May had a few interesting developments that will affect my personal finances. I started the mortgage refinance process again with a new lender. If it goes through I will be paying $200 less per month on my mortgage. Also, I bought a Blackberry, which allows me to get email and track baseball stats to fulfill my fantasy baseball addiction. A new and better phone unfortunately increases my monthly phone payment by about $40, but so far it is worth every penny. I was able to increase my cash standing and the stock market pushed my net worth even higher.
I was able to replenish my cash after making a large transaction into my Roth IRA last month. I was finally reimbursed for my business trip to Boston, which helped boost my cash. The only unusual payment this month was for a grill, which is really a bday/housewarming gift from my girlfriend. She will be reimbursing me for the purchase in June. June will most likely see a decrease in my cash position as I will be refinancing, which involves closing costs.
The stock market continued its rally through the end of May. I didn’t make any extra payments towards retirement accounts in May, but I hope to start doing so as soon as my mortgage is refinanced. The stock market added an extra $1,700 to my assets, which is awesome. This rally is really the first one where I’ve had money in the stock market. I have to remember to stay grounded though, as the ups do come with downs. My Sharebuilder account was credited with the account sign up bonus last month, but I still haven’t decided what to do with the extra funds. My Lending Club account is chugging along. I would like to lend more money, but I just don’t have any available at the moment.
Once again my liabilities only decreased by the standard car and mortgage payment amounts. As I’ve already mentioned, I found a new lender to refinance my mortgage and will be lowering my payment by $200 a month, which is awesome. Based on the appraisal, I can only get a loan for $224,000 so my liabilities should drop more than the standard amount next month.
My net worth increased by 4.3%. The increase in my net worth was driven by cash and the stock market. Next month, I will be relying on the stock market much more than cash. In the near future, I’m hoping to shop around my car insurance to get a better monthly payment and offset the increase by my new cell phone. Also, my lower monthly mortgage payment should help boost my net worth in the months to come.
- End of June 2009 Financial Status
- End of September Financial Status
- End of July 2009 Financial Status
- End of September 2009 Financial Status
- End Of November Financial Status