May Net Worth Recap…

Snapshot:
Way over budget due to overspending. Refinanced HELOC with 1.9% CC balance transfer offer until January 2007.
Used some savings to pay off remainder of HELOC balance.
$1,100 decline in net worth.
401k performed bad. With total $450 personal contribution and employer match, only a $85 increase.

Eating out: I didn’t cook at all in May due to busy schedule with Finals. This took a major toll on cash flow and I spent much more than I normally would because I was also trying to eat healthier on the go. (June isn’t going much better but I still have time to save myself!)

Irregular expenses: Irregular expenses for the month totaled $1,005 primarily due to Mother’s Day and I had to lend a friend of mine $600 (Trust…I don’t expect to get it back). I made a hard decision to give the money to my friend. While I normally do not do this, it was something I felt I needed to do and I never lend money with the expectation that I will get it back. If I do then that is wonderful but if I don’t, then I knew that going into it. Money and friends isn’t something that mixes well. I learned that lesson before the hard way.

Personal expenses: I overspend on clothes this month and eating out. I did so poorly and have no excuses. I returned virtually everything due to buyer’s remorse and an obscene credit card bill. The people at J Crew are just wonderful. They delivered the best customer service and didn’t even flinch when the clothes were returned. I love that store!

Summary: I decided to leave out my summer student loan and include it in next month’s net worth tally since I did not receive the proceeds from the loan distribution until June. Going forward, I will be contributing $400/month towards by CC balance in addition to any loan and tuition refunds. One that is paid off, then I will begin to apply cash flow to the repayment of my private student loans, starting with the lowest balance first since they have pretty much the same interest rate. Then I will snowball the payments. Next month’s net worth will also reflect the payoff of my CC in full.

Wowza…I am dreading my spreadsheet for next month.