April Net Worth

**Disclaimer:  (CAD$)

“My” net worth is really a “we” net worth. 

The fiance and I combined finances in October 2016, shortly after we got engaged.  If I’m sharing my entire life and future with someone, you bet that includes finances as well!


We’ve been pretty good sticking to our savings goals; though we constantly go over our discretionary fund.  For the month of April, I increased it from 600 to 700, and that went well!

NET WORTH:  CAD $14, 077  (USD $10419 / 1USD – 1.35CAD)

ASSETS

Retirement ($42, 950):  For now, we just contribute 100 biweekly; nothing too crazy since we are still prioritizing purchasing a home first!  And starting a family!

Down payment fund ($14, 000):  This has been stagnant for about a year now.  I consider this an asset since it will be used to finance a home.

Vehicles ($16,000):  I don’t usually consider cars an asset but in the past 2 years, I’ve got a car written off twice.  Since I’ve had to purchase cars twice; I decided to include it as an asset to balance the new loans I took on.

LIABILITIES

Cars ($48, 200):  Both brand new.  And we’re both keeping these cars until they can’t be driven anymore.

Student Loan ($11, 000):  For now, we are only paying off the minimum.  I plan to pay this off by 2019.

OTHERS

Sinking Funds ($10, 000):  These are anything I consider short-term:  Travel fund, car fund, wedding fund, tax fund, etc.

Emergency Fund ($9, 000):  I don’t consider this an asset because it’ll eventually get spent; though maybe I should?  I might use this to pay off the student loan (or at least partially) to save on interest.


The main goal for now is our wedding fund.  We have exactly 3 months to save up for the wedding!  This is a one-off budget category so I can’t wait to get settled into married life and a more normal budget!

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How I Calculate Net Worth

NET WORTH = ASSETS – LIABILITIES

What I consider ASSETS:
Cash on hand
Chequing accounts (the fiance and I still carry separate individual accounts, even though we use one budget spreadsheet – and pay off each other’s ccs etc, pay for wedding vendor downpayments, etc.  Shared money!)
(minus) Work reimbursement money:  the fiance gets his reimbursement cheque up front, while I hand in my work receipts at the end of the month then get a cheque.
(minus) Credit cards.  We try to pay EVERYTHING on cc for cashback rewards. We never carry over a balance though and send payments at least weekly.
Friendly loans:  A cousin borrowed money from me a year ago and is paying it off monthly.  This is set to be paid off by summer.
Gift cards
– TFSAs 
– RRSPs
– Vehicles:  This differs between individuals.  We don’t put  value on my fiance’s car.  But my car… carries a value that decreases every month.   The reason behind is that in a span of 5 months, I had a car written off after an accident AND a car stolen.  That’s TWO car loans in 5 months.  In order to not take a drastic hit on my net worth, I balanced it out with a car value.

LIABILITIES
– Car Loans x2
– Student Loan: 5.5% interest 😦
– Emergency Fund: Some consider this an asset since it’s only money set aside and not necessarily earmarked for a specific expense.  However, I intend to use this to pay down the fiance’s student loans AFTER the wedding.  For now, we need all the liquid we can get.
– Tax Fund:  I pay quarterly and save for it every month.
– Slush Fund:  We set a $600 discretionary budget for the both of us (which currently, does NOT meet our needs at all, looking to increase this).  Anything extra (read: none) goes in this fund.
– Travel Fund
– 
Gift/ Events Fund
– Car Fund
– Wedding Fund:  
Summer 2017!  Can’t wait!!!
– Charity Fund

As you can see, all our sinking funds are in our liabilities section.  This is because these are intended to be spent in the next 1-12 months.  We save monthly even for yearly expenses… or at least save for those big expenses little by little in advance.

No mortgage to speak off (yet) so a house asset/ mortgage doesn’t complicate this calculation.

How do you calculate your net worth?

February 2017: 10k!

Oh, hi Feb!  Ahhh I just want the next 6 months to fly by!  I’m itching to start married life already!!

Wedding concerns?  Finding a substitute for a preggy bridesmaid.  And having to study for a license exam in the middle of all this wedding prep!  Otherwise, I’d like to think I still have my calm.

January budget went okay… I just find it really hard to stay within out $600 discretionary allotment.  We’ll see how this month goes; but I’m considering increasing this to $800.

Also, our car fund is something that needs to be potentially reviewed in the future… not sure if it’s enough of a buffer.

Net worth… we finally reached $10000!!  *small wins, happy dance*

Things to look forward to in Feb?  Valentine’s day.  A short month.  A charity gala.  And a long weekend road trip to Pennsylvania.

Happy love month!

Show me the money, honey

2010:
Net worth:  Negative something.
Assets:  Opened an RRSP with $100 monthly payments.
Liabilities:  $28,000 student loan debt.  $20,000 car loan debt.

2012:   I became obsessed with spreadsheets:  budgets to plan and follow!

2013:  Paid off my student loan.
Net worth:  Negative something.
Liabilities:  Brand new car – $25,000 car loan debt.

2014:  Finally a positive net worth!  A temporary 6 monthly side hustle definitely helped.
Net worth:  $4k in May to $26,000 at the end of the year.
Liabilities:  $18,000 car loan debt.

2015:  Car accident in August, car got written off.
Net worth:  $40,000
Liabilities:  Brand new car loan –  $27,000.

2016:  That 5month old car got stolen in February!!
Net worth:  $50,000 in June 2016
Liabilities:  Brand new car loan –  $36,000.

Dec 2016:  Joint net worth:  $9000

I got engaged in October 2016 and by the end of the month, we had transitioned into a joint budget.

New debt:
Student loan – $11,800
His vehicle – $19,500
Her vehicle – $31,700

…not to mention a $50,000 wedding to plan and save for in less than 8 months!!!

2017, please be good to me us!! 🙂