Net Worth Update – $112,105.68 (+$4,446.16)

Every month we like to figure out our net worth to keep track of our progress towards meeting our goals.  We share these numbers here to keep ourselves accountable, and for our readers to follow along with our journey.

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.

Here is our net worth as of May 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 (that’s on hold right now) 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

This month we met our original goal of having $50,000 saved for a down payment on the house, but will need to keep saving since the house is turning out to be a lot more expensive than we were originally planning for. I’m not too optimistic that we will have 20% to put down, but the closer we can get to that number, the less we’ll pay in private mortgage insurance (PMI).

We have decided to hold off on contributing more to the emergency fund (it’s $8,800 right now), and add extra to our house fund for the next few months to save as much as we possibly can.  We are still contributing to our retirement accounts (Roth IRAs and 403b) each month, as well as adding to our vacation fund and personal escrow accounts.

Surprisingly, our cars went up in value this month (according to Kelley Blue Book).  We are continuing to chip away at paying my car off.

Goals for Next Month

Next month, we will continue saving as much as we can towards the house. My husband will receive an extra coaching paycheck in June, and we both will receive the big summer paycheck (balloon payment) at the end of the month.  We will use a large portion of those checks to add to our savings.

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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