what I should expect. Right now, my own contributions far outweigh the effect of the market itself. That will change over time, as my bi-weekly contribution becomes a smaller and smaller percentage of my total balance.
Assets: $32,065.89
- Cash in Hand, $100.00
- Emergency Fund, $1,073.19
- House Down-payment Fund, $5,035.10
- Corvette Fund, $2.15
- 401K, $11,011.03
- Roth Startup Savings, $51.14
- Taxable Stock Account, $3,181.64
- Prosper Loans, $378.14
- Family Loans, $1,780.00
- Toyota Corolla, $8,000 (kbb.com value)
- Apartment Security Deposit, $1,453.50
Liabilities: $21,295.52
- Student Loans, $19,163.04 (6.00%)
- Car Loan, $2,132.48 (4.99%)
My spending was astonishingly bad this month. I can hardly believe it myself. If I had not been the one enjoying the frequent trips out to Wendy’s and shopping binges for hobby material, I would think this budget was someone else’s. Honestly, shame on me.
I believe I got myself trapped in a poisonous frame of mind, where I reasoned incorrectly that my time was more valuable than my dollars. A quick trip to the fast food restaurant I reasoned, would be a better avenue than cooking something for myself at home.
There were some trips that are excusable. My fiancé and I made several trips out to eat to try out restaurants for our upcoming pseudo-rehearsal dinner. However, for the most part, it was my own fault.
Another contributing factor was my hobby spending, which I am tracking separately for the first time in my monthly reviews. I got caught up with an old friend from college and over spent preparing a project with his help. The good thing is that most of what we need is purchased and done. Our commitment to this project will come to an end this upcoming weekend for better or worse. Mostly worse financially speaking.
Spending Budget: $750.00
Spending Actual: $1,234.29
- Petty Cash: ($20.00) $10.00
- Tolls: ($40.00) $40.00
- Gas: ($180.00) $179.85
- Eating Out: ($120.00) $335.45
- Entertainment: ($50.00) $0.00
- Hobbies: ($60.00) $284.26
- Fitness: ($40.00) $73.69
- Gifts: ($100.00) $133.54
- Other: ($140.00) $177.50
(Budgeted) Actual
There is always hope for next month. June will bring resolution and huge change for me. At the end of this month, I will be married and will have our honeymoon behind us as well. From a financial perspective, both will have to be paid for as well. So far, I have been “protecting” my fledgling house down payment fund. I have kept the balance steady by simply not adding to it the last two months. My regular contribution has paid for wedding costs along the way.
That practice may very well come to an end as the final bills come to be paid. Some of those bills are going to be very scary.