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.
Past net worth reports
- 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 🙂
June & July 2018 Net Worth: $748,572 & $752,394 USD
I’ve decided that I am not going to publish the breakdown of my net worth on a monthly basis anymore. The reason is because it consumes a lot of my time and I don’t really see any value-added. My net worth stays pretty stable month to month and the only real change is due to currency fluctuations which is beyond my control. From now on, I will probably post detailed net worth reports every quarter.
I find it hilarious that my net worth is over $750,000 yet I have less than $100 in my bank account. The thing is, I started my new job but I won’t get paid until the end of the month. I have only $100 to last me an entire month… in SWITZERLAND of all places.
So to conclude, I literally cannot even afford to pay for food this month (unless I use my credit card). I guess this goes to show that net worth isn’t everything, eh?
Savings: I have two savings accounts: one in Canada and one in Switzerland.
This month, I messed up my finances like no tomorrow! You can read this post where I confessed that I overspent wayyy too much money and am now living paycheck to paycheck.
As I’m typing, I have less than $100 in my Swiss bank account! Haha! Talk about tough! My boyfriend has graciously donated some money to me because he “wants me to eat.”
I got into this mess by… well… spending nearly $2,000 on my blog and $3,000 on “graduation trips.”
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! I can’t wait for the summer, I am hoping to see some gains!
Credit Cards: I am mainly living a credit card-free life. However, I needed a way to pay for FINCON (I won a scholarship to go there for free but have to pay for flights). Flights are seriously not cheap, so I decided that I’m going to sign up for a new credit card for the points. Once I spend the first $1,500 I’ll have enough miles to pay for a round trip to Orlando. Yay!
The card I signed up is an Amex Gold card which rewards Canadians with 25,000 welcome Aeroplan points once they spend the minimum $1,500. It used to be only $500 and I used to sign up for a new Amex Gold card every year. Times are getting tough!
Mortgage: 2.85% variable.
June & July Personal Expenses: $1,782 & $3,644 USD
I am pretty ashamed to share how much money I’ve spent in the last 2 months alone. Normally, I try to keep my monthly expenses below $1,600 a month (including rent). I think because the summer came and I just finished my master degree, I got a bit ahead of myself and really lived beyond my means. Note to self: Don’t ever do this again!
Dance: I usually spend $165 a month on dance. I dance classical ballet and it’s a great form of exercise. In July, I decided to sign up for a week-long dance intensive in Italy which explains the huge increase in dance expense that month. I’ve decided that I’m no longer going to pay for dance until I fix my financial situation.
Food: This expense is not so bad, all things considered. I’m hovering at the $200 mark and that’s mainly because I had travelled a lot to cheaper countries where I could eat at the fraction of the cost of eating in Switzerland.
Insurance: No change. I pay the same amount every month for basic health insurance (mandatory in Switzerland)!
Housing: This was a huge budget killer for me. I moved apartments in July and had to dish out thousands. There was a $250 administrative fee for the agency to review my file (overpriced much?). I also had to pay $147 to register at the government officials and get permission to live in the new city the moved to. Also, I made a trip to IKEA to purchase some supplies for my new apartment.
Other: In June, I paid $200 for the renewal of my sailing membership. Yes, broke students can still afford to go sailing! The rest are miscellaneous expenses related to living costs and the tax on garbage bags.
In July, I spent $300 to go hang gliding with my boyfriend. It was his birthday gift, I had wanted to give him this gift for over a year now. Last year, I took him skydiving, and in the end, he paid for it because he didn’t want me to pay $1,000 for a 5-minute jump. This year, I swore I would save money and give him the gift of a lifetime. He really enjoyed hang gliding. Even though I was broke, I paid the $300. It was worth it to see him smile.
Shopping: Happy to say that I didn’t spend anything on shopping this month! I am on a shopping ban until further notice!
Transportation: The weather is nice and I don’t use the public transportation as often now. In July, I made a few intercity trips to the airport.
Travel: In July, I went a bit overboard with travelling. I spent one week in Italy studying classical dance. I then spent a few days in France with a friend who was visiting from Canada. Then, I decided to go to Manchester, UK for a yoga conference. It was fun.
Finally, I made an unexpected trip to Amsterdam because a friend heard that I was broke in Switzerland and told me to go to Amsterdam to “save some money.” It’s true, I actually did end up saving money going to Amsterdam. Eating out was so cheap, I could get a burger for literally 2 euros! In Switzerland, they’re all least 20 euros or more.
August 2018 Plans & Goals
I have officially started my PhD in August. I will be busy working on my PhD. At the same time, I’m going to continue to focus growing this blog. I’m also starting a new top secret blog as a fun side project.
I have absolutely zero plans to travel in August. I am a bit sick of travelling after all the moving around I did in July.
I’m hoping to spend less than $1,500 this month and less than $200 on groceries.
I want to start saving for an emergency fund so that I don’t run into this situation of being broke as $%^& anymore.
Also, I would love to see my net worth grow. Right now, all my money is sitting in one asset (my house) which isn’t appreciating in value. I want to invest a little bit of money on the side and watch it grow. That means I will have to actually learn how to invest.
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