Net Worth Update – $130,997.11 (+$3,004.84)

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 September 2017:

Net Worth Update September 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, taxes)
  • Cars (2013 Subaru Impreza and 2007 Toyota Prius)
  • Credit Cards

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 two years 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 our (now depleted) vacation fund. 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 our net worth went up (just how I like it).

We just started receiving school paychecks again, but are still trying to recover from living off our savings for the summer.

We moved into a new apartment a few weeks ago, and although we didn’t have to pay the first month’s rent (in exchange for some work we did), we did spend money buying area rugs and a patio set for our new place.  We just received our security deposit back from our old apartment.

My husband’s car was hit by a rolling car in a parking lot, and he received $1,600 from the other person’s insurance company.  We used a plunger and various other tools to get the dent out (the best we could), and he is keeping the money.  He is going to use it to help pay for two bachelor parties he’s attending and the cost of being in one of those weddings.  He also just bought new tires for his car.

In short, higher spending this past month was offset by not having to pay rent, receiving an insurance payout, and getting our security deposit back.

Goals for Next Month

In a couple weeks, I will receive half of the health insurance buyout from my school.  We’ll use that money to add to our vacation fund (to cover two weddings we are attending in October), house fund, and pay off a little more of my car.  Our goal is to have the car paid off (less than $7,000) by the end of the school year.

How are you doing with your goals?

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