Tracking your net worth is one of the quickest and easiest ways to begin making progress with your financial goals. If you are working on getting out of debt, it is a great way to watch your progress. If you are trying to increase your emergency fund or your retirement funds, watching the numbers go up every month is even more satisfying.
The real reason I like to track my net worth is to be able to see the progress (or lack of progress) month over month. It really helps me stay accountable to myself and pushes me to make good financial decisions when I’m struggling to stay on track.
If you aren’t tracking your net worth I highly recommend getting started today.
Net Worth Report November 2018
For the sake of these reports, I’m only going to be sharing my income, not my husbands. I’ll touch on how I make money and also explain how I’m working to grow my income each month.
- Consulting income: $4,771
- Affiliate Income: $ 122
- Monumentric: $ 114
- Freelance Writing: $ 106
Total Side Hustle Income: $5,113
My affiliate income has continued to stay low. In September I made the decision to split my website and begin a second site www.sogoeslife.com devoted to lifestyle and parenting. I know in the long run it will be a good decision, but for the next 3-4 months, my traffic is going to suffer significantly. Without traffic, it is really hard to make money with affiliate marketing.
- Total Checking: $ 2,536
- Total Savings: $ 30,538
- Total Retirement $ 134,159
- Brokerage Acct: $ 1,257
- College Fund $ 1,842
- Other Assets $479,000
Total Assets: $649,332
- Primary Mortgage: $104,902
- Credit Card Debt: $ 2,669
Total Net Worth: $541,761
Net Worth Increase of $3,573 from last month
If you are watching these reports closely you’ll notice that my retirement accounts decrease and my saving balance increased. I’m getting ready to make a major change to my financial planning and am slowly withdrawing money from my Roth IRA when the market is up.
I’ll write about what I’m changing and why in a future blog post, but for now, just note the change. It is a big step for me and one that I’m super excited to be making.
One a side note, one of the best ways I’ve found to continually save money is to use Digit. I can’t even begin to express how much I love this app. The Digit app literally takes all of the guess work out of saving money since it automatically reviews your spending and withdrawals small amounts of money from your account to fund a seperate savings account.