Net Worth Update – $115,705.20 (+$3,599.52)

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 | savings | budgeting

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 June 2017:

net worth update | savings

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 was pretty average for us.  We have over $52,000 in our house fund and are continuing to add to it each month to save for our down payment and closing costs. We’re temporarily holding off on contributing to our emergency fund to save as much as we can for the house, so besides the little interest that account is earning, it’s not really changing too much.

This month we had a higher than usual credit card bill because of some fun things that we did (going out one night in NYC, buying tickets to a music festival), but we used money from our vacation fund to cover those extra expenses.

According to Kelley Blue Book, the value of our cars went down $158, which sounds about right.  It’s weird that their value went up slightly last month.

Goals for Next Month

We haven’t received my husband’s extra paycheck for coaching or our balloon paychecks for the summer, yet.  When we receive those checks, next week, we will divvy up the money into all our different accounts.

This month we also have some side hustles lined up to make some extra money after school lets out.  We have decided to put half of everything extra we make this summer into our house fund.

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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