Join the Facebook group to get the most out of all of our monthly money challenges.
Tracking (and growing) your net worth, let’s do this!
I’ve been tracking our net worth since 2010.
I do it every single month right after I track our spending, create a new budget and update our debt snowball. (We are SO, SO, SO close to being debt free!!)
I don’t share our net worth on the blog here, but I will share this…
Our net worth grew $421 in Jan, $655 in Feb and $917 in March.
Our goal is for our net worth to be growing by $2000/mo by the end of 2017. I can’t believe we are almost half way there. (In all fairness, we will probably have a few bumps in the road so we will see if it keeps growing more each month.)
I was really surprised to see it growing faster and faster. Wasn’t expecting that. Would NOT have guessed that.
But that’s the beauty of tracking your net worth. It shows you the truth. It shows exactly what’s going on with your money.
It brings everything else you do (income, spending, budgeting, debt payments, savings, investing) down to one number.
It’s ‘conclusive’ in a way that working a budget or tracking your spending isn’t.
Money can be emotional. For some reason it ‘felt’ like we weren’t making much progress, but then the numbers proved me wrong.
How I track our net worth
I use two tools to track our net worth…
First I do it by hand using Tiller. (Tiller is a tool that automatically brings banking transactions into a Google Sheet for you. From there I categorize each transaction to track spending and work a monthly budget. I also use it to work a debt snowball and track our net worth by hand.)
Then I double check it using Personal Capital. Personal capital pulls the balances of all our bank accounts and debts and calculates our net worth automatically.
Other Net Worth Tracking Resources
Thread for this months challenge over in the How Do I Money Facebook Group. (Lots of great comments over there and a few ideas for other resources to track your net worth!)
Giant list of other bloggers who share their net worth on their websites. Incredibly motivating to see these other bloggers post their net worth each month. And no, they aren’t all positive. Some are in the red, big time. All of them are incredibly motivating.