In terms of overall financial health, your net worth is a great indicator of overall success. To calculate your net worth, add up all of your assets (things that are worth money) and subtract your debts (loans, etc). Each month I share my net worth to help illustrate our financial health.

This month I changed my net worth calculation date slightly. I now calculate my net worth on the last day of the month rather than the first. This means rent hasn’t been cashed yet so my net worth will be slightly inflated this month, but going forward I think this is a better way to do it. This will allow me to post my net worth on the last day of the month, on schedule.

Keep reducing your debts

Over the past few months my net worth has grown faster than I would have expected. However this is not a complete surprise because I’ve been in savings mode. Later this summer when I take some holidays, it’ll be time to spend that hard earned cash and my net worth will correct itself. The one number I will keep an eye on is my net liabilities. This number should keep decreasing, as I am saving for my holidays rather than taking out credit to pay for them. As long as my net liabilities keep decreasing, I’m heading in the right direction!

Here’s a breakdown of my net worth for the month:

Assets:

Assets Previous Month Current Month Change (%)
Cash $6,101.60 $8,743.32 43.3%
RRSP $6,092.45 $6,231.37 2.3%
TFSA $1,553.03 $1,642.98 5.8%
Condo $258,0000.00 $258,000.00 0.0%
Personal Assets $500.00
$500.00
0.0%
Total Assets $272,116.83 $275,117.67 1.1%

Liabilities

Liabilities Previous Month Current Month Change (%)
Credit Cards $849.52 $566.83 -33.3%
Family Loan $14,853.57 $14,853.57 0.0%
Student Loan $4901.65 $4,222.55 -13.9%
Mortgage $238,356.97 $237,905.46 -0.19%
Total Liabilities $260,078.57 $257,548.41 -1.0%

Total Net Worth: $17,569.26 (+32%)

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