With Christmas gifts on the way, lets see how my spending has gone.
Every time I get paid (every two weeks), I update my net worth. The idea behind this is that my goals are that my liabilities drop every two weeks, and by tracking them in this way, I am able to get a nice picture of where I stand financially. Its not a perfect balance sheet that I have (because of student loans I have a negative net worth), but the progress is what I am looking for.
- up $312.73 from November 20th, 2009
- up $8524.39 from December 4th, 2008(one year ago)
These assets include my house (I give it 1% appreciation each year in my appreciation), my RRSP and my TFSA. My assets continue to climb, which makes me feel great!
- better $457.25 from November 20th, 2009
- better $12,687.73 from December 4th, 2008(one year ago)
These liabilities include my mortgage, student loans and a consolidation loan (mainly for my Masters Degree for teaching). I am now up to five tutoring jobs, where the extra money that I earn goes to paying off my liabilities. We are back to positive territory (at least moving in the right direction) with my liabilities this update, but the progress is slowing as my expenses rise, leaving me with less extra money to put extra payments on. After Christmas I will hopefully get back to normal though.
- better $769.98 from November 20th, 2009
- better $21,212.13 from December 4th, 2008 (one year ago!)
Once again, automatic pilot means that things will be going in the right direction without major intervention on my part no matter what. Just imagining that my net worth has increased by $21,000 this year is wonderful! As my loans continue to drop (really my interest payments) these numbers will get better year after year! Even at the current rate, $20,000 x 30 years = $600,000 net worth (assuming no interest there). Numbers are wonderful!
The last thing I am going to track is the value of the TSX. I have some asset allocation goals that are dependent on the value of the TSX.
Current Value: 11,510.80
Highest Value in Last 2 Years: 15073.13 June 18th, 2008