Net Worth Update – $132,373.88 (+$16,668.68)

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.

July 2017 Net Worth Update

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 July 2017:

July 2017 Net Worth Update

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 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 our net worth increased by an unusually high amount because we got paid for the summer in our final June paychecks.  Those checks were equal to 6 normal paychecks.  We made all of our transfers and budgeted for the summer from those checks.  I will expect to see our net worth decrease over these next two months until we start receiving school paychecks again in September.

To complement our higher than normal paychecks, we also had some higher than normal spending this month.  I bought a road bike, and we have also been spending money on concert tickets and dinners out.  In addition, we booked an Airbnb for a mini beach vacation next month.  We saved for all of these things, but it still stings when you pay a higher than normal credit card bill.

Goals for Next Month

Next month we will continue living off the money we budgeted for the summer, but will also have a little bit of income coming in from our side hustles.  Half of everything we make this summer will be put into our house fund to continue saving for the down payment and closing costs.  So far, we have over $58,000 saved.

We will be going away for a couple days to celebrate our anniversary and will spend a little bit more from our vacation fund on a few nice meals and gas. Hopefully we don’t spend all of our vacation fund, so we will have a little bit left to jumpstart our savings for our next big trip (France next summer).


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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  • I love blogs that share net worth numbers! I have just started tracking mine so I have been looking for a good blog to follow along with that has numbers somewhat similar to mine (yall are a little ahead of me). Either way, it will keep me motivated trying to catch up 🙂 And love the name of the blog too. I already have my farmhouse.

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