August 2014 Monthly Update

We continue in our quest for savings, here is how we stand for August.

Net Worth Standing for August 1, 2014:

Assets: $630,441.11 - Liabilities: $92,246.57 = Net worth: $538,194.54

Net Change = increase of $8,127.50

The markets took a little bit of a tumble at the end of July, but we were able to put a large amount into savings (buying stocks on sale, as I am trying to convince myself!).

The emotional weight of the Chapter 13 being paid off has been huge.  We feel we can finally breath without that monster on our back.  But this is no time for a spending spree, if I want to continue to work towards early retirement, then we need to take those funds and put them into savings.  In July, I put $2917 into my 457b (this amount will allow me to put in the maximum for this calendar year).  Since our bankruptcy payment was $2950 each month this doesn't really change how we are living.  In fact, since the Chapter 13 taken out after tax and the 457b is taken out pretax it is actually less.  So my paycheck, even after put money into savings went up $800.  Oh the joys of pretax savings.  We have already learned to live without the money, so the now we get to enjoy watching our savings grow.

Our credit scores have also gone up 5 points since our Chapter 13 was discharged.  We are hoping to continue to improve our scores hopefully get us back to Excellent credit rating.

So we continue to plug along and even with a drop in the market at the end of this month, we are still coming out ahead.  Keep putting little bits away over time, and it will continue to grow.  Until next time. . .