Once a month I share a financial update.
Related: Financial Update #10 - January 2019
I do this as it’s motivational to see the progress other bloggers are making on their financial goals and, hopefully, to provide some motivation for others as well.
I shared my first net worth update back in April 2018 and have been sharing monthly updates since.
Income & Expenses
My 9-5 job income listed below is the sum of my post-tax salary plus my 401k and HSA contributions. Any side hustle income is pre-tax since it’s hard to calculate what I’ll end up paying on this until tax season.
|9-5 Job Income|
|Side Hustle Income|
|Total Monthly Income||$8,149|
Based on the above, I saved about 80% of my total income during February –– right in my sweet spot.
Here is a summary of my account balances as of March 5, 2019:
|Savings Account||$11,147 (+$17)|
|Checking Account||$6,339 (+$2,461)|
|Total Cash Reserves||$17,486 (+$2,478)|
|Tax Advantaged Accounts|
|Roth IRA||$5,392 (+$210)|
|Total Tax Advantaged||$44,115 (+$3,281)|
|Non-Tax Advantaged Accounts|
|Brokerage Account||$3,343 (+$91)|
|Total Non-Tax Advantaged||$62,148 (+$2,384)|
|Net Worth||$123,750 (+$8,143)|
Here’s a look at my net worth progression since I started tracking it back in December of 2017:
From December to February my net worth increased by $8,143, a ~7% increase from last month.
Much of this increase was due to another good month for the stock market, staying strong after a bad December:
Most of my money is tied up in stock index funds (VTSAX) tracking the market, so as the market kept climbing so did my net worth.
During February Sammy and I paid off the rest of our new used car (our previous car was totaled). There’s around $2,000 I lent her to avoid paying interest on the loan that’s not being counted above. In the same vein there are some expenses I didn’t count (we went skiing one weekend, for example) as Sammy paid to make up the difference.
We use Splitwise to stay on top of our expenses and to track who owes who what. It’s a godsend. I don’t even save receipts anymore because I take a picture of them and save them in the app (It’s nice to have receipts for when you wonder how the hell you spent $87 at Trader Joe’s the previous Saturday. Those pot stickers will getcha.)
We also booked a flight to Italy to visit, along with the rest of her family, her Italian nonna in September. The flight was responsible for most of the miscellaneous category above.
I also made a few extra bucks in February through my posts on Medium. It’s a far cry from that glorious high of $847 in August of last year, but I’ll take what I can get. I do plan to get back to Medium some time in 2019, but work and some side projects have kept me busy.
Top Posts In February On Medium – Earnings Breakdown
Where Did My Money Go?
I didn’t make any investments during February, but there’s more money in my checking account than there should be. I’ll probably be investing the majority of this money in VTSAX over the next week.
I did, however, make my regular monthly 401k and HSA contributions, adding $1,733 and $245 respectively.
Where I’m Headed
February was a fairly normal month. Work and hobbies have kept me busy and if the rest of the year is like February, I’ll be a happy camper.
As far as net worth goes, with some help from the stock market, I should have the $200k mark within sight by the end of 2019.
Regardless, the plan remains the same: keep a high savings rate, plug all I can into VTSAX, and continue to chip away at the 401k limit.
Thanks for reading and if you have any questions or comments, you can reach me at firstname.lastname@example.org.