Because of the loan we so generously took from our grand children our net worth has grown at a nice little clip this month, checking in at just a hair under 10%. Our cash on hand grew by about $2,400 while our investment portfolio (locked entirely in my company’s 401(K) and my wife’s Roth IRA) grew by $211. Even if you were to take away the economic stimulus check we still would have seen a growth comparable to every other month of our financial life since being married - a solid 5% growth in net worth. This is still a far cry from some of the doom and gloom I was anticipating as recently as March of 2008 .
It appears that a strong commitment to working our family budget along with the fact that we still have a dual income has staved off some of the short term effects of the rising costs of food and gas. Despite record high prices (gas is now $4.21 in my area - 6/2/2008) we have still been able to stick to our fuel budget. In fact, we are still staying well within our budget. I don’t know how it is continuing to happen with prices rising like they are, I just know that it did happen.
Also, this month we have started the ball rolling on how we are going to handle some of the financial stress that losing my wife’s income will have on the family combined with the modest cost increase that the baby will bring. As of right now, my single income would not be enough to support my family without affecting our bank accounts. Though the impact could be relatively minor in the short term (about $200-$300 a month), our ability to save additional fund for the future would be completely annihilated. This might hurt our mobility as a family (both financially and physically) if some need were to arise. I won’t go into too much detail about this now, but let’s just say that it could turn our $200-$300 a month deficit into a $700-$800. That is a lot of extra money to be having every month.
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June 3rd, 2008 at 6:30 am
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