2013 Financial Year In Review

When I first started tracking my budget and net worth, I did monthly updates around the 7th of each month.  This still holds, and what it means is that December 7th is the ‘last’ net worth update for the year.  In order to do year to year comparisons, I’ve always kept the December update as the ‘final’ update.

What this means is that I wrapped up our net worth tracking for the year a couple of weeks ago.  I finally had a chance to look at it compared to our estimates, and determine that it was a pretty good year.

I don’t go into actual dollar amounts, but rather like to keep things in percentages.  I will still try to keep things interesting and in perspective.   I also continue to use accounting principles upon which my budgeting skills were formed, so I will list things according to the simple accounting formula that Assets minus Liabilities equals Equity (or in this case, Net Worth).

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It’s Been Two Years Since Our Refinance

Two years ago we completed the re-finance of our house.  I thought I would go through some of the numbers and things that have happened.

Original Loan: 30 year mortgage, 5.875%, closed July 2007
New Loan: 15 year mortgage, 3.375%, closed November 2011

Increase in monthly payment: $157.69

Reduction in total term: 10 years, 8 months

Principal paid on new loan in the first 24 payments: 10.67%
Principal paid on old loan in prior 24 payments: 4.97%

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Great Read Friday: I Jinxed Myself – September 6, 2013

I had a feeling when I posted last month that our net worth had made positive gains for fourteen months that I was probably jinxing myself.  Sure enough, the streak came to an end as our net worth fell for the first time since June 2012.  Largely driven by the stock market taking a breather, our net worth fell by 1.5%.

mb-pennyI guess that can only mean one thing: It’s time to start another streak!

Here are some great posts I’ve read over the past few weeks.  I hope you enjoy them as much as I did.

A buffer of cash in your checking account can help in many ways, as pointed out by How I Save Money.  My favorite positive reason is simple: peace of mind!

Read moreGreat Read Friday: I Jinxed Myself – September 6, 2013

Fourteen Months And Counting

Hopefully I don’t jinx it, but I recently completed our monthly net worth review and we have had positive net worth gains for fourteen months running!  It truly has been a bull market!

Of course the bull market is a big contributing factor toward our gain.  Between our retirement accounts and investment accounts, we’ve definitely been taking advantage of the gains.  I only wish I had more to invest up front!

The housing market improvement has also helped, as I’ve estimated that our home has gone up about 9% in that time frame, which is based off of estimates from comparable homes that have sold in the neighborhood over the same time.

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A New Car Is Little More Than A Drag On Your Net Worth

I got a call from our credit union the other day.  I used to do all my banking at this credit union until we got married, when we decided to combine our finances, and this led us to consolidate checking and saving services into a nearby bank, meaning that the credit union accounts largely became dormant.

Still, I kept the account active with a little bit of money because for several reasons:

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Our 2013 Financial Goals

Having just closed the book on our 2012 financial goals, I thought I would share our 2013 financial goals.  These are goals that tie directly to our personal household finances.  I figure that posting them will leave the door open for suggestions as well as give me something to hold myself accountable to.  If you have any suggestions or ideas, I’d be more than happy to hear them.

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