Financial Update (June 2017): Inching Towards Success…

Financial Update (June 2017): Inching Towards Success…

And we’re off!

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Success!  This month, we can begin to see our progress grow steadily.  We’re only a few months into this – and into such measurements – but it’s exciting to see small but measurable results.

Keep moving down, orange line!

We’re slowly inching towards progress; the green line is marching ever upwards.  (It represents our passive income potential, or how much we could potentially earn by living on our investments alone.)  It has been buoyed by continual investment returns, but even our safer returns (2.5% interest on the checking account) are contributing.

The best part: our expenses are steadily decreasing.  We’ve made a number of changes to our spending habits, such as switching to Google Fi.  We lowered our insurance rates, eliminated Amazon Prime, then Netflix, and now watch just as many movies…courtesy of the local library (or, as I call it, “free redbox”).

In fact, we would have done even better on our income potential, but we had a few bumps in the road, including some unexpected (minor) medical expenses (which I flatten out over several months, so it’s less obvious here), and some business expenses from a small new side project (that, even in a worst-case scenario, should be cash neutral or better within the next few months).  As a result, I’m very eager to see how the green line marches upwards over the next few months.

In all, we’ve had a great few months and, if we can maintain this progress, we’ll be moving towards our goals quickly — especially by cutting our expenses.  Realistically, we can’t move expenses much more — my wife has been a champ — short of moving out of where we live, which won’t happen for a while.  I’m frankly impressed with what we’ve been able to achieve thus far, and am more hopeful that we’ll see an income increase.  I’m excited to see what the future holds!

What about you?  Any updates?  Suggestions?  Are you tracking your own progress as well?

9 thoughts on “Financial Update (June 2017): Inching Towards Success…

  1. Good progress! We did the same with our finances few months ago, got rid of cable as we discovered we hardly ever watch TV anymore. Also lowered our auto insurance by moving to Geico; they are so much cheaper than any of the big insurers out there. Amazon Prime is something we still like to keep since it is only about $10/mo and we get free shipping, free movies/shows, and free ebooks to read/borrow.

    From time to time, I also get free month offer from Netflix which we like to use whenever we can.

  2. “the local library (or, as I call it, “free redox”)” – LOL, that made me laugh, but so true. Libraries are such an awesome and often overlooked resource.

  3. Our net worth rose last month by almost 2%. I consider any month when our net worth goes up a win. So far this year it’s been averaging almost 2% so I’d love to see a 25% increase, although my stretch goal for the year was 30% 🙂 So we’ll see how close we get.

    1. Wow, nice! Ours increase was good too. Haha, 30% is incredible. I’d love to know how you manage that if you make it. I’m happy for now just reducing our expenses significantly. So far, so good.

  4. Progress is being made. Love the move to FI and the changes in insurance. Anything you can do to help lower your expenses and save as much as possible. Keep making moves and keep on fighting. You’ll get to FIRE before you know it.

    Thanks!

    Bert

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