Net Worth Update: +$963

I just can’t seem to make up my mind. A month ago I added $1500 to my car value, but this month I’m taking it off all of my net worth entries. It’s more of a psychological thing. My car is depreciating daily and I want to drive it until it eventually dies, so I doubt I will ever see its $1500 worth and don’t really want to count it.

With that said, here is my updated net worth as of May 31st:

ASSETS:
Cash: $866 (+184)
On May 31st, I was transferring money to pay off the Chase card, so this number is a bit misleading.

Emergency Savings: $1,000 (no change)
This earns 2% interest each month, but I send those few dollars to the Wedding Fund at the end of the month.

Christmas: $166 (+$30)
Slow and steady.

Wedding: $2,145 (+$189)
This included $100 normal contribution, plus $50 from roommate’s rent, $30 babysitting and $9 interest. I’ll probably take $150 of this and put it towards my Roth IRA this month.

401(k): $1,451 (+$210)
Earlier I said I would contribute more to this, but I decided to add that amount to the Roth IRA instead. I’d rather have to pay less taxes later.

LIABILITIES:
Parents Loan: -$6,800 (+$650)
Chaching! It felt wonderful to pay this much. Hopefully I can manage my finances better in June to pay this same amount plus a bit extra.

Credit Card: -$300 (-$300)
This is the Amazon credit card and I sent a check to have this paid off but it hadn’t been processed on May 31st. Overall semi-pleased with the rewards I get, but not exactly my use of this credit card. I’ll give it another month before deciding if it’s worth using all my expenses on.


TOTAL NETWORTH = -$1432
An increase of $963. So close to $1000! I should reach $0 networth in two months.

Unrelated: I’ve also added the June payments & savings to my progress bars. I didn’t get my $200 rent check for this month yet so I’ll add those amounts later. Have a great weekend savers!

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  • Congrats!

    I don’t think I would include my car value either – but it does seem kinda weird that a car loan would go against the net worth, but the car itself wouldn’t go for it. But I guess that is the nature of the beast. =)

  • I just recently removed my car and personal property from my net worth. While it’s nice to know I could sell my car & liquidate my possessions, I probably won’t. Not to mention that I doubt ‘d actually get what they’re worth anyway!