CASHWe've been wanting to grow our cash balance over $25k, and were able to cross over that mark this month. We have some large purchases on the horizon and wanted to make sure we have a larger cash fund to not have to dip into the $20k base amount that we consider our emergency fund. We keep about $25k in our online savings account and the rest is in our checking account.
Our cash balance increased largely due to receiving an annual bonus and our tax refund. I like getting a tax refund, but don't like it to be too large. This year, our tax refund came in just under $4,000, the smallest refund we've had in years. Hopefully we can keep reducing the amount of refund as we continue to do some Roth conversions. We've had some medical issues come up this month that will reduce our cash balance once the bills start coming in, but thankfully we have enough to cover our complete deductible.
Also, on our cash front, I got another raise this month! It's actually a raise and a promotion, one that I've been working towards for a while and I'm really pleased with how it's turned out. Not only is the additional income nice, the new work is very interesting as well. On the financial side, the raise is going to be about $500/month, with an increase in annual bonus potential that won't come until this time next year. I got another raise a few months ago and we are already saving all of that increased income, so this new raise will just be additional gravy.
INVESTMENTSOur investment balances are up $10,163 this month! That sounds great, until I tell you that including employer match, we actually added $10,574 to our investment accounts. So…we basically ended the month where we started, but added a big chunk. These deposits were split between Roth IRA's ($6,000), and a Roth 401k with nearly everything that we added to our investment account going into stocks.
HOUSE/MORTGAGENo surprises on the house value. We've had some fairly comparable homes in the neighborhood sell for slightly higher than the Zillow estimate shown here, so it seems reasonable. We continued to pay extra on the mortgage in February, increasing the extra amount we paid compared to previous months. Now that we feel our cash balance is in a good spot and with our higher income, we'll be focusing on paying a bit more extra towards the house. When preparing our taxes this year, we were both sickened to see that we paid over $8,000 in mortgage interest last year and are determined to reduce that amount. Psychologically, it would be nice to pay under $8,000 in interest, but I'm not sure we'll quite get there this year.
I'm pleased with how the month turned out and with the trajectory we're on. We've come a long way and have a long way to go, but it's good to feel that we're on track and focused.