Saturday, January 19, 2013

Net worth update - First quarter 2013

Every 3 months or so I like to take a look at my overall finances and see how I'm doing. The goal is to have a greater net worth every time I check on it.  Here are my numbers as of today.

Approximate value of our house: $169,524* (Down $2,382)
Roth IRA: $26,309 (Up $1,051)
Simple IRA: $5,229  (Down $98)
Regular IRA: $1,523  (Up $549)
Lending Club: $206 (Up $104)
Savings (including emergency fund): $19,725 (Up $4,649)

Total assets: $222,516 (Up $3873)

Mortgage: $177,940 (Down $1,490)

Total net worth:  $44,576
Difference since last quarter: +$5,363

*Estimation from Zillow

So, as you can see I did reach my goal of increasing my net worth since I last checked it in October. I'm a little disappointed to see that the house value continues to drop. It's disappointing to see that we still owe over $8,000 more than the house is "worth". However, that is just an internet estimate, so I try not to be too bummed out about it because it might not be accurate.

I'm happy to see that my savings are nearing the $20,000 mark again. As of now, I think our next big purchase will be to replace our 2001 Ford Ranger.  My husband says he can drive it for a few more years, but I have a feeling the moment a major repair is needed, he'll want to look for a new truck. As of now, I have about $11,000 of the savings ear marked for the truck replacement. I think trucks as usually a bit more expensive than cars, so I'm thinking I may want to have as much as $25,000 saved up. Hopefully we spend less. We are also thinking about where we would like to go on vacation this year, so I should start setting aside money for that as well.

Extra cash challenge - December results

Wow, 2013 is already going by too fast! It's already January 19 and I haven't even posted the results of my extra cash earnings from last month. Here are December's numbers:

Advertising: $91.65
Amazon: $14.64
ING: $10.07
Lending Club: $1.21
Part-time job: $9.69

Total: $127.26

Difference from last month: +$20.79

So a slight improvement over November, but I still could be doing better! I'm still working as a temp and after three years they make you take a mandatory 60 days off. Because business has slowed down, there is no guarantee that I will be going back after my 60 days are up. I realized the other day I only have a little over 6 months left until that time, so I really need to start thinking of how I can create more streams of income!