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 $259.90 from May 22nd
- up $6707.03 from June 5th, 2009 (one year ago)
These assets include my house (I give it 1% appreciation each year in my appreciation), my RRSP and my TFSA. Things are bouncing back quite nicely, and because I live in a condo I can get an accurate value of my house based on what others in the neighbourhood and my estimates are extremely low. What this means is that when I sell, my assets will immediately rise because I am underestimating the equity in my house.
- better $93.89 from May 22nd, 2010
- better $16,379.97 from June 5th, 2009(one year ago)
These liabilities include my mortgage, student loans and a consolidation loan (mainly for my Masters Degree for teaching). Although the year-to-year numbers have been great, the week to week pace has slowed to almost a crawl. Since April 24th, I have only improved about $400. This will be my goal in the summer not to make any hugely extravagent purchases (although we are planning to paint and put laminate flooring in...)
- better $353.79 from May 22nd, 2010
- better $23,087.00 from June 5th, 2009(one year ago!)
Things are starting to slow down for me, and without me doing summer school this year I will be unable to make a nice dent in my loans, although the sanity is more than worth it. I just have to remember that this is a long range plan rather than a short term plan.
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: 11,569.61
Highest Value in Last 2 Years: 15073.13 June 18th, 2008
For these purposes, the stock market was about 13000 in mid September 2008, so I will either rebalance when the TSX hits 13000 or 12500 after September.