Net worth: Since I last reported in April, I have seen my net worth increase each month. My focus on saving and consistently contributing to both my 401(k) and Roth IRA have given me a 12.6% increase in my net worth since April 1. This is much better than I ever expected especially in the face of losses in late 2008.
1. Fully fund my 2009 Roth IRA with $5,000.
I am 47.7% to my goal. With the 1.9% merit increase in my pay check, I placed most of this new money toward my Roth IRA. With a little help from my regular savings account, I am on track to nearly fully fund my account by the end of the year. Plus it is nice to see the balance this account back above five digits and moving fund worth closer to amount I contributed (although still lagging).
2. Save $2,500 for purchase of a newer vehicle.
I am pleased about my progress towards this goal. To date, I have an additional $1,454 in this account. Much of this increase is due to systematic contributions but leftover money from my gasoline spending category has helped. This month, I will have additional savings from my extra paycheck. With more than halfway to my goal, I am confident I will reach this goal.
3. End the year with $1,500 in my farm savings account.
With monthly transfers to this account, my savings has reached just over $807. I plan to contribute some money from my extra check (three pay periods instead of the usual two this month) so this should push me closer to my goal. This goal seems to be within my reach.
4. Accumulate $800 toward buying a new computer.
Unfortunately, I was unable to hit this goal. With my trusty iBook G4 losing its cooling fan and me being addicted to Apple laptops and surfing the Web, I purchased a refurbished 15" MacBook Pro for $1528.70 with a $262.67 AppleCare Plan, and had to use $1,100 from my regular savings account to fund the purchase. This meant I did have just under $700 saved for the computer purchase. Because I owe myself money, the money I get from selling my iBook G4 and the final installment of my internet funding award in 2010 will go toward mitigating the raid on my savings account.
4. Save $600 by August 2010 for a potential vacation.
This is my replacement goal and one I should be able to fulfill. My monthly contributions will get me to $533 and I had a few dollars extra from my FSA account that I had subtracted from my spending plan. With at least two more pay periods before August that have a bonus check, I should be able to reach my goal with little stress.
Overall, I am doing better than I thought I could be. While a positive trend is nice in the stock market, good old-fashioned savings is also boosting my bottom line. How are you doing financially?