July 2020 Net Worth update: 80,723.16
Summer is in the full swing of things once again. The A/C is blasting, the kids are out of school, and of course it is a time to try and stay cool for most of us.
Since it is summer time expenses have changed a bit, which is good. Let’s break down how July has gone for us in this edition of the July Net Worth.
As summer happens, kids are out of school. As a foreign English teacher, we also have our students disappear for the summer so we host summer camps.
During these times of summer camps, we are once again living at school, eating free school food, and saving some money.
Our transportation costs have been cut down. The food bill has gone down a bit, and our electricity has gone down slightly since we are not at home for like four days a week.
Savings for the month of July
Our spendings is coming in around $1231 for the month of July. That includes food, transportation, rent, and any fun activities we attended like a wedding. To put this number in a better perspective, we spent around $1330 in the month of June. We saved a whole $100. We are killing it.
Our food budget came down quite a bit. We averaged about $1 per person per day, which is awesome. I love saving some money.
It is good to save this money because we plan to travel to Taiwan in August. Summer camps will be over, and we will have some time, and unpaid time off to travel. With some of our savings we can take a cheap trip around Taiwan, and be back refreshed for a new year of school.
Income for the month of July
July seemed like a very good month to make money. With our usual income of close to $3,900 per month plus some tutoring on the side we saved a good bit. The cool thing was that we got some tax returns this month as well and a flight reimbursement from work.
Our Total income for the month of July was $6418. It has been a pretty good month for us.
Net Worth Breakdown
As we have been saving, we have also been consolidating our investments. I love index funds and will continue to try and keep our portfolio simple using index funds like VTSAX and its ETF VTI. I have been investing into VTI, and moving money out of certain assets to buy more VTI.
We were lucky enough to also get a tax refund from the government, and some money reimbursements for flights we took to America in November. It was nice to see some additional bonus money in our bank account.
If we have our Income minus our expenses for this month, we will have saved a total of $5187. That is at a savings rate of 80% for the month of July.
Our Net Worth has increased to $80,723.16. That is an additional +9,070.98 for the month of July. We may have saved $100 of spendings since June, but we got some bonus cash and our investments have increased as well.
Here is the breakdown of the month:
Cash Savings: ($4,127)
Like I said, we received some more bonus cash this month. Besides getting paid, we got some income tax back from the Taiwan government, and we received some reimbursements for flights.
We were also much more frugal this month giving us some bonus savings. Next month, we will be investing more of our cash.
Taxable Account: ($4,649)
The market has gone up quite a bit and has increased our worth. Some of the market is looking a little expensive, but we are in the accumulating phase of life so our goal is to keep accumulating more and more assets.
When you are 33 there is no time to stop investing. We keep striving to hit our goals one step at a time.
Roth IRA: ($168.77)
The Roth IRA has gone up a bit. Like I said before, the market has been going up so we will take the gains. If I lived in America, that Roth would be already maxed out. Still the Net Worth keeps going up a little at a time.
Since we are not spending as much money, we are not using our credit cards as much. Our credit card spending was down to just $388, and it is $125 better than the month of June. So every month we are getting better. When we start traveling again this number will change, but Covid is keeping us pretty stable in Taiwan for now.
Some Cool Highlights
As July has ended, the summer is starting to fade away as well. We have celebrated a 40th Wedding Anniversary, a wedding, and a go-away party. The final stretch of summer is coming, and we are gearing up for some fun in the sun. Having fun while saving money is always a good feeling.
July has been a great month. We hit our goal of $80,000 for a Net Worth before the end of 2020. It is time to make a new goal for the second half of 2020. At the rate we are going, I want to put another $20,000 into our investments for 2020, so the goal will be set for $100,000 by December 31st.
Time to save, time to invest, and have fun on the way.
I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.