For the past couple of months, I have been calculating my net financial worth (total assets – total debts) to make sure I’m on track with my financial goals and motivate me to continue to spend wisely and invest savvily. I use an adjusted version of J. Money’s Early Retirement Spreadsheet to keep track of everything. This is my first update for this blog:
Here is my first NW update for this blog:
- Cash Savings (High-Interest Account) $5010
- International Index Fund $6620
- Managed Funds $7210
- Superannuation $24410
- Acorns App $360
- Credit Card -$940
TOTAL Net Worth: $42670
With all my net worth calculations, there is ONE BIG CAVEAT – I don’t include my student loans (‘HECS’). This is because (currently) in Australia, this loan is provided by the government and only required to be paid back if earning over $54,000 (2016), it is indexed to inflation which is currently around 1.7%, and repayments are taken out pre-tax. So to make things simpiler I just assume my actual take-home pay is less my HECS repayment, and I don’t bother making additional repayments as I can make more than 1.7% leaving the cash in my high-interest savings account, making it a net gain. This may change in the future though, at which point I will adjust my calculations!
Financial Goals for April
March was an expensive month – car registration and servicing, new camping gear, climbing gym membership and a Kindle! I really want to reign in that spending and focus on using my time on productive and enjoyable, but frugal activities like walking, reading, snorkelling, picnics and biking, which are all great for my favourite time of the year – Autumn! My specific financial goal is to add an additional $2500 to my net worth, and break through the $45,000 mark.