It’s official: Summer is over. School is in full swing and college football is back! Whoohoo! We paid off our car loan in August, but did we get our savings back in line in September?
As always, you can check the latest and greatest info on the Track Our Progress page.
First, the numbers:
Net Worth:
- End of September Balance: $509,813 Up $15,425 (3.12%)
- Year to Date (YTD): Up $117,975 (30.11%)
- Since January 2018 (this is when I started tracking our net worth): Up $204,813
Portfolio:
- End of September Balance: $361,184 Up $9,675 (2.75%)
- YTD: Up $97,647 (33.38%)
- Since January 2018: Up $121,184
Monthly Contributions: $6,475
Pretty much back on track after taking a big dip last month to pay off the rest of our car loan.
I would like to push this some more. Excluding last month, we have been averaging just over $6,000 a month in contributions. I would really like to get that closer to $7,000. Our contributions should go up at the end of the year due to maxing out our 401k’s in November. I am tinkering with the thought of settling up an automatic contribution early or mid month just to get some more momentum going.
September Highlights
To Patio or Not to Patio: That is the Question
We’ve long considered expanding our concrete patio in the back yard. Recently, my in-laws had a patio constructed and I became green with envy. As such, my wife and I planned out a potential patio expansion and I solicited bids for the work. I got quotes ranging from $5,000 to $6,000.
With costs in hand, we now had a decision to make: Go or No Go.
On one hand, the patio would add some value to our house and the new space would offer a great space for low-cost entertainment (BBQs and bonfires). I love being outside and these sort of activities are right in my wheelhouse.
On the other hand, we already have a patio (albeit smaller), so the property value gain would likely not be as large as if we did not have a patio. We do also have a couple other areas of the house that probably need more attention as well (kitchen floor and master bath). Updating these would likely have a higher return on investment, because they would be big negatives to potential buyers.
Additionally, we would be forgoing any potential compounding on the money if we spent it. Lastly, while we like the house and the neighborhood, we think there is a good chance we could move in less than 10 years.
In the end, the cons outweighed the pros and we will hold off on the patio. If circumstances change and we plan to stay here for a much longer time, then we would be willing to reconsider.
Ahoy Matey! The HoFs will be Cruising Next Year!
We just booked our first cruise together as a family! We will be touring the western Carribean with Carnival next year. It will be the first time our girls leave the U.S. and they are super pumped.
I’m planning on using Capital One rewards to cover a chunk of the costs of the cruise. We will probably use Chase Ultimate rewards points to cover air fare for free too.
Coming Up in October
Mrs. HoF Might Start Working from Home 3 Days a Week!
I previously mentioned my wife had negotiated to work from home for a couple hours each morning. The change has been going well… so well, that her team is discussing letting everyone work from home 3 days each week! This would be a major win!
Thanks for reading!
I have only been on one cruise but I LOVED it. Safe travels!
As for the patio, I’m sure you made the right decision for you and your family. On our end, I always dreaded renovations and considered them more consumption (b/c the ROI typically doesn’t pencil out). However, having done our bathroom and kitchen on our most recent primary residence, after not doing it previously, I have done a complete 180 on how I feel about renovations. I still don’t think the $ will pencil out, but the psychic benefits are huge. We are probably not staying in our primary residence for more than 10 years, but while we’re here, it’s what we want. We didn’t renovate our previous place and it was always just ho-hum.
I’m not saying you should do the patio; I’m just mentioning that comfort and enjoyment in the now is just as important to a rich life than compounding, especially since you have good money management overall.
Great point Caroline!