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Archive for January, 2015

December goal progress

January 8th, 2015 at 05:09 am

I calculated everything on January 1st but forgot to post anything.

I most definitely did not make my goal progress to increase my net worth by $5,846.02.

In fact, my net worth decreased by -$2,396.15. So that's a bummer.

One of my beneficiary accounts sent me my RMD, but I didn't deposit it until January. Overall, the markets had my accounts down but my IRA and work retirement were both up because of contributions. My credit card usage was up also, but artificially because the payment posted earlier last month to make it look like I hadn't spent as much. Other than that we had extra expenses due to buying the house-earnest money, inspection costs and appraisal fee.

January's goal is $5,942.98, but I doubt I will any where near it because of the house and they way the house will be figured into my net worth.

My partner and I are purchasing the house together. I am putting up a majority of the down payment, and he is going to pay the mortgage solely until he catches up to the amount of money I put in and we "even out". Then we will split the mortgage payments evenly. So, I will only count half of the house's value into my net worth and count half of the mortgage as my responsibility, even though I put in more than half the money to buy it. It will work out over time, but it puts a slight sprig in the wheel of my completely arbitrary goal Smile

January Budget

January 2nd, 2015 at 06:01 am

Here is my proposed January Budget

Rent: 413
Home Insurance: 71
Utilities: (gas and water): 150
Groceries: 250
Eating out: 100
Cell phone 75
Gas: 75
Car maintenance: 50
Health spending: 100
Long term savings: 100
Short term savings: 100
IRA contribution: 458.33
Moving expenses: 500

Projected year budget shortfall: $5,471.07

I tried to estimate high on the variable costs. The goal for this month is to keep expenses low and save as much as we can for the closing/moving/renovation costs. I have also tried to estimate those costs high. Once we move in we'll start calling to get estimates. We should be able to cash flow a majority of our renovation/roofing costs.