Net Worth Report: June 2017 Edition

It’s June and we’re halfway done with the year already!

It’s also the start of summer, so that means it’s to hit the beach and start doing outdoor activities like hiking, running, camping, and more!

Anyways, back in May, I spent a total of $776.28 and my net worth grew to a total of $169,147.69.

Related: Net Worth Report: May 2017 Edition

With that, let’s jump in and see how I did in June!

Brief Disclaimer: Some of the products and services on this post may offer compensation for referrals. For the products and services that do not receive compensation, there are referred simply because I think these products and services and useful and will be convenient to have.

Income: $3,189.54

This visualization was taken from Personal Capital! Check it out if you haven’t!

June’s paychecks came out to a total of $3,189.54, with one paycheck coming in at $1,028.72, one at $1,442.45, a per-diem check of $524.10, an ATM deposit of $194.00, and some measly interest increases that don’t even make up $1.

One of my paychecks came in at a higher amount month because my 401(k) contributions have been maxed! Since my employer caps my at the contribution limit, the left-over would be refunded back to me.

Also, now that I’m done with the 401(k), I switched my contributions over to the after-tax option, which will allow me to perform a Mega Backdoor Roth, allowing me to build up my retirement stash even more.

The only downside to after-tax contributions is that my paychecks won’t be as large anymore.

Expenses: $11,793.35

This visualization was taken from Personal Capital! Check it out if you haven’t!

This month’s expenses was insanely high, clocking in at $11,793.35!

The reason for the jump in expenses is because I purchased a used automobile for $10,916.00… or somewhere around there.

This purchase blew my budget for my entire year, but I hope that this vehicle will last me for a couple of years, so I won’t have to blow my budget until next time.

Anywho, for June, my money was spent on the following categories:

  • Automotive: $10,916.77
  • Insurance: $504.98
  • Restaurants: $134.94
  • General Merchandise: $107.26
  • Gasoline/Fuel: $69.43
  • Entertainment: $24.40
  • Clothing/Shoes: $21.69
  • Online Services: $13.88


Automotive: $10,916.77

As stated above, I purchased a car for around $10,916.77.

The vehicle I purchased is around 7 years old and has over 100,000 miles.

When I bought it, it was inspected and it seemed to be all good, so I believe this was a decent purchase.

The only downside to this was that I could have probably purchased a cheaper used car instead of using a finder to help me find, inspect, and fix up an old car.

Insurance: $504.98

In terms of insurance, I chose Geico again and selected pretty high limits for my insurance (in case I hit someone’s Tesla).

The options I chose were:

  • Bodily Injury Liability: $50,000/$100,000
  • Property Damage Liability: $50,000
  • Medical Payments: $3,000
  • Uninsured Motorist and Underinsured Motorist: $50,000/$100,000
  • Comprehensive Deductible: $500
  • Uninsured Motorist Property Damage: $3,500

Unfortunately for me, with the purchase of a new car will come the “needed” purchases for licensing, registration, fuel, and insurance.

On the other hand, it’s better to be safe and I think ~$1,000 per year in insurance isn’t so bad.

Restaurants: $134.94

June’s Eating Out habits weren’t so bad.

I spent a total of $134.94 and ate alone zero times!

Most of the time I ate out with friends to catch up and learn how they were doing in life. It was pretty productive and allowed me to keep up with recent events and learn more about each other at the same time.

I’m still trying to eat out less and more healthy in order to lose weight, but that’s been quite of a struggle.

General Merchandise: $107.26

I purchased some miscellaneous car things from Amazon, which I haven’t quite labeled into the Automotive Category yet…

It’s simple stuff like a car charger, car mounts, and random car accessories.

The cool thing is I get to dress up my car with fancy things, but the bad thing is that these small purchases add up very quickly.

Gasoline/Fuel: $69.43

Gasoline and Fuel is needed for the car to run or else it wouldn’t go anywhere!

Luckily for me, my car is pretty eco-friendly and can get up to 50-60 miles per gallon, which would save me a lot on fuel in the long run.

I don’t expect this category to change much, but it should drop once I stop driving as much and only to work.

Entertainment: $24.40

For $24.40, my friend and I went out to watch the new Wonder Woman with Gal Gadot in it.

It was a really cool movie and I would watch it again. Gal Gadot played a really awesome role and it was super amazing to see Wonder Woman in action as well as how she came to be.

Clothing/Shoes: $21.69

In May, I ripped my slacks and had to purchase new ones.

Luckily, while I was looking for a replacement pair, I found an on-sale one that stacked with a coupon, which would bring down the price to $21.69.

Online Services: $13.88

For Online Services, the $10.00 is the hosting cost of Smart Provisions at Digital Ocean, a cloud infrastructure provider. It’s not much, but it’s the amount I pay for full access of my VPS (virtual private server).

If you’re interested in having your own VPS, you can sign up at the following link: Get $10 of Credit at Digital Ocean By Using This Link, $10 of Credit is enough for 1 month of hosting with a $10 VPS.

The extra $3.88 is a cost to purchase a .me domain, which I plan on using to create my online portfolio to start spreading the word that I know how to program.

My goal is to eventually use my online portfolio to blog about tech and other random adventures I go on.

Net Worth: $166,762.64

Unfortunately for this month, my net worth decreased to $166,762.64 from $169,147.69 , which is a decrease of $2385.05 or a 1.41% decrease!

