Welcome to the June 2023 edition of our net worth tracker, where we’ll track our net worth month over month. I first started tracking our net worth at the time this blog was started, which was at the beginning of September 2019. I started by creating the Net Worth Baseline report.
You can view Previous Net Worth reports HERE.
Let’s dive straight into this month’s report.
Previously, I would go through my month, and go over the highlights. These days I’m doing it a little differently. Unless you convince me that you want to hear about my month, I’m not going to talk about it.
June 2023 Net Worth
Here’s how June compares to last month:
June Account Breakdown
Let’s take a quick look at what happened in June.
Monthly Blurb: This is where our paychecks get deposited. All our income goes into this account, then gets transferred to the proper accounts as set by my budget. As usual, I do the net worth report before transferring money to the appropriate accounts.
It was an average month for us both in terms of spending and above-average for income. I forgot to transfer money into investment one month, that’s why our cash is lower than last month. I actually remembered to transfer money this month.
Our spending was about average this month.
Investment Cash ($9,971.54)
Monthly Blurb: All of our cash left over at the end of the month is transferred here and is considered part of our savings rate.
This is where our leftover income went from May (and what I forgot to transfer from April).
I’m still waiting for some opportunities to come up in the housing market, although I’m not that optimistic. I have noticed that the market is still below what it was compared to last year.
I put a bunch of money in a CD back in February, so hopefully, nothing too exciting pops up while that money is locked away.
Remaining Cash Accounts (Emergency and Sinking Funds) (-$801.31)
Nothing exciting here. Just the usual. It is negative this month because I had to pay our home insurance. Other than that, we are just saving up for our property tax bill for when it’s due early next year.
This month we had a significant increase. I didn’t realize it during the month, but I guess the market did pretty well in June.
All market performance here. Again, more than I expected because I wasn’t really keeping up with market changes.
Overall, that’s a gain of about 6% between the 401k and IRAs. Best month of the year so far.
College Fund ($3,499.32)
The college fund is invested just like the IRAs; in mutual funds. However, this mutual fund was up by “only” 5 percent.
Net Worth ($38,908.21)
June was a good month. These were the best gains of the year. Most of the net worth increase came from our investments, and about a quarter came from our jobs this month.
Our expenses were a bit less than last month, with no major expenses.
In total, our net worth increased by approximately 4.14%, up from 0.85% in May.
So far our net worth has increased every month in 2023.
Accessible Net Worth ($7,699.90)
Monthly Blurb: This is the money we are able to put away, not including the tax-advantaged retirement accounts.
Our income was above average, and our expenses were about average this month. Our accessible net worth increased as a result of our investments, making a good amount of money this month, and not having any crazy expenses.
Status: None, as usual. They’re a burden, so I avoid them. The cars, the house, they’re all paid for. Student loans…never used them. Credit Card debt? I only use one, and it gets paid off every month, and often I’ll pay it off multiple times per month. Just depends on how many times I think about it.
January and February are very boring months for dividends. March was a record-breaking month.
May, just like April, was pretty mediocre, as it was just interest in my investment accounts.
June, in addition to account interest, did turn out a few dividends, but nothing mind-blowing.
The interest rate in my savings account was raised again and now sits at 4.15%. My wishes came true as it increased slightly. I hope to see it rise a little more, but I’m not sure it will since the Feds are starting to back off.
I track my savings rate in order to help keep my feet to the fire so that later I can be Gone on FIRE. As a bonus, you get a glimpse into my cash flow by looking at the income and expense rows.
A couple of years ago, I had to adjust the savings goal to 50%, which we didn’t achieve. In 2022, we barely missed that goal! I’ve set the same goal for this year.
Last month we were well short of the 50% goal again by about 13%. However, we were a few percentage points above 50% in June, and we are still above 50% for the year.
I’m hoping we can carry it through the rest of the year. Hopefully, we don’t have too many unplanned expenses. Also, I’m seeing the impact of inflation all around us as it seems like the price of everything has gone up.
Of that 50% we are spending, Housing and Daycare alone eat up about 30%. We give 10%, so that means we are living on 10-15% for everything else.
There is a light at the end of the tunnel for daycare, but these Texas property taxes kill me. The good news is that the state legislature is “trying” to provide some relief.
Daycare will decrease every year until it’s mostly gone at the end of the summer of 2024. Hopefully, we can get our savings rate up above 50% when that happens.
I wonder what other expenses will pop up once daycare is done.
Here’s how we did this month.
Right now, our only source of active income is through our full-time jobs.
This is what an above-average income month looks like for us. Income for June was higher as we both get “extra” paychecks. (We get paid every two weeks.)
Our expenses were average this month. We didn’t have any car repairs or unexpected expenses and mostly kept the rest of our spending in check.
Here is a quick breakdown:
1) Home Escrow ($965.00)
The normal amount we put aside every month, plus paying for pest control.
2) Giving ($1,391.77)
The usual 10% we give every month. Plus 1% that we started to give on top of that.
3) Cost of living ($3,419.93)
This includes all our bills (Gas, Electric, Water, Internet, Phone), transportation, food, shopping, car insurance, and daycare. Home insurance is paid for out of our Home Escrow savings account. Like last year, we are going to drain our dependent care account at the end of the year in one lump sum. Doing it that way is less paperwork for us.
In June, we had average expenses.
June 2023 Vs May 2023 Expenses
June and May were pretty average months, in terms of finances, although we did spend more in May and we made more money in June. We’re in our routine for the year, and things are going great.
Especially since our savings rate is above 50%. I’m excited to see that, as it has been a struggle.
Hopefully, July stays fairly smooth. We don’t have any big planned expenses this month, aside from a license renewal for work.
The Roth IRA contribution is done, and the money has been transferred to the proper accounts.
Aside from the 401k, which is on automatic contributions from my paycheck, I’m not completely sure how the other goals are going to turn out. It’s still too early to tell.
I think we’ll hit the passive income goal, but I’m not sure about the savings goal. We have fallen slightly behind, and there’s a lot of the year left. Who knows what will come up?
The savings rate goal is starting to become a thorn in my side but were positive for the year so far. We’ll see if that’s enough motivation to actually reach the goal.
My goal of 24 articles this year is in the works. I’ve actually been working on some content for this site other than my net worth reports!
I posted a bunch of articles in March. Take a look and let me know what you think.
I’ll try to get another batch posted in the next couple of months, and will for sure post more before the end of the year.
I’m doing a reading goal again this year with the same number of books. Last year I only read 2, but I know I can do 3. I’m done with the first book. Now to read the next 2…
And then there is my physical health. I didn’t get to where I wanted in 2021, …or 2022, so we’ll continue to try again this year. I want to lose fat, and part of that is going to be by eating healthier. So far, that hasn’t happened.
June 2023 Roundup
The month of June was a great one, and nothing unexpected happened. Kids didn’t have any unplanned days off school, we all stayed healthy, and pretty much life ran smoothly.
Four months in a row. Yay!
The weather has been warming up even more, and if officially hot. I think most people would have considered it hot a long time ago, but we finally got to Texas hot with temps in the hundreds.
I continue to be excited as we progress into July and for the rest of the year. There’s really a lot to be thankful for.
Stay tuned for next month’s New Worth update!
- 2 big items not included in my net worth:
- House & Cars – Their value will be added to my net worth if and when I sell them.
- 2 accounts not included in the net worth total (even though they’re listed):
- 529 – This is my money for my babies. Consider it their net worth summary.
- Home Escrow – This is Uncle Sam’s money. We don’t mess around with Uncle Sam and his money.
- Total income only includes our active income, which is currently our full-time jobs.