2010 Financial Year in Review

Automating savings is a godsend. I received a raise in July and am now contributing $992/month on 401k. We did very well this year with creating a decent size emergency fund while saving for europe as well as pay for the basement remodel. The end of this year has stalled savings because of Felicity's leg. As of yesterday we may not have to spend $1,500 for the surgery but instead $135 for a skin graft. Hopefully it holds so she can heal and we can save that money for our emergency fund. In Oct 2010 I began using mint again, mainly for analyzing our spending habits, and creating goals. I still rely on a google doc to make sure we are spending less than making. As for year in review:

Savings:

Jan 2010: $7,380

Jan 2011: $11,100

I'd say this is good considering we've spent $1,500 on Felicity in the last 2 months and $7,000 on our basement and backyard. Oh and already bought our plane ticket for Europe $1,500.

Retirement:

Jan 2010: $25,459

Jan 2011: $41,953

This is two fold. My portfolio has returned I think %35 this year, but I also contribute almost $1,000/month now.

Home:

Jan 2010: $213,594

Jan 2011: $199,972

This helped because of the tax credit, but we still are paying more on our mortgage every month, and are scheduled to pay it off between 12-15 years. Last time I did the numbers we will save over $65,000 in interest.

Overall Networth:

I started adding Ali's debts as of Sept, but for the sake of apples to apples I will give my debts only. Ali has $12,000 in student loans, but $9,000 in 401k, and also $420 in a car loan. After she pays off the car I will use the $211 to accelerate my student loans, then after that use the money to pay of Ali's loans, anyways, total networth:

Jan 2010:

Assets: $53,257 Liabilities: $222,369

-$169,112

Jan 2011:

Assets: $96,193 Liabilities: $207,845

-$111,652

That is a reduction of $57,460.

As I said before, this has been a successful year. I see 2011, continuing this. We do have a large trip to Europe but we will be prepared with a nice cushion in savings. Also, we need to get an estimate for the kitchen remodel which will consist of granite countertops, new stove, island custom made with bar, brick wall exposure. I'll keep an update throughout 2011