Personal Balance Sheet – July 2012

The positive results during June have rolled into July as I saw a nice uptick in my net worth.

Personal Balance Sheet - July 2012

You can also check out my balance sheet for each quarter since I started tracking.

YTD, my net worth is up over $14k, which is good enough for me at this point, especially when you consider what I’ve done over the last year. In September 2011 I left my first job out of college after working there for 1 year and 1 day. When doing this, I took a pay cut. Yup. I disliked my previous job so much that I took a different job that paid me less money. Ideally, when you switch jobs you should be making more money. But that’s not how it always works out.

My investments also haven’t contributed significantly to this net worth change. My amount added from investment gains (not contributions) is about $2k. That means the rest of the $12k came from me saving money. This is very good, because I have some big expenses that I’m saving for (wedding and car).

I am making big strives toward my goals. I’m not sure when I’ll buy a car, and whether it will be new or used, but I have added $4,100 to my car savings account, which means I have $5k saved for a car. That makes me feel confident that if anything were to happen to my current car tomorrow it wouldn’t be an emergency to go and replace it. I have enough to get me a 2005 compact sedan if I buy used, or I can use the money to put down on a new vehicle. I’ve also saved a total of $6,200 for my wedding and honeymoon next summer. Total cost of the wedding will likely be about $20k, with parents on both sides helping with some of the costs. I am ahead of schedule for both of these goals, although the Wedding & Honeymoon goal isn’t very far ahead, and my Roth IRA goal is behind where it should be at this point. Although, I’m fine with being behind on that one for now since I contributed $1.5k to the Roth 401(k) that I did not factor into my original 2012 personal finance goals.

On the balance sheet I’ve also added a receivable for $700. I am a season ticket holder of an NHL team and I sell about 3/4 of the season to other people. So far I have a contract to sell 1/2 of the season. I’ve paid out about half of the money for the whole season, yet I won’t collect from the buyer into later, so I’ve added a receivable for the pro-rated amount of what I’ve paid that I expect to receive from him. This will ensure that the hockey tickets don’t have a greater affect on my balance sheet than they truly will.

Although I don’t make a habit of it, I also put together a quick income statement for the month. I calculated all of my income and then all of my expenses to come up with “net income”, although typically a “net income” isn’t calculated for individuals. This ends up being the money I have available for saving or investing.

Personal Income Statement July 2012

My income from sources other than my day job isn’t usually almost $3k per month, but I didn’t get much last month so it stacked up. I treat my finances on a cash-basis unless for some reason I think it truly distorts the reality of my balance sheet. So if I felt that I would have a large tax liability net April, I would accrue a liability for this even though I wouldn’t pay the cash until April. But overall, keeping things on the cash basis keeps it simple and “more real”. Hopefully next month brings more great things and I can finish off my car savings goal and then focus on the wedding goal and maybe start saving for a house this year.

2012 Personal Finance Goals – Midyear Update

This post combined my normal balance sheet post with a midyear update toward all of my 2012 personal finance goals. Here is my YTD balance sheet:

June 2012 Personal Balance Sheet

You can also view my balance sheet for each quarter since September 2010.

Overall I’ve been making good progress toward my financial goals (as you’ll see below), but I haven’t been achieving my personal goals related to health or the blog.


#1: Save $5,000 toward new car
I’ve managed to save $3,221 this year toward a new car, which is 58.6% of my goal for the year. I feel comfortable with this amount. My cars has shown a few issues over time, but with $4,221 saved (started the year with $1,000 saved) and I am confident that if my car were to have a major issue I could go and purchase a used 2005 Ford Focus or something. Losing my car will no longer be a financial emergency.

#2 & 3: Save $5,000 toward wedding and $5,000 toward honeymoon
I’ve combined these two wedding-related goals and have managed to saved $5,500 toward them, which is 55% of my goal for the year. I would like to be further ahead on this because the wedding isn’t going to be cheap, but I just haven’t gotten there.

#4: Save $5,000 to contribute to my Roth IRA
I made a $2,000 contribution and have saved an additional $265 for my Roth. This goal is technically below the 50% mark at 46%, but I am fine with this because I’ve also started contributing to my Roth 401(k) at work. I have $1,276 in my Roth 401(k), which puts me well over the 50% mark if you combine the two. I still plan on making the full $5k contribution to my Roth IRA, but I just wanted to clarify that I’m not concerned about being below 50% for this goal.

#5: Save at least $10,000 toward a house
I haven’t managed to make any progress toward saving for a house. I was hoping that I could complete my other goals by August and then really work toward saving for a house, but I’m not sure if that will happen.

#6: Earn an average of $1,500 per month in side income
My side income was doing well, but has had a few setbacks in the past couple of months. I think that has contributed some to my lack of progress in net worth. I continue to work on this as much as I can.


#7: Publish an average of 5 posts per month
I’ve been doing great keeping up with this except for last month while I was on vacation in Italy and Switzerland. I plan to keep this up and exceed this number in the future. Ideally I’d like to be posting 10-15 times per month.

#8: Monetize my blog
I haven’t done a great job of monetizing the blog. I still have a way to go before there is real potential here.


#9: Lose 52 pounds
I’ve utterly failed at this, losing only 8 pounds for the year. While 8 pounds is obviously better than zero, it’s nowhere near the 26 I should have lost by now to reach my goal. With my wedding a year a way, it’s time to really focus on this one. If I can lose an additional 20 to 25 pounds by the end of the year I’ll be very satisfied.

#10: Track and report on my progress every month
I’ve done a great job of tracking my progress and keeping myself responsible. I’ll keep this up for the rest of the year because it helps. It helps the most when I’m failing because it reminds me of my goals and where I’m slacking.

Overall, while I’m not surpassing my goals like I was last year, I’m making good progress overall toward my financial, personal and blog goals. There’s still work to do, but it’s all good stuff.

Personal Balance Sheet – May 2012

I’m down $1,000 in net worth over the past two months. Obviously that’s not the direction I’d like to be heading, but occasionally you have those months where you spend big and you just have to be able to get right back on track. During the month I purchases components to rebuild a failing desktop computer (about $800) and new equipment to play roller hockey again ($500). I also had some lingering purchases from the recent move. It also didn’t help that my Roth IRA dropped about $1.5k for the month (a pretty significant drop).

May 2012 Personal Balance Sheet

This next month I am going to Italy for two weeks. While I’ve saved the money to pay for the trip, this will also put a dent in my cash so we’ll see how it goes over the next month. Definitely want to improve my net worth over the next month (don’t want another drop). It’s interesting to note that in August 2011 I also had a similar two-month drop in net worth, also not helped by a significant drop in my stock portfolio.