Life in Transition

Navigating Personal Finances During Life Transitions

Quarterly Financial Update:June 2012

A lot of financial things have changed the last few months.  Though we do not have a joint account yet (it’ll eventually get done, I promise), my husband and I have pooled our money together.  Here is a snapshot of what our current finances are like.

Net Worth

Total Cash: $36,672.60

  • Credit Union checking account #1: $17,188.43
  • Credit Union checking account #2: $2,094.26
  • Credit Union saving cccount #1: $404.26
  • Credit Union savings account #2: $25.05
  • Discover Bank savings account: $17,060.55

Total Investment Accounts: $3,525.93

  • Roth IRA: $3,525.93

Other Assets: $7500.00

  • Car #1: $5000.00
  • Car #2: $2500.00

Total Net Worth: $47,698.53

Right now we have a pretty large cash reserve.  At least half of it will be gone by the end of the summer once the tuition bill comes in.  In my last update, I had an additional investment account with Vanguard, and I wasn’t sure what I was going to use the money for.  I’ve decided that I wanted to use the money in that account to pay for my graduate school tuition.  I orginally planned on just taking out how much money I needed for the semester, but I would not have enough money to meet the minimum balance, so I cashed it all out.  It won’t pay for more than a couple semesters, but it’s better than taking out loans right away.

Targeted Savings

  • Dental School Fund: $22,939.65
  • Graduate School Fund: $3683.47
  • Emergency Fund: $5496.04
  • Vacation Fund: $414.71
  • Christmas Fund: $75.00

We ended up using most our honeymoon fund for something else, and we cancelled the mini-vacation to St. Louis we were going take this month.  Instead, we used the vacation money to pay for our wedding night hotel (it was a pretty big splurge).  The remaining money in the vacation fund will be for our delayed honeymoon next summer.  Other than that, we are about half-way to our goal of having $6000 in our emergency fund by the end of the year.

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2 thoughts on “Quarterly Financial Update:June 2012

  1. That’s amazing. I wish my cash savings looked like that!

  2. Wow that’s lots of cash! Good luck with starting graduate school.

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