Net Worth Update – $143,845.24 (+$5,773.67)

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.

 Net Worth December 2017

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 December 2017:

Net Worth December 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

Hooray for positive growth again after being down $232 last month!

I’m actually surprised that we went up as much as we did this month, with all the Christmas shopping we’ve been doing.  A big contributing factor was the extra pay that Mr. Farmhouse Finance received for coaching.  We split that check between saving for the house, paying a little extra down on my car, and our vacation fund.

Besides buying Christmas presents, we didn’t have any extra expenses this month, so we were able to stay within our typical spending limits.  We have money set aside for Christmas, so buying gifts does not really impact our budget.

Goals for Next Month

Next month, we continue working towards meeting our saving goals.

We have our car insurance payments (6 months) due in January, so that will be a big expense.  Luckily, we have the money set aside for that, so it should not impact our budget.

We will pay another big chunk of my car loan next month, and hopefully get it paid off in the next few months (about $4,000 more to go).  We will continue saving for the house, and building up our emergency fund, as well as putting a little aside for vacation and hobbies.

How are you doing with your goals?

Illusion of Scarcity Worksheet (PDF)

Screen shot 2017 05 29 at 12.58.38 pm

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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