December 2011 Personal Net Worth

Each month I review our personal net worth statement. This isn’t a perfect balance sheet, but I think it provides some solid info for you to gauge how we’re doing from month to month, or year to year.

Net worth is down slightly from the previous month. But a lot more went on in cash that the numbers don’t necessarily reflect. Right up front I can say that retirement, college, and health savings didn’t see much action. No big contributions and no big market gains. Slow and steady, which is fine by me.

Key bullet points from this update:

Charity and Down Payment – We temporarily borrowed some funds from the down payment account. We used this to help us bolster our year-end charitable contribution. In 2012, one of our goals is to become a more consistent giver and not do these catch-up contributions. In reality, we should have at least had a charity savings account set aside so that we wouldn’t have to borrow from another account. It all comes out in the wash, but it’s better for clarity if you have the separate account. Instead of a separate account for 2012 though we’re just going to automatically give each month using Capital One 360 billpay. Due to a strong December with the business, I expect us to have plenty of funds to replenish the down payment account and then some.

Car Repairs and Sales – Our credit card balance (which we pay in full each month) shows $1,000 more in spending this past month. This was due to the car repair on the Honda that I already shared with you guys. Hopefully that major repair gets us another 50,000 miles (or 3 years) on the Honda before we have to invest much more. I love used cars. Speaking of cars, we’ve placed the SUV on the market for sale. We expect to sell that within the month and use the cash towards our down payment fund.

Property Taxes – Finally, you’ll notice that the property tax fund has been wiped out. We paid that in December (to get the tax deduction in 2011) and so we need to restart the contributions. We’re making a $350 deposit into that account each month. I usually do it manually at the end of the month. I think I’ll automate it for 2012.

That’s the update for this month. I’m open to your comments or suggestions. Thanks!



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About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, FinCon CEO, and husband and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.