Net Worth Update – $100,439.14 (+$3,132.84)

There is a growing group of people who share their net worths online.  This may seem strange to many people, but makes a lot of sense in the world of personal finance bloggers.  We have decided to join this group of net worth sharers to track our progress and to stay motivated to reach our goals.  Personally, I like to follow blogs that share real numbers, and love to track people’s progress.  If this is not your thing, feel free to ignore these monthly posts.  Hopefully, there are other posts that you enjoy reading on our blog.

What is Net Worth

If you are new to tracking your net worth, start with the post, How to Track Your Net Worth.  Your net worth is all of your assets, minus your liabilities.  Since Mr. Farmhouse Finance and I combine finances, I track our net worth as a couple.  I enter our numbers into an Excel spreadsheet once a month, usually on the 14th or 15th.  For the purposes of these posts, I will be sharing a summary of our numbers entered into a Word table.

Without further ado, here is our net worth as of March 2017.

 

What’s included in our net worth?

We have many different retirement, checking, and savings accounts, as well as a number of different credit cards.  I total up the numbers for these different accounts, and add them to the appropriate category on our table, rather than copying the entire spreadsheet with all of our different accounts.  For the Kelley Blue Book value, I always use the dealer trade-in amount, since that is a more conservative estimate of what our cars are worth.

For those of you wondering about all our different accounts, here is a list:

  • Retirement Accounts (Roth IRAs, 403b, Roth 401k from old job)
  • Cash (personal checking accounts, joint checking, savings accounts for down payment for house, emergency fund, vacations, gifts, exercise equipment, road bike, taxes)
  • Cars (2013 Subaru Impreza and 2007 Toyota Prius)
  • Credit Cards (Chase Sapphire Preferred, American Express, Bank of America Visa, Mastercard)

What’s not included in our net worth?

Mr. Farmhouse Finance and I are both public school teachers.  We have been contributing to the Teachers’ Retirement System, and will continue doing so throughout our careers.  We have decided not to include this in our net worth summaries at this time, but may change our minds about this in the future.

Why so much cash?

We have been saving for about a year and a half for a down payment for our house, and have opted to keep this money in cash because of our shorter timeframe.  We also are building our emergency fund and vacation funds.  Once we build our house, we will continue to keep a small bit of savings in cash, and invest the rest.

This Month’s Progress

For these past few months, we have been increasing our net worth by $3,000-$5,000 per month, so this month fell at the lower end of that range.  We had some health related expenses that we are waiting to be reimbursed for from our insurance company, and we also paid car insurance this month, so that could account for the change.

Goals for Next Month

In March, I will be receiving three paychecks, and in April we will receive part of the health insurance buyout from my school.  With this extra money we should be able to pay off a little extra on the car and put more money into our house fund.  We are aiming to have $50,000 saved for a down payment on the house by this summer, and we would like to have the car paid off within the year.

How are you doing with your goals?

 

 

 

 

Illusion of Scarcity Worksheet (PDF)

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Download this free worksheet and start paying yourself first.


  • Budget for financial obligations and recurring expenses
  • Prioritize your financial goals
  • Make all your transfers on payday
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2 Comments

  • Saving $3-5K a month on teacher’s salaries and living in NY! That is awesome! I wish it didn’t take me so long to realize that this savings rate is possible at many income levels. I think the biggest disservice we do to young adults is tell them to just invest enough to get the company match and that’s it. Although that may be the first step when you’re at a very low income, this type of thinking sticks in peoples head and when their salaries grow they continue to invest the bare minimum and never think to step up their savings and investing rate because the older wiser adults early on in their career told them to just invest enough for the company match and go spend the rest partying

    • Thanks Stuart! I totally agree that most people only save 10% of their income or just enough in a 401k to get the company match, and never adjust this amount. We are saving for specific goals (the big one being the house) right now, so a lot of our savings is in cash, but I do hope to invest more in the future. If we didn’t make our transfers on payday, there wouldn’t be anything left at the end of the month. Thanks for checking us out!

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