This post contains affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link. Please read my disclosure for more details(Last Updated On: October 2, 2018)
I started tracking my net worth report in March 2018 when I launched this blog. I used to be an accountant and the end of every month marked a chaotic time when I had to work extra long hours to try to close all of the company’s books. Now, I look forward to the end of the month so that I can get an idea of how I spent my money for the month and how my assets are doing!
A net worth report is, in my opinion, a better alternative to having a budget because you can see exactly how much you’re worth and how you’re tracking towards your long-term savings goals. In my opinion, it’s an even better way to keep me in line with my budget than an actual budget itself.
I track all my income and expenses in USD for the purposes of keeping things simple. Over 75% of my readers are American.
Related: How To Calculate Your Net Worth
Past net worth reports
- August 2018: $757,748
- July 2018: $752,394
- June 2018: $748,572
- May 2018: $759,228
- April 2018: $765,059
- March 2018: $767,269
Why do I share my net worth report?
- I want to monitor my net worth over time and hopefully see some progress
- I want to be transparent about my money goals and hold myself accountable to them
- My net worth report can inspire others to set their own net worth goals
- It’s fun to talk about money and I know people are nosey 😉
- It helps me connect with other personal finance bloggers out there
- I’m an accountant and I love talking at numbers
What this net worth report is NOT for
- I am not posting these reports to brag about how much money I have. Sure, my net worth might be considered “high” for someone my age but I also have a huge amount of debt!
- This report is solely for educational and inspirational purposes
- I’m not looking for criticism on how I spend my money. But if you have suggestions on how I can grow my savings then feel free to comment 🙂
August 2018 Net Worth: $757,748 USD
Last month was a brutal month for me. I had only $100 in my bank account because I had paid 2 months of rental deposit and spent a bunch of money for moving into a new place. It was not ideal.
Everyday, I was waiting for the end of the month to get my pay check. Here in Switzerland pay checks are paid only once a month at the end of the month. I’m used to getting paid bi-weekly in Canada.
My PhD started last month and I’m happy to have some spending money/income again.
Savings: I have two savings accounts: one in Canada and one in Switzerland.
The amount of savings in my Swiss account is misleading because a large part of that is a rental deposit which I cannot touch!
I use TransferWise to transfer money between accounts and the fees are the lowest that I’ve found. What’s more, I only pay about 5 francs for every 1,000 francs transferred. It beats PayPal’s rate any day. Sign up through my link and get a free international transfer of up to £600.
Cryptocurrencies: If you’re interested in crytocurrencies, you can sign up for a free Coinbase account and receive $10 in cryptocurrencies.
Retirement Accounts: I am not planning to touch these accounts for the time being. I’m just going to let them grow until I decide where I want to take my retirement 😀
House: My house has not changed in value since my last report. I am super relieved because in March 2018, my house lost over $60,000 (CAD) in value!
Credit Cards: I am mainly living a credit card-free life. I used my credit card a few times last month in order to rack up enough points to attend FINCON for free. I’ve paid the balance off before the month end.
Mortgage: 2.85% variable.
August 2018 Personal Expenses: $1,327 USD
I’m super proud that I managed to turn things around. Last month, I spent over $3,000 and it was not pretty. It left me with only $100 in my bank account.
In August, I decided to live as frugally as possible. I barely went out and was basically living off carrots and zucchini. I can’t believe I was able to get my expenses below $1,400! This is probably the lowest my expenses have ever been since I moved to Switzerland!
Dance: I usually spend $165 a month on dance. I dance classical ballet and it’s a great form of exercise. In August, I decided to take a break from dance for two reasons, one being I wanted to save money. The other reason was because it’s too hot to dance in August as the studio does not have air conditioning.
Food: My goal for this month was to spend less than $200 on food (check) and not eat out. I came in just under $200 and ate at home for *almost* the entire month. I only caved once because I wanted to try out this new sushi store which was offering 50% off sushi. It was not good.
If you want to learn how to save money on food, read 16 Simple and Effortless Tricks To Save Money On Groceries.
Insurance: No change. I pay the same amount every month for basic health insurance (mandatory in Switzerland)!
Housing: My housing cost has come down since last month. I moved in July which resulted in higher than normal expenses. This month, my housing costs are back to normal.
Other: There was a heat wave in Switzerland for the entire month. Air conditioning doesn’t really exist here and I absolutely needed to buy a fan. I went a few nights not being able to sleep because it was so hot. The fan was $20 well spent.
I also spent $50 on probiotic pills and iron supplements. Drugs are expensive in Switzerland, I can’t wait to go to the US/Canada and stock up on drugs at the pharmacy.
I spent another $10 on miscellaneous items (cleaning supplies, etc.)
Phone: Slightly higher than average because I had to upgrade my phone plan.
Shopping: Successfully lasted the whole month without doing any shopping (well, besides the fan which I categorised as “Other”)!
Transportation: I kept my transportation costs under $20 which is amazingly low! The weather was so nice in August so I never had to take the bus or metro. I just walked everywhere.
The $20 was because I had made one trip to the mountains to do some hiking.
Travel: Didn’t travel anywhere this month! So proud! I had travelled way too much in July and I just needed a break from it all. My crazy travelling schedule starts up again in September/October 2018.
September 2018 Plans & Goals
I’m going to be super busy doing the following:
- Doing PhD coursework and assisting my Professor
- Working on this blog
- Working on my 2nd, top secret blog
- Working on and fundraising for a volunteer project that I’m spearheading (message me if you want more details)
- Taking a 1 week vacation in Italy 😉 just to enjoy the last bit of summer
- Attending FINCON and hoping to meet some amazing people
- Keep my monthly expenses below $1,500
- Spend less than $175 on food (have to stretch myself here!)
- Save $5k by November
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