Tags: planning, saving, home economics, goal setting, financial planning, budgeting, networth.
Here's my networth update for April 2006.
I will summarize March 2006 and project for the month of April.
Below is my networth chat for March 31, 2006.
The biggest changes are as follows:
- Monthly investment savings which had been occurring through January may be delayed until January to rebuild my operating cash reserve $25k and my cash reserve.
- Tax liability - I've learned that I'll owe NC income tax and be owed by the federal government. Since the federal exceeds NC, I've put it as a negative amount in the liability side; i.e. ($.00). I need to learn more about what federal deductions don't carry over to NC. One big deduction is the state income tax deduction itself. Your state taxes don't give you a discount for what you pay them. Unfortunately NC has very high income taxes 8.25%. Oddly our rural part of the state doesn't seem to get much for it.
- Once again, the credit card liability is a temporary amount that is paid off about every two weeks. I don't charges for more than a month, but because I put everything on it, there's always a balance. I'm almost never charged interest.
Projections for April:
- Prepaid expenses for the new house will kick in and lower our cash (est. $5,500)
- Movinge expenses for the new house will occur (est. $4,500)
- Housing set-up expenses ($3,000)
- Income tax payment to NC ($2,800)
- Continuing education classes paid either April or May ($3,000)
All in all a pretty heavy cash hit for April, most of which will decrease rather than increase our networth. How depressing.
Long shot possibilities:
- Conversion of Variable Insurance - penalties for liquidation ($10,000)
- Increased business income ($2,000)
Request for comments
- Any changes you recommend?
- Is the networth table helpful?
- What other information should I add to the May 2006 report?
Have a great Saturday,
Making Our Way