July Net Worth Update

If you’re just joining, our family of four is on a three-year journey to double our net worth and become location independent so we can move. Each month(ish), I’ll keep you apprised of our progress. This year, we’ve got some major goals, including paying off our outstanding debt (car and apartment in Chile), replacing our roof, AND saving around $70,000. As of June, we were roughly 18% of the way to doubling our net worth.

August has arrived. The ThreeYear family has been reunited, after the boys and I were away for the month of July in North and South Carolina. New England has a decidedly cool, rainy bent this month and, to my utter frustration (repeated every year at this time), tops of the trees are starting to change colors, and little red leaves are falling down all over my driveway. “I’m not ready for fall!” I always think, but it is coming, nevertheless.

The month of July was fantastic, in terms of deepening family relationships and making lifetime memories. It was not fantastic in terms of spending less and saving more, as I’d hoped. Our income always drops in the summers, since I’m not teaching, and while we were away, we spent a lot more than normal on eating out. Plus, we had the other half of our new roof to pay for. Still, thanks to the bull market that just won’t quit, our net worth continued northwards.

July Net Worth Update--www.thethreeyearexperiment.com

 

Our Progress

As of July 31, our net worth has increased by a total of 20.3% from our starting point in December of 2016. In order to hit our goal of doubling our net worth in three years, we’ll need to increase our net worth by an average of 2.77% each month (or increase it by 33.33% by December), but we know that progress won’t be completely linear. We know our net worth growth will be smaller this summer because I don’t earn a paycheck, and we had big expenses, like our roof, to pay.

We hope to supercharge our savings rate next year, when the mortgage on our apartment in Chile is paid off, which we plan to do by the end of this year. That will allow us to start a taxable retirement account and hopefully funnel lots of money there.

Here’s a graph to track our progress:

Net Worth progress chart--www.thethreeyearexperiment.com
Our progress toward doubling our net worth, since January of this year.

This is as a percentage of our total goal:

July Net Worth--www.thethreeyearexperiment.com
We’ve hit 20% of our goal!

Spending Update

This month, I thought we’d do really well with our spending, but we didn’t. We did well in grocery spending, but actually surpassed it with our eating out! Highest it’s ever been. Wow. I’m considering that part of the cost of vacation, since we were buying a couple of meals for family members and eating out while on the road.

Luckily, our roof has now been replaced and paid for, so we don’t have to write any more big checks for a while (I hope!).

CategorySpendingNotes
Home Expenses $2274.99includes mortgage for our house and Chile apartment
Transportation$430.62includes one outstanding car payment and fuel
Groceries $619.42Less than normal because three of us were not at home for the month
Eating out$673.90For the second month in a row, we went crazy in this category. This is actually the highest our eating out expenses have ever been! We took my entire family out several times during our vacation, and the boys and I ate out a lot during our trip.
Kids' expenses $20.00Drum rental.
Entertainment $93.33Includes a movie, one month subscription to a soccer channel for Mr. ThreeYear, a flight simulator at the Yorktown ship, and some rental movies from the Apple Store.
Household goods$16.04trip to Wal-mart
Utilities $701.56Utilities are high this month because we paid our balance on our propane account, $485.97. Should be cheaper next year because our neighbor negotiated a special rate for next winter.
Haircare$22.95One haircut for Mr. ThreeYear
Home Maintenance$283.76New blender to replace the one I broke, couple of things at Home Depot, treatment for our cedar trees (they had a leafminer insect that was making them turn brown).
Clothing$222.56High again this month because I stocked up on clothing for myself while near the outlets
Gifts$12.65Took a tray of bakery goods to my grandmother when we visited her.
Auto maintenance $147.98two oil changes in preparation for trip down South
Vacation$373.32One hotel room for our road trip back to NH, plus parking for Mr. ThreeYear while he was at the beach 🙁
Roof$7475Second half of the roofing cost plus the cost of power washing the house (very glad we did that!).
Total:$13368.08Second month in a row. Phew.
Total minus roof and taxes (for a more realistic spending total):$5893.08High for summer. But on to August.

August Awaits!

We’ve been back in New Hampshire for about a week, and the weather has been fantastic. I weeded my five tomato plants and six basil plants, and although they’re small and pitiful, they’re producing (Mr. ThreeYear refuses to weed while we’re gone. I get it; the garden’s my baby). I didn’t get around to buying any plants, so the only things I planted were what my neighbor gave me.

We have been otherwise blessed with wonderful friends to go to the lake and hang out, ride bikes, and play tennis. We’ve had a couple of days with no plans. That’s been okay, too, although I’m feeling the first bits of a lack of patience setting in, when the kids get housebound and I get tired of entertaining them.

The Lake--www.thethreeyearexperiment.com
Our town’s lake. The kids swim out to the dock and spend hours splashing and playing. It’s so cold right now I can’t stand to wade in for more than a minute!

As always, we are optimistic for the future. This month has been a chance to enjoy our town’s lake, our friends, and the weather. School will be starting in just a few weeks, so we’re taking advantage of not having a schedule or plans and having as many unstructured days as we can.

How did your July look? Major trips or vacations? 

Author: Laurie

Hi. I’m Laurie, and my family and I have set out to double our net worth and move abroad in the next three years. Join us on our journey!

4 thoughts on “July Net Worth Update”

  1. I bet you’re happy the roof is all set! Great work keeping busy, but c’mon the cooler weather has been nice compared to the 85+ humid days! 🙂

    1. Thanks Francesca! We’re always telling ourselves we could save more, so it’s a bit of a double edged sword. Part of the reason I post our spending is to hopefully get better at that part! 🙂

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