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.
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.
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.
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
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.
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.
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 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.
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.
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!
- 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!
- 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.
- 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.
|Year To Date||$25,407.40||$19,525.54||--|
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!