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August 2016 Net Worth

August 15, 2016
AUTHOR: Emilie
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Look at that! I still know how to blog. You’d be shocked considering the frequency at which I’ve been updating lately, right? I promise I’m still here, just extremely busy.

Before I update you on the one million and one things going on in my life, which I’ll probably do at some point, I wanted to pop in a tell you a little bit about my current financial status.

As I was going through some money stuff at the end of July, I noticed that my assets & liabilities were coming close to balancing out. It’s not great, but it certainly does represent money progress. I thought it would be good to do a better job of tracking my net worth each month, so I set a calendar reminder for the first of the month and set aside an hour to write down where I stood.

Unfortunately, because this isn’t something I’ve done a good job of tracking before I don’t have past numbers to compare this table to, but believe me when I say it’s progress. Since January 1, I’ve paid off over 5K of debt  (not counting the huge expenses, like moving, that I’ve cashflowed) and I started my Roth 401K in February.

Emilie Burke's Net Worth
Let’s dive a little deeper into these accounts, shall we.

Ally-Buffer

This is an account that I started at some point last fall with the intent of using these funds to pay for Buffer when I decided to renew my awesome plan. I’ve decided not to invest in a social media scheduling platform until I have the time and energy to use it or can afford a VA who can use it for me. I set aside $9/month for this account.

Ally- Future Travel

I set aside $85/month to help pay for future travel escapades. This most-recently paid for my trips to Providence and Nashville in July. We’ll be going to Illinois in October for a wedding and I’m hoping to save enough money in this account to pay for my flight. I’m also working to save enough for a trip to a wedding in Brasil in September.

Ally- Savings

This account includes my $1000 emergency fund (in addition to the $1000 buffer in my bank account). It also includes the money I set aside for taxes from freelance and blog income. I set aside 40% of all income generated from not-my-day-job into this account. This account also includes about two dollars of interest.

Ally- Tailwind

Tailwind is my favorite Pinterest scheduling platform. I paid for my first year upfront. Since then, I set aside $15/month so that I can pay for it up front again next year.

USAA- Primary

This is my primary cash inflow and outflow account. Nothing special here. August 1 is right after payday, but also I automate a lot of expenses to come out on the first of the month.

USAA- Joint

This is half of the amount in my joint bank account with Casey. Through this account, we pay for rent, groceries, and other joint home expenses.

Spending

This is my casual spending account. Again, nothing special. I’ve pretty much stopped using this in its intended capacity.

Roth IRA

This is the Roth IRA through Betterment that I opened in September 2015. I invested $5500 but I have not contributed since. You can open your own investment accounts through Betterment with my referral link here.

Roth 401K

My employer offers a 4% match, so I invest 4% of my gross paycheck in after-tax dollars into a Roth 401K administered by my employer. This amount includes the match.

Debts

This is my debt as of the first of the month. By the time I update my debt for the end of August it will look different again! In the mean time, here are details on my debt as of my last Debt Repayment update.

Overall Net Worth and Thoughts

All in all, my net worth on August 1 was -3967.32. I’m actually pretty impressed with myself. I’m confident that by the end of the year, I’ll be at a positive net worth. That realization is absolutely mind-blowing. It’s a little bit easier to be sure that my net worth is going to be positive than that I’ll have my credit card debt totally paid off because my net worth will increase by both paying off debt AND saving/contributing to my retirement accounts.

Let me know: Do you want to follow my Net Worth each month?

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Emilie is a data engineer by day and lifestyle blogger by night. A Jersey girl at heart, she is currently living in her fifth home in three years, Savannah, GA with her college sweetheart. She’s learned the hard way that home is wherever the Army sends them. She enjoys eating food, cuddling with her dog, and binge watching HGTV.