Continuing on with the financial update posts, let’s take a look at July! The month was full of sunshine, though spread in several far-flung locations for us. Did the change in surroundings impact our finances? Read on for my July 2024 financial update!
In our inaugural blog post, I briefly introduced you to our goal of achieving financial independence (“FI”) by the age of 35 and shared that we are already over halfway to our target net worth of $1,250,000! Since that time, our net worth has climbed to reach that goal…so we increased it to $1,875,000. Here’s last month’s update in case you missed it, and here’s how we fared last year in total.
This post is the latest in a regular series of monthly financial updates to track our progress to FI and beyond. Bear with me – I’m a little obsessed with spreadsheets and track every penny we make and spend in excruciating detail. I’ll do my best to summarize that activity in a way that gives enough insight into our financial maneuverings without boring you to tears.
Net Worth
Here’s where our net worth ended up through July 2024:
| | BALANCE | CHANGE FROM PRIOR MONTH |
| ASSETS | | |
| Cash, Checking, Savings | $73,812 | $1,094 |
| Investments | $1,625,667 | $33,624 |
| LIABILITIES | | |
| Credit Cards | ($4,581) | $1,130 |
| Car Loan | ($25,403) | $297 |
| Misc. Other Debts | ($80) | $0 |
| NET WORTH | $1,669,415 | $36,145 |
We reached another all-time high on the strength of continuing market gains. It sure is fun getting paid to do nothing!
Let’s check out each individual category:
Cash, Checking, Savings
This consists mostly of our emergency fund held in a high-yield online savings account at Ally Bank. The rest is held in a “big bank” for depositing our paychecks and paying bills. Now that we’ve re-entered the workforce, our goal is to continue socking away as much as possible (within reason) and building our savings back up to about two years of living expenses.
Investments
Most of our investments track the S&P 500 or a similar index. We contributed $8,800 of our own in July in addition to $24,500 in market gains. With our cash buffer and regular paychecks, there’s no need to actually sell any investments any time soon, giving the market time to climb. The only real reason for me to track market performance is for these monthly updates.
Credit Cards
Just the balance on our various credit cards (we use these extensively to fund our travel hacking exploits) as of the end of the month. We pay these off on time and in full each month, so the change in this balance will usually manifest itself in the expenses below.
Car Loan
We were hoping to run our 2009 Toyota RAV-4 into the ground someday in the distant future, but that day came sooner than expected. So in January 2023 we purchased a shiny new Subaru Forester and *gasp* financed it all. The plan is to pay off the loan in full before leaving the workforce again, whenever that may be.
Misc. Other Debts
Usually just my administrative accounting of who owes what for various fantasy sports leagues. Fantasy baseball season is upon us so some of the league fees have rolled in.
Expenses
Here’s a look at our expenses for the month of July:
| EXPENSES | Budget | Actual | (Over)/Under |
| Home (mortgage, property taxes, maintenance, etc.) | $2,124.42 | $1,914.00 | $210.42 |
| Utilities | $136.67 | $154.30 | ($17.63) |
| Automotive | $790.80 | $748.59 | $42.21 |
| Groceries | $500.00 | $692.03 | ($192.03) |
| Dining Out | $150.00 | $270.45 | ($120.45) |
| Health & Beauty | $487.33 | $148.80 | $338.53 |
| Cell Phones | $41.67 | $0.00 | $41.67 |
| Travel & Entertainment | $1,174.67 | $1,154.61 | $20.06 |
| Pets | $154.17 | $191.04 | ($36.87) |
| Merchandise | $175.11 | $136.02 | $39.09 |
| Other Expenses | $515.17 | $704.56 | ($189.39) |
| Total Expenses | $6,250.00 | $6,114.40 | $135.60 |
After a quiet spending month in June, things picked up considerably in July. We managed to squeeze in just under budget for the month.
Let’s take a look at individual categories:
Home Expenses & Utilities
A full month of rent and utilities. Utilities included internet, electricity, water/sewer, and trash. The hot Florida summer has us running the air conditioning constantly.
Automotive
The budget includes our $471 monthly loan payment in addition to conservative estimates for insurance, gas, and maintenance.
In addition to the loan payment, July included gas to return from Wisconsin to Florida and a a couple car washes.
Groceries & Dining Out
We upped the grocery budget for 2024 in order to encourage ourselves to buy healthier ingredients without worrying too much about the price. Returning home to an empty fridge in Florida resulted in a higher spending month here.
We have also informally upped the dining out budget, as we want to continue to explore new restaurants in the area. We spent a little more going out with friends in Wisconsin before heading south.
Health & Beauty
This category includes all health and beauty related spending: gym memberships, beauty products, wellness treatments, etc. It does not include our monthly insurance premiums – I account for the cost of health insurance in our budget when paying out of our own pocket but that cost is absorbed by our paychecks while working.
Nothing really notable or unexpected this month. Mrs. FIby35 cancelled her regular gym membership in exchange for a cheaper Class Pass one.
Cell Phones
As I’ve explained previously, we both have cell phone plans through Mint Mobile that provide unlimited talk, text, and a certain amount of 4G LTE data. My plan is about $15 per month for 5GB, while Mrs. FIby35 recently upgraded to the unlimited data plan at $25 per month. Still fantastically affordable. Additionally, Mrs. FIby35’s employer reimburses her bill.
We love Mint Mobile and highly recommend their services for a much more affordable option than some of the big names out there. I’d be thrilled if you used this referral link and signed up with them. Mr. Rebates is also running a $5 cash back deal that you could use to stack your savings. Rakuten is offering $5 cash back as well if that’s more your style.
Travel & Entertainment
In early July we hopped on a plane from Minneapolis to Anchorage, Alaska for my mother-in-law’s 50th state visited. We’re not the outdoorsy types, so a long weekend was just enough for us. The days were spent on a guided trolley tour of downtown Anchorage and a glacier boat tour. Of course, we sampled some Alaskan fare with exotic (to us) elk burgers and local beer.
The scenery in Alaska is breathtaking so I can see why so many people visit. Two days was enough for me this time around, but I could be convinced to visit again later in life.
Pets
Just some regular grooming and food for our dog this month. We’re trying to be better about spending more for quality food for him – he deserves it!
Merchandise
Relatively minimal purchases here, just some shoes for Mrs. FIby35 and a nephew’s birthday gift.
Other Expenses
Mrs. FIby35 had a whole bunch of work expenses in July, which will all be reimbursed at some point in the coming months. She also renewed her travel agent license and we paid an annual fee for one of our credit cards.
Conclusion
July was another exciting month of exploration. After driving from Florida to Wisconsin in June, we spent a few weeks enjoying Summer in the Midwest and made a quick trip to Alaska before heading back down to Florida.
Our spending picked back up but regular investments in the stock market continue to fund our future lifestyle while still enjoying the present.
How was your month, financially or otherwise? Leave a comment below!
