Net Worth Update – $154,032.61 (+$10,187.37)

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 Update January 2018

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 January 2018:

January 2018 Net Worth

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, 403bs, 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’s greater than usual growth is due to a couple factors.  I finally rolled over an old retirement account (about $3,000) to an IRA that I hadn’t previously been tracking in our net worth, and I just opened a 403b at my school.

In addition to the extra funds that we are now tracking in our net worth, we had a pretty good month saving and spending-wise.  We did have car insurance due this month, and Mr. FF paid for six months on his car.  I decided to pay for only three.  This kept some cash freed up for a couple events that I signed up for (a marathon and a snowboarding clinic).  I’m also hoping to drop the extra insurance on my car as soon as I have the loan paid off.

Goals for Next Month

Next month, we keep saving money towards our goals.

In February, we will cross another big milestone and have over $70,000 saved for our house.  Originally our goal was to have $50,000 saved, but since we have been held up so long on getting the subdivision approved, we’re able to save more. We are now shooting for $80,000 to have enough for 20% down plus closing costs.

We don’t have any big expenses coming up next month, so hopefully, we’ll be able to keep putting extra money into our emergency fund, vacation fund, and pay off another chunk of my car loan.

We are waiting for another check from selling some old CDs and DVDs on Decluttr and will use that money to buy some discount lift tickets to go snowboarding a couple more times this season.

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
Powered by ConvertKit
More from Mrs. Farmhouse Finance

How to Earn More as a Teacher

Many employees can negotiate their salaries when they start a new job or...
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *