The Money Muse

June was a rollercoaster month for my finances. While my investments performed exceptionally well, I felt like I was hemorrhaging cash due to routine but expensive vet expenses for my pets. Despite these costs, I’m still inching closer to my goal of $250K – a quarter of a million dollars!

• Income. My after-tax income from the month of June was $4.2K. Most of this was from my salaried job, with $430 coming from my Etsy shop.
• Investment contributions. Before taxes, I contributed $560 to my 401(K), including an employer match. From my after-tax income, I put $580 into my Roth IRA and $1.4K into my brokerage account. In total, I invested 47% of my after-tax income in May. This is a high percentage of my income – I normally aim for around 50% (the Money Guys recommend 25%). For the most part, I invest my money in VTI, Vanguard’s total stock market ETF. This move was inspired by JL Collins’ Simple Path to Wealth (a great personal finance book that I highly recommend!). 
• Investment performance. This was yet another stellar month for investment performance, second only this year to February (check out my February 2024 financial recap here). My net worth increased $10K (4.3%) in June, with my 401(k) experiencing the highest percentage increase (6.3%), followed by my brokerage account (5.4%), and my Roth IRA (5%).
• Spending breakdown. My highest spending category in June after paying for my bills ($870) was pets/pet care ($460), home goods ($302), and groceries ($260). My pets/pet care category reflects spending that was split with my partner, meaning if I was paying for them on my these expenses on my own I would’ve spent close to $1K on my cats in June! These costs included a routine vet visit and other basics like food and litter. Pets are expensive, and I’m so glad I’m in a place where I can afford to take care of them the way they deserve.
• Future plans and goals. With a $10K increase in my net worth from May, I’m that much closer to $250K. I’m going on my sister’s bachelorette trip in July, and we’ve planned it to be as cost-conscious as possible for all the ladies who are attending, but travel spending does have a way of getting away from me. My goal for July is to keep that reined in as much as possible.

Navigating through unexpected expenses while still managing to grow your net worth is a testament to solid financial planning and perseverance. Despite the ups and downs, staying focused on your goals and making informed decisions can help you achieve your financial dreams. How did your finances shape up in June? Share your experiences and goals in the comments below – let’s support each other on this financial journey!

Additional resources:

• Empower has my favorite net worth dashboard, and the only one I use. Use my referral link to sign up for free and get $20: https://empowerreferral.link/s26875
• The Simple Path to Wealth by J.L. Collins is one of my favorite personal finance books! Check it out here!
• The Money Guys YouTube channel is one of my favorites for personal finance content. They are an incredible wealth (hehe) of information for anyone looking to learn more about this topic. Check them out here!