Net Worth Report: August 2017 Edition

Hey hey hey, y’all, August is over and now it’s September!

And with the start of every month, I publish a Net Worth Report to show y’all how my finances are doing.

For me, the point of doing this monthly is to show myself where I spend my money and to correct it for the months to come. This allows me to understand, mitigate, and reallocate unnecessary costs to help push me to Financial Independence faster.

Anyways, back in July , I spent a total of $428.91 (my lowest ever this year!) and my net worth increased to $173,307.50 (back to an increase fortunately).

Related: Net Worth Report: July 2017 Edition

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

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, they are referred simply because I think these products and services and useful and will be convenient to have.

Income: $2,126.92

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

August’s paychecks came out to a total of $975.34, with two paychecks coming in at $487.67 each.

I also received a Per-Diem check of $923.00, a Venmo Deposit of $147.71(for paying for my friends’ food bill), some measly interest of $0.44, a check deposit of $31.63.

All of this totals up to $2,162.92.

For those of you that don’t know, my paychecks come in ridiculously low because I am contributing 50% of my paychecks towards my After-Tax 401(k), which will allow me to utilize the Mega Backdoor Roth strategy to contribute an extra $35,000 to my ROTH IRA every year. Unfortunately, I haven’t been using this strategy to the fullest yet because I have not begun performing the rollover from the After-Tax 401(k) to my ROTH IRA.

Additionally, because my job is a travel job, I get these so-called “Per-Diem” checks because they were meant to be used for my living expenses while traveling. Since my job allows me to either use it or keep the rest, I decided to use as little as possible and put the rest towards investments, because in the end, who doesn’t like free money?!

Finally, you may see some Venmo transactions in my income category. The reason for this is because I tend to like paying for my friends, peers, or coworkers’ food with my card and having them pay be back because I can earn points with my credit cards. The points are then used to fund my travel worldwide and to expand my horizons with cool and awesome experiences.

Expenses: $583.77

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

This month’s expenses clocked in at $583.77, which is a bit more than July’s $428.91, but much lower than June’s $11,793.35 (who could forgot such a large month of expenses?!)

For August, my money was spent on the following categories:

  • Restaurants: $400.80
  • Clothing: $89.60
  • General Merchandise: $44.94
  • Gasoline/Fuel: $24.45
  • Entertainment: $13.98
  • Online Services: $10.00

Restaurants: $400.80

August’s Eating Out habits was double July’s Restaurant Bill!

I spent a total of $400.80! I believe the reason for this large increase was because I was a bit more stressed and also because of the Venmo transaction (remember when I said I would put the entire bill on my card and have my friends Venmo me instead?).

If we were to subtract my Venmo cost, I would have only spend $253.09 ($400.80 – $147.71).

Also, since most of my transactions were on coffee and tea, I need to start cutting back on those… but caffeine is just so good.

Clothing: $89.60

In addition to the new clothes I purchased in July, I purchased some more new clothes in August to freshen up my wardrobe.

I do have to say that I look pretty nice in the new clothes I purchased and this should last me a while… as long as I take care of the fabric while washing them.

General Merchandise: $44.94

In terms of general merchandise, I purchased a tripod to go with my Sony A6000.

I believe I’ll use it to start taking more scenic landscape photos and the occasional selfies, but I haven’t gotten around to taking any yet as I’m still learning how to use the camera.

When I think about it, I might have not needed to purchase the camera back in December and just use my phone for pictures and selfies instead. It might have been an unnecessary cost, but I hope to start using it more often for photography or maybe even video recording.

Gasoline: $24.45

Now that I have a car again, I have to fill up the tank whenever it runs out.

A tank of gas for my hybrid car takes about $25.00 to fill, so with $24.45, I got about a tank filled, which can get me around 400-500 miles.

This is a necessary expense for now, but it can be reduced by driving less.

Entertainment: $13.98

In the Entertainment sector, I spend $13.98 – $10.00 on the $650 million Powerball Lottery and $3.98 for a pair of eclipse sunglasses to check out the eclipse in Oregon.

I don’t know whether or not it was worth purchasing $10.00 for the Powerball lottery, but I can definitely say that if I had won the lottery, it would have been worth it.

In terms of the eclipse glasses, the whole experience wasn’t as cool as I thought it would be. You can get a clearer picture of the eclipse via NASA’s live stream and it would be much larger as well… the only decent part was experiencing the sky go from light to dark and back to light as the moon passed beteween the sun and the earth.

Online Services: $10.00

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.

Net Worth: $180,541.64

Luckily, my net worth increased this month from $173,307.50 to $180,541.64 (4.17% increase).

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: $20,538.22
    • Status: Failed
    • Thoughts: Well, I definitely failed this… better luck next year!
  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: $180,541.64
    • Status: On Track?
    • Thoughts: $20,000 more to go in 3 months. I might make it, but it’ll just be barely.

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
July$3,604.63$428.91$173,307.50
August$2,126.92$583.77$180,541.64
Average$3,892.36$2,567.27--
Year To Date$31,138.95$20,538.22--

Recap

Overall, my net worth increased by 4.17% from $173,307.50 to $180,541.64.

How did you guys do in August? 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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4 thoughts on “Net Worth Report: August 2017 Edition

    • September 11, 2017 at 8:04 pm
      Permalink

      Thanks! I hope to spend a little less on restaurants next month, but I don’t think I’ll be able to. It’s a birthday month for all of my friends and family.

      Reply
  • September 11, 2017 at 12:52 pm
    Permalink

    Great job with the net worth! Saving 50% of your paycheck from the get-go certainly helps. Looking forward to your next report, and I hope you reach your goal of $200k by the end of the year.

    Reply
    • September 11, 2017 at 8:05 pm
      Permalink

      Thanks, SRGO!

      I hope I make it to $200k by the end of the year, that would be such an accomplishment!

      Reply

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