September is done and it is time for our monthly Project/Net Worth update. This month continued the trend of being exhausting and a bit overwhelming at times. Sometimes I wonder how much our FI goals are pushing us a little harder than most because we have a clear goal of where we want to be in a little under five years. Most of my challenges have come from my new job with a lot of academic research and writing, plus looking for grant funding. At the same time I still have a few loose ends I am wrapping up from my previous job, and considering they are still paying me through December I do have some obligations to finish a few items. My wife has also been busy working on her Ph.D while at the same time running her company. She recently acquired two new contracts in addition to finishing up a really large one that is due to the client next month. On top of that our three year old continues to see how far she can push boundaries and our almost four month old is starting to become more active… So while we are a little short on time and seem to be maintaining a serious sleep deficit, financially we are doing well, and continue to be on track. I honestly think that right now we are just trying to push through to December and then regroup.
We also sold our home in September which moved a lot of our equity to cash. I am halfway through writing up a post about our “return” on our primary residence, but it is nice to have absolutely zero debt right now after eliminating the mortgage.
As for our goals, here is how we are doing:
Currently our Net Worth is $712,259 decreasing by $2,436 this month, but still up and $109,305 for the year. Income was up this month, but that is to be expected since I am currently being paid by two jobs through December. Most of the extra income went directly to tax deferred savings.
Here is how we did on our goals for September 2016:
Our goal is to save $60,000 (or more) this year and we made a huge dent in that number this month. We saved $10,063 this month bring our yearly total to $48,201.19. Right now it is looking like we will exceed our goal! Of course there are only a handful of times we are going to be able to save this much in one month, but for the next few months our savings should be fairly high.
Spending this month was $4,878 finally getting below our target of $5,000 a month. Now that we are renting some of our fixed expenses will be a little bit lower.
As I mentioned last month, moving made us realize we still have too much stuff. We have been working on trying to donate, sell, or throw out a large number of items lately. We are making progress, but still have a long way to go.
I am also targeting a new area for decluttering, and that is financial accounts. Between checking, savings, investment accounts we have too many and I am trying to consolidate them it something more reasonable. Further, over the last two years or so we have been playing the points game with credit cards and while we have accumulated and used these points to our advantage it has left us with far too many cards still active. Truthfully I would be closing most of these anyway because annual fees are coming due soon, but this is making me target some of these a little bit sooner. When you have to change your address more than 25 times, you know you have too many financial products.
Not much to update here since last time. I like my new job and I am starting to acclimate to a very different environment, but so far it has been intellectually stimulating and a good environment to be in for the last several years of my formal working career. When you start thinking that you could stay even after you hit your FI goal then you know it has been good so far. I will have to see if this is just the honeymoon period or if this is something I could do a little bit longer after FI just because I wanted to and not because of needing a paycheck.
That is it for this month. I hope to get one or two additional posts done this month in addition to my monthly projects updates, but who knows. I spend so much of my day writing (academic) that it is hard to come home and then take the time to do more…
For those of you who keep up and read my blog, I hope everything went well for you in September!