May Financial Review
April marked two major financial milestones for Single Ma’s Fabulous Financials. 1) I started a new job that allowed me to achieve my 5 year salary goal earlier than expected and 2) I exceeded a six figure net worth with more than 12% growth from the previous month. Now let’s see if May continued the same good fortune:
MAY BUDGET
On the budget front, once again I cut it real close. It appears as if I spent ($143) more than I earned but there’s a method to my madness. All deposits total $6,310 and all debits total $6,453. The debits consist of $5,724 outflow (including $1,600 that went to saving/investing FIRST) and $729 in credit card charges not yet paid. Admittedly, my finances were a bit off due to the transition and here are a few non-recurring factors that threw my budget out of whack:
- $518 on transportation – gas, parking, oil change and new brakes on the whip.
- $508 on food – groceries AND eating out. Wish I could say any of those meals were memorable. With only two of us, this is a bit ridiculous.
- $484 shopping – two suits, a blazer, shoes & accessories.
- $146 on cell phone – increased minutes from 700 to 2100 so V.er.iz.on wouldn’t demand my 2nd unborn child. Although the bill was 2x higher than normal, it was nothing compared to what it would have been had I not changed the pricing plan. Let’s just say, even after increasing the minutes, I still almost went over.
- $450 on moving expenses – renter’s ins for apt, moving co. tips, prepping house for rent and tenant search.
- Last but not least, someone twisted my arm and forced me to make this impulse purchase. I’m so easily influenced. LOL
I don’t expect any of these things to repeat, so I hope to be back on track soon.
MAY NET WORTH
My net worth increased just a wee bit (+$1,121 or 1.20%), but any growth is better than going in the opposite direction.
Assets: Since I changed employers, my auto allotments were not established in May. This caused a significant reduction in monthly investment contributions. After peaking at my accounts, the market has seen better days.
Liabilities: My auto loan is almost gone – ONE MORE PAYMENT – but my CC balance was not paid before month end. Although it’s a little higher than last month, it will be paid in full when the statement closes on the 18th.
As a result, total net worth is now $112,324 or 90% of my 2007 goal. Seven months and only 10% to go. Aaah shucks now! But what in the world should Single Ma focus on next?
I choose door #1: Getting rid of this unfabulous debt!
Peace & Blessings
~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!
~SM
This blog is all about Finance, Fitness, Fashion & Fun - the sum of my life. If you like what you've read, feel free to subscribe via (feed reader) or (email) to follow along.
Congratulations and you inspired me. I will start doing this on a monthly basis. I think it’s important to really be able to see progress or failure so you can adjust! Thanks again!
Great job on achieving a positive month when you had so many expensive transitions happening! Knocking off the debt is a great thing to focus on next. Less debt mean fewer fixed expenses and hopefully lower monthly costs. Lower monthly costs = more opportunity to save and invest and should ultimately mean financial freedom at an earlier age – something we can all get excited about!
Single Ma, I continue to virtually enjoy your blog and your financial achievements :)
Saludos to you and BG,
Enid
Won’t your new employer reimburse you the $450 in moving expenses?
Moving is such a chaotic event. And the aftermath ain’t pretty at all. I moved in April and winded up increasing my credit card debt by $1K. Not fabulous at all! :-(
I agree with door #1. Get rid of all that debt!
Great job Mz Thang. That net worth is looking FIERCE!!!
Dimps
Awww sukey sukey now! Work it out Single Ma, work it out. Next goal? I say “Door 2 – ADOPT ME”. LOL
@ dimples – I was given an advance in April (part of the reason my NW topped 100k) to cover misc. and incidentals, so yes, you could say my employer paid the $450. However, the actual “reimbursement” terms are for the SALE of my home and the PURCHASE of a new home. I have 2 years for that.
I just want to say that I slipped up on your blog by someone else’s. I love the whole concept of it relating to good money managment. So, I had to blogroll this blog.
perfect!!!!!!!!!!! great news!!!!!!! :)
*hugs* you are still doing great!