June was another positive month for our net worth. That’s three months in a row that we’ve seen an increase, which is the first time we’ve seen three consecutive monthly gains since a four month stretch between November 2006 – February 2007!
Property –I use a combination of Zillow and CyberHomes. I make a small adjustment based on what I’m seeing things sell for, and I remove 7.75% for expected selling costs. For the month, the value stabilized, which is a rarity, actually going up a small fraction. I’m not sure how long that will continue, given that Michigan will most likely see further battering with the GM bankruptcy, but we’re not going anywhere, so no big deal here.
Autos – The value of our two cars has held pretty steady the last couple of months as the used car market has heated up. We saw a modest decline, but nothing unexpected.
Investment Accounts – We had a good month, going up slightly above 5%. Still for the last 12 months, our investment account balance is down over 35%. Still, I feel like we’re hopefully in a good re-building mode that can continue the positive strides made.
Cash Accounts – We continued to slightly add to our cash accounts raising another 2.66% for the month.
Retirement Accounts – Our retirement account went up 7.6% for the month. The total value is down roughly 14.5% over the past year. My employer stopped matching, but we’re still contributing 10% of my salary at this time. Unfortunately, we’re not maxing out our retirement, but I still feel like we’re moving in the right direction.
Mortgage – Nothing special, just the monthly payment. Our mortgage is a 30-year loan at 5.875%
Car Loans – We paid off our car 11 months ago and we have no outstanding car loans!
Credit Cards – This is the balance that’s accrued since the last statement. We pay our credit cards off every month. We have a little lower balance than last month but still quite a bit higher than usual (as evidenced by the increase from 12 months ago) simply because of the added costs of our newborn.
Student Loan 1 – This is the loan that had a higher balance and a higher interest rate. After paying the car loan off, we concentrated our debt payment on this loan. We’ve paid 60% of the balance from a year ago, which just thrills me to pieces! We got a decent chunk down this past month as a portion of our federal tax return went to paying it down.
Student Loan 2 – This is the second loan but it is at a very low interest rate. We make the minimum payments on this loan. After Student Loan 1 is paid off, we’ll have to decide whether to snowball the payments toward this loan, or switch to something else (such as the mortgage, investing, or adding even more to our retirement)
Overall, our net worth went up 8.2% for the month, and is down 24.8% from a year ago.
I think it was a good month. I’m still extremely happy with how we’ve transitioned into a single-paycheck household. Our next challenge will be to add the month-to-month costs of a newborn into our budget.
I think we’ve made some great strides and am keeping my fingers crossed that we continue to positive momentum built over the last several months.