May 2006 Net Worth Update

Our big wedding day is almost here.  June is just around the corner! As I look back on this last month, it all feels like a blur because of all the last minute details (and expenses) to get ready for everything.  I plan to take it easy until our wedding day.  I want to enjoy everything that we have so carefully planned.  And I’m excited for life as a married person!

It’s also a big week because I celebrated my one-year anniversary at work.  It’s hard to believe that an entire year has passed since graduating college.  My fiance and I have really enjoyed the year — our big move to a new city, the purchase of a duplex property, settling into life on-our-own.  There have been a lot of changes, but we’ve seemed to meet the challenges very well.

One FULL YEAR of working, saving, and growing our net worth.

Onto the financial update; I’m please to announce another monthly GAIN to our net worth.  This makes 12 straight months of net worth gains.  We did it!  One FULL YEAR of working, saving, and growing our net worth.  It feels like it was just yesterday that we were finishing up our final papers and tests, getting ready for college graduation.  I can’t believe it’s been one year ago already!  I hope to celebrate the occasion in the next post by sharing some fun statistics.

As of the end of May 2006, our net worth has increased by $4,753 to a new total of $88,420.  

FI Champion's Net Worth Update for May 2006

(View details and definitions for all line-items in our monthly Net Worth Updates)

Noteworthy highlights for the May 2006 update:

  • Our expenses were FAR from normal in May.  They were quite high.  This may have been a record-setting month in terms of net worth gains if it weren’t for all these expenses.  Sigh.  Just take a look below:
    • We had another series of bills due for our wedding and honeymoon.  For the month, we spent nearly $1,800 on wedding expenses.  Who knew details such as chair covers would be so important to my soon-to-be wife?!  Sheesh… these things add up!  We also purchased a nicer digital camera to use for our big day and also on our honeymoon trip.
    • The refrigerator on the rental property half of our duplex went out!  Thankfully we had negotiated for a home warranty during the purchase of the property.  This was paid for by the sellers.  The warranty kicked in and we received a payout for the broken refrigerator.  We still had to chip in a little extra for a new one.  But the warranty covered most of it, so we were thankful.
    • We had lots of healthcare expenses during the month.  Both of us visited an eye doctor and then purchased contact lenses.  We also visited the dentist.  Altogether there was a few hundred dollars in services to pay for, beyond what our health insurance covered.
    • I purchased a new laptop computer to replaced our old one from college.  Hey, I’m in the tech field so I need to stay current, right?  I stayed below $1,000 total, but it was an expense for the month.
    • Car insurance payment were due this month.  I make these payments every 6-months.  It wasn’t a ton of money.  I only mention because it is yet *another* expense that was outside of normal.
  • Our Federal and State tax refunds were received and deposited.  In all honesty I was not expecting them to come in so quickly.  I had just finished working on our tax returns in early April.  But it was nice to see a relatively quick turnaround; and good timing too, because of all the additional expenses this month.
  • We received some very generous wedding gifts during the past few weeks.  Almost all were from people sending in their regrets about having to miss our wedding day.  Many of them included checks.  In total we received $1,500 in wedding gift money!  That’s huge in my mind!  We are very thankful for everyone’s generosity.  We promise to put the money to good work!
  • I have begun selling old college textbooks and DVD movies online through Amazon.com and Half.com.  Results have been great for the month of May.  So far I have sold and received nearly $500 after subtracting out shipping expenses.  Not bad at all!
  • I did not make regular contributions to our Roth IRA accounts this month since I have already put so much in during the first couple months of the year.  We’re still on track for maximizing our contributions.  Missing this month doesn’t affect those plans.  The stock market was down slightly for the month though, which is why our Roth IRA account balances have gone down.
  • Normal contributions were made to my fiance’s 401k account.
  • We continue to take advantage of a 0% credit card offer.  This means taking the money earmarked for paying our credit card bill and instead, putting that money into our Vanguard Money Market funds.  We will earn interest on the money kept at Vanguard while paying no interest or fees to the credit card companies.  I consider it “free money” so we will keep it up as long as they let us!  But at any time we can “write a check” and pay it off though.
  • The regular payment was made to our student loans.
  • The regular $150 payment was made to our general loan.
  • The regular mortgage payment was made this month.

Leave a Reply