- Bargaineering - http://www.bargaineering.com/articles -

Financial Monthly Review (May ‘05)

Posted By Jim On 06/06/2005 @ 8:38 am In Monthly Review | 13 Comments

May was a pretty big month as it included a huge asset added onto my books – my new home. Thank you to everyone who gave me suggestions and helped me avoid many of the pitfalls of purchasing a home and hopefully, for those of you who haven’t taken the plunge, some of the articles I’ve written and some of the comments many have left will help you in your journey. Since I haven’t moved in and am currently doing a rent-back, my expenditures haven’t increased to reflect the fat mortgage payment because I don’t think it’s necessary to show it yet. As for everything else, it’s out in the open for you all to read and pick at.



Monthly Spending Review:


Spending April Budget
Rent $535 $535
Utilities $158.40 $150
Meals $118.90 $200
Groceries $161.17 $200
Clothes $0 $20
Cleaning $0 $30
Automotive $0 $50
Transportation/Gas $106.43 $200
Recreation $158.00 $285
Other $30 85


Notes:

Overall it was a very lean month because I anticipated my home purchase. I lowered my meal expenditure and upped my grocery spending (targets remained the same), which is a trend I hope to continue. Utilities, which include my cell phone bill and EZ-Pass bill, was tolerably over limits. Nothing else is of notable interest really.

Assets and Liabilities:

Liquid Assets: $2,384.18 (-$18,169.52/ -88%, versus historic +9%)
Retirement Assets: $47,057.96 ( $3,390.63 / +7.76%)

  • 401K – $31,414.10
  • Roth IRA – $15,643.86

2003 Toyota Celica: $15,285 (KBB Private Party value [3])
Student Loans: $24,348.77

  • Federal Stafford Loan (3.12% var) – $7,388.88
  • Consolidated Loan (3.25% fixed) – $17,033.00

Revolving Credit Card Debt: $0.00

My liquid assets took an expected nose-dive when I made a downpayment on the home. With the help of my parents, we were able to put down 10% and we’ll be paying down a majority of the second 10% mortgage too (we didn’t have enough to put down the full 20%).

I’ve begun the process of consolidating my final Federal Stafford Loan into the consolidated loan and locking in a good fixed rate. The current new Consolidated Loan rate reflects a .25% rate discount for direct payment from a checking account.

My Roth account had a very good month. I bought and sold AirTran Holdings (basically AirTran Airlines) in the period (which still is going on now) when it moved from around $8 to $10. I also hold a position in one of GM’s bonds which has appreciated quite a bit in the last two weeks. The 401k also performed admirably well with the recent gains made by the stock market that has made everyone very very happy.

Net Worth:

I wish I could calculate this without the inclusion of the gift from my parents for the downpayment on the home, but the numbers become very confusing if I remove it because it’s integrated with the debt numbers. I also do not include the car because it was also a pseudo-gift. Anyway, after gross calculations, my net worth (with help) is:

$58,520.26

Any comments?


Article printed from Bargaineering: http://www.bargaineering.com/articles

URL to article: http://www.bargaineering.com/articles/financial-monthly-review-may-%e2%80%9805.html

URLs in this post:

[1] Tweet: http://twitter.com/share

[2] Email: mailto:?subject=http://www.bargaineering.com/articles/financial-monthly-review-may-%e2%80%9805.html

[3] KBB Private Party value: http://www.kbb.com/

Thank you for reading!