Monthly Update: May 2007(-66,022.91, +$2,202.49)
Well the month of May is finally over and it was a busy one for us. Since May was a five week month I was expecting a better end result but five weeks of expenses cut into our savings budget. Here is how things break down.
Our Guidance for this month:
- my wife began contributing to her 401K at work again so this represents the large monthly increase
- I continue to make a monthly $200 contribution to my Roth IRA for this year with plans to max it out if possible at the end of the year
- my $4000 in my Tradition IRA sits in a money market account awaiting placement into a mutual fund. This will be the subject of a following post
- The true cost of my medical school loans is beginning to show. I recently received an update about my Residency and Relocation Loan coming due in November. This time they included an update on my interest expense. Over $2000 in Interest on my original $10,000 doesn’t look like such a good idea now. Also soon to be the subject of another post.
The gist of last month is that we were about $1500 short in the savings department which hindered our overall growth. It will be some time before our portfolio makes up the majority of our monthly gains so we continue to be dependent on the basic fundamental of spending less than we make. The addition of an extra $2000 to the school loans didn’t help the situation and I need to make a decision of how to address this come November.
Thanks for following along.
