Networth Update May 2016: $365k

2016 networth goal $500k – aborted. I’ll be lucky if I break even this year. It’s my own fault. I’m making a really solid income I’m just spending way too much on my wedding. I mean – wayyyyy too much. I’m torn on how bad I feel about it. On one hand, financial blogger self feels nauseous about how much this wedding costs – and how I failed to manage to keep the budget within my very generous parent’s contribution that at first seemed impossible to exceed. Well, it seemed impossible to exceed before I fully understood the difference between $2000 and $6000 wedding dresses and how the higher petal count of garden roses makes them just so much more elegant than a standard rose and that DJs really aren’t our style and venues which rush you out because another couple is getting married an hour after your celebration ends make the whole day feel so unfortunately rushed and unromantic.

Ok. I went overboard. Way overboard. You can see how overboard in my networth chart for the year to date:

It’s going to look flat for the next few months. I’ve paid off the entirety of my dress and alterations, as well as deposits on the florist and photographer and videographer. I still don’t understand how despite how much we’re spending on this shindig it still feels I have to cut corners all over the place.

I’ve revamped my networth goal this year to $400k. It’s $100k under where I was hoping to be at this point but then again it doesn’t look like I’m having a kid anytime soon — and the real goal is $500k before my first child is born. If I add in my future husband’s savings and count it in my networth we’ll be close to $500k by that point. I’m still going to account my own networth separately going forward though – I don’t really think we should merge our bank accounts. We’re doing just fine splitting rent and food at this point. When we have kids or buy a house I guess we’ll have to figure it out.

So… I don’t think I’ll be able to save any money until after the wedding. I’m still maxing out my 401k this year… about half way there so far… but the rest of the wedding expenses will wipe out my sizable take-home income for the next few months. We haven’t even planned a honeymoon because that will be too expensive and there’s no time… though I’d like to take one. In any case, I figure July will be the first month this year I can start saving something. I have a zillion weddings to go to this year as well which are across the country, so I’ll be spending a lot even after my wedding is done. I’ll somehow make it work.

If I break even by July 1 — say, $360k — I have $40k to make up in the next six months of the year… or $6.6k per month. Fortunately with my income that’s doable but I really cannot buy anything other than gifts for my friend’s weddings and plane tickets (you know, and food and rent and such.) I just really really really need to keep my job. Odds are looking ok on that but not great. If I lose my job all bets are off. I’ve been struggling to manage wedding planning and job together so once that’s over I can get back to focusing 100% on work… hopefully I’ll last that long.

Farewell $500k goal… on my way to $400k this year. Next year I think $500k is really possible with interest and such or at least getting closer to it. 2017 will be my half million year, I hope.

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3 comments

  1. Norm says:

    Wow, and here I was thinking I was the last person using NetWorthIQ. How funny to see that familiar graph show up on a personal finance blog!

    Good luck on hitting your new goal. We got married almost eight years ago. Our parents generously kicked in $5,000 each, and we only went a bit over the $10k in total. I say put off the honeymoon. We skipped it because we spent our savings on a house instead, but have been on tons of great trips since then.

    1. Joy ( User Karma: 0 ) says:

      Not putting off having kids exactly, but I want to wait until after my honeymoon to start trying – and since now we’re taking our honeymoon either late this year or early next, I won’t actually be pregnant at the earliest until Feb or so of next year. And that’s assuming I get pregnant quickly which is unlikely. So add nine months to that and I’m not actually having my first kid until I’m 34, or about almost 2 years from now. Over 2 years I can still hit my $500k goal. The problem then though is i’ll need to have my second very soon after if I want a second, which will be detrimental to my career. But i guess I’ll deal with that when I get there.

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