Well the year came to a close in an interesting and good way.
First of all, let's look at my net worth as of 12/31/10:
Cash and Bank Accounts: $66,039
Retirement (401k and Roth IRA): $320, 626
Other Investments (mutual funds @ E*Trade): $51,294
Home Equity $82,592
Credit Card Balance -$2,615
Now you may be thinking, as I did, whoa! Her net worth as of a month before was only $479,273! Did her net worth really increase 9.15% in one month? Well, I did receive $9,000 more of my inheritance from Great Aunt Minnie, and the stock market did ok... but what I also discovered is that I had the wrong symbol in Quicken for one of my mutual funds and therefore the wrong price, so my net worth has been understated by several thousand dollars for I don't know how long. So I not only blew away my original year end goal of $450,000, I sailed past the half-million dollar mark, which was totally unexpected. Pretty cool.
As for my income and expenses, here's a look at the totals for 2010 vs. 2009:
|Gym & Fitness||$1,317||$1,361||$44||3%|
|% of Gross Income Saved||43.16%||45.68%|
A few notes:
- As noted elsewhere, I received a $24,000 inheritance from a family member.
- Other Income is matching 401k contributions from my employer.
- Interest is down because I shifted quite a bit of money from bank accounts into investment accounts.
- Charity and Gifts Given are up for reasons explained in this post.
- Medical is way up because I had a crown and root canal and exceeded the annual cap on my dental insurance.
- Miscellaneous is up mainly because I bought an iPhone and some apps.
- Travel is up because I didn't do much of a vacation last year, but this year I went to Turkey and splurged a little on hotels even though my air ticket was purchased with frequent flyer miles.
- Utilities is up because of the higher monthly costs of the iPhone.
- Subscriptions is down because I canceled my NY Times delivery at home, since I spend so much time at Sweetie's place. Household is lower for the same reason
- I'm pretty consistent but I let a few categories creep up a bit without any real reason, particularly Dining. I still like eating out and drink too much-- everyone has to have a vice, right?
- Clothing was also higher but I really needed some new work clothes and shoes, so I'm not too concerned about that.
But the bottom line is that I continue to save a lot of my income. If not for the inheritance, I would have saved less than I did last year, but at least some of that was due to more giving, and higher taxes because I earned more. It's not like I went crazy buying tons of stuff, even if I did allow myself a few treats like an iPhone, some clothes and a vacation.
Now I have to look ahead at 2011... what should my next net worth goal be? Should I make any changes to my budget? This could be the year when I rent out my apartment and move in with Sweetie, which could change things a lot. And I need to take a close look at my investment allocations, which I haven't done in a while. So much to think about! And write about here... I'm going to try to post more frequently this year. So happy 2011! As always, onward and upward!