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 struggle to stay on track.
If you aren’t tracking your net worth I highly recommend getting started today.
Net Worth Report October 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: $3,987
- Affiliate Income: $ 90
- Monumentric: $ 162
- Freelance Writing: $ 100
- Etsy Store $ 2
Total Side Hustle Income: $4,341
My affiliate income dropped sharply this month. 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.
On a positive note, I started an Etsy store to sell some of my printables and sold my first product. It isn’t much, but it is kind of fun to see that little bit of extra money.
- Total Checking: $ 1,250
- Total Savings: $ 7,842
- Total Retirement $153,177
- Brokerage Acct: $ 786
- College Fund $ 1,611
- Other Assets $479,000
Total Assets: $643,666
- Primary Mortgage $105,478
Total Net Worth: $538,188
Net Worth Decrease of $6,603 from last month
We purchased a new truck in cash for $25,000 this month which really hurt my cash accounts. It was really hard seeing them drop, but I’m so glad we were able to avoid having to take out a loan on the truck. I’m a huge believer in running our vehicles into the ground.
All of our vehicles had over 220,000 miles, so it will be a nice change to have a newer vehicle that I trust for long distance road trips.