2017 Financial Goals Status Check

If you remember back in my December Net Worth Report, I had written about a few goals I wanted to achieve. If you don’t remember, that’s alright as I’ll be writing them below so you can follow along as well!

  1. Spend less than $20,000 and downsize as much as possible.
    • Current Spending YTD: $19,525.54
    • Status: Failed
    • Thoughts: Not going to make it, I don’t think I’d be able to somehow reduce my spending to $100.00 a month in order to make it. Darn car purchase!
  2. Make my budget line-items more clear and not vague.
    • Current Line-Items: Pretty clear.
    • Status: On Track!
    • Thoughts: I think I am doing well on this, as I have been breaking down what I by line-by-line.
  3. Try to reach $200,000 Net Worth by the end of the year.
    • Current Net Worth YTD: $166,762.64
    • Status: On Track?
    • Thoughts: I think I’m on-track. The car purchase shouldn’t have hampered my ability to $200,000 by the end of the year.

Finally, here’s a status report of how 2017 is going with my finances.

CategoriesIncomeExpensesNet Worth
January$2,608.84$773.17$125,986.32
February$5,101.49$1,267.00$137,394.84
March$6,857.43$2,696.15$151,622.88
April$3,572.48$2,219.59$159,508.69
May$4,077.62$776.28$169,147.69
June$3,189.54$11,793.35$166,762.64
Average$4,234.56$3,254.26--
Year To Date$25,407.40$19,525.54--

Recap

Overall, I didn’t do that great for June. I purchased a “used” car, which increased my expenses a lot. This caused my net worth to decrease by by 6.04% from $159,508.69 to $169,147.69.

How did you guys do in June? Have you been keeping up with your goals and resolutions? Did you blow through it already? Let me know in the comments below!

If you aren’t already tracking your accounts or net worth, check out Personal Capital! It’s an amazing online tool that provides great visualizations and is easy to use!

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10 thoughts on “Net Worth Report: June 2017 Edition

  • July 10, 2017 at 6:18 am
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    Thanks for sharing your road to financial freedom! Is your monthly income after your retirement contributions? And about how much money goes into your 401k’s and IRA’s etc each month? Thanks!!

    Reply
    • July 10, 2017 at 9:46 am
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      Thanks for commenting, Karen.

      Yes, that’s my monthly income after contributing 50% of my paycheck towards my 401(k) and a few hundred to my HSA.

      I don’t actually know the actual amount to both, but it should be around $2,800 – $2,900 for the 401(k) and $200 – $300 for the HSA.

      For the IRA, I contribute once a few months before taxes are due. I hold back because I wait for my W2s to come in as it can determine whether or not I am eligible for a ROTH IRA.

      The interesting thing is that even though I spent so much this month, my net worth didn’t take quite a hit. It’s probably due to my investments, but I’m not entirely sure.

      Reply
      • July 10, 2017 at 10:21 am
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        Thanks for sharing your journey. You’re an inspiration to all ages of people….most people are uncomfortable sharing their income and budget etc but you have helped hundreds of people realize that if they just sacrifice each month and follow a strict plan of action then there is hope that they won’t have to worry everyday about their financial future. It amazes me how much your net worth grows each month! I’m older and my parents and aunts and uncles etc never discussed money and I wished they would have. They could’ve taught us so much…good and bad but there was a taboo on that subject. Love reading your posts….keep on track!

        Reply
        • July 17, 2017 at 2:26 am
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          Thanks Karen!

          I’m in the same situation as you as my parents and extended family never liked discussing money. On one side, it helps provide clarity into how we all should be managing our money and how we can learn from each other. On the flip side, it might invoke jealousy and people might hate others because of that.

          It really depends on the dynamic of the family on whether discussing money is a good idea or not.

          Reply
  • July 10, 2017 at 9:31 am
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    Great job this month! Sorry about the car expenses, but I hope it’s a goodie. 🙂 We did pretty okay in June. We came under on a few budget categories and paid off my student loans, so not too shabby!

    Reply
    • July 10, 2017 at 9:41 am
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      I hope it’s a goodie too.

      With proper care and maintenance, I’d be looking at driving it up to 300 or maybe 400 thousand miles.

      Congrats on getting it under a few categories, the extra money you have will compound over time leading to a big sum!

      Reply
  • July 10, 2017 at 1:06 pm
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    Thanks for sharing! Auto expenses can be a bummer, but good job on buying a vehicle responsibly and not going out and getting a new BMW 3 series like a lot of people your age. Sounds like you made a good decision with the car you purchased.

    Reply
    • July 17, 2017 at 2:23 am
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      Yeah, I think it’s a good decision and I hope it stays as one. 🙂

      Reply
  • August 1, 2017 at 8:37 am
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    Dear Smart,

    We’ve spent a pot load of money on car maintenance this year (more than our annual budget before the end of July and that was $3,500!) but we’ve decided that paying for the luxury of having two cars (11 and 13 years old) is worth the other sacrifices to us.

    Hopefully you’ll still be able to meet your annual net worth goals.

    Do you not have to pay for food or is it all included in your “Restaurants” tab? Either way, without the car, I think you’re doing great.

    Thanks for sharing.

    Sarah.

    Reply
    • August 7, 2017 at 5:12 am
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      Thanks for the comment, Sarah!

      Most of my food is in my Restaurants tab because I eat out for the most part. I don’t have access to a kitchen anymore, so I don’t purchase much groceries.

      It’s unfortunate that you had to spend a load of money on car maintenance, I hope my car doesn’t run into many issues during the course of its’ life time.

      Reply

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