Saturday, June 2, 2007

May Net Worth/Budget Results

Our net worth changed in ways this month I was not expecting. At the beginning of the month, our station wagon had it's water pump go out on us and it was cheaper for us to buy a used hatchback for $400 than it was to repair the 195K mile beast. In addition, we received a second car from a friend of ours as a donation. This bumped our vehicle assets up quite a bit.

We reached our goal this month of $1K in savings, even with the fun car stuff at the beginning of the month, and then some. We're using the excess beyond the $1K to take care of some debts.

My in-laws had given us money last year and I hadn't included it in our total debts since we didn't know the exact amount that we owed them. They came to visit and told us to consider it a gift.

In regards to following our budget, we did pretty well. We didn't overspend in dining out, my fun money was spent getting a replacement power supply for our computer, and my wife didn't spend all of her fun money. The only unbudgeted item was the car replacement, which with extra work in the month didn't cause much of a hiccup for us. We will be correcting for that by starting to put away some into a sinking fund for our cars. We also didn't use up all the gas money this month due to my in-laws visiting for a weekend and driving everywhere, our daughter being born so I didn't go to work for 2 days, and our actual 30 MPG hatchback we purchased.

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