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: May 25, 2018)
So I have decided to start tracking my net worth as a sort of fun, little experiment. In the past, I’ve only been tracking my monthly expenses and I never really gave a care in the world about how much I was really worth. However, once I started blogging and reading other personal finance blogs, I’ve decided to calculate and post my net worth report as well.
I track all my income and expenses in USD for the purposes of keeping things simple. Most of my readers are American and I really did not want to publish confusing reports with CAD (Canadian dollars) and CHF (Swiss Francs) all jumbled up together.
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 🙂
March 2018 Net Worth: $767,279 USD
Savings: I keep one savings account in Canada and one in Switzerland.
The Canadian one is mainly for convenience so that I can handle my finances back home (anything related to my house and credit card bills).
My Swiss one is the one I’ve mainly been using for the past 1.5 years of living in Switzerland. Occasionally when my Canadian account is short of money, I will replenish it with funds from my Swiss account. I use TransferWise to transfer money between accounts and the fees are relatively low (sign up through my link and get a free international transfer of up to £600).
Cryptocurrencies: A friend of mine gave me 0.06 of a Bitcoin waaaaay back when it was worth almost nothing. It’s just been sitting in my Coinbase account 🙂
Retirement Accounts: I worked as a CPA for 6 years before pursuing a Masters abroad. These are mainly company contributions to my pension plans. I always maxed out my personal contribution to take advantage of the company matching my contribution (i.e. free money).
House: So I bought a house a few years ago (more on this later), and since then, it’s appreciated by over 65%. Unfortunately, the Toronto real estate market has been cooling a lot lately due to some regulatory changes. Just in the last month, my house has lost over $60,000 (CAD) in value. Bummer.
Credit Cards: So I mentioned in a previous post that I’ve been living a credit card-free life. This still holds true. These credit card expenses are accumulated from prior to my credit card getting cancelled (and they mostly relate to my huge blogging expenses in March).
Mortgage: Not much to be said about this but basically I am on a variable rate of 2.85% in case anyone’s asking. And yeah, I realize it’s a pretty big mortgage. I’m not very happy about that.
March 2018 Personal Savings: $668 USD
Scholarship: So, as you probably know, I’m currently a full-time student and on a very low income. Since I live in Switzerland and my university loved my application so much, they decided to offer to sponsor me 1,600 CHF per month for 2 years. Splendid news. The bad news though is that I’m graduating in June (read: 3 months from now!!!) and then I won’t receive this money anymore. Let’s hope that I can find a job or another way to fill the gap!
Part-Time Work: I work 1 day a week, mostly from home. My work contract ends in July.
Dance: Yes, I track my dance expenses as its own category because I love dancing THAT much. Also, dance is pretty much my highest expense after rent.
Food, insurance, phone, shopping, transportation: Nothing to say, pretty average.
Housing: So I just moved into my studio apartment this month and incurred some higher than normal fees due to having to declare myself to the local authorities. All good now 🙂
Tuition: Can you believe this is all I pay for 6 months of university?
So this month I put away $668 in savings which is great in relation to my income level (that’s a 27% savings rate). In general, my scholarship covers the large majority of my monthly expenses and I’m able to put almost all of my part-time job income into my savings account. I’m pretty proud of this little achievement.
By the way, if you’re wondering where all my blogging expenses went, I don’t mix them with my personal expenses. I consider them business expenses and thus keep separate tabs on them in my monthly blogging income reports (also, don’t forget to check out my guide on how to start a profitable blog).
March 2018 Rental Income: $245
|Net Rental Income||245|
Just a few words. I do not include mortgage principal payments as an expense, because they’re not. If I included that, then I would be losing money every month.
April 2018 Plans & Goals
So I’ll be heading off to Spain for a 2-week language immersion (yay) at the end of April. As such, my expenses for the month will definitely be a lot higher than normal. Studying Spanish is not cheap, and I’ll also be paying double rent!
I hate to set any concrete goals at the moment because my net worth is subject to change radically due to any fluctuations in my house’s value (which makes up for 98% of my total assets) and due to currency fluctuations. As I mentioned already, in one month, my house lost $60,000 in value.
I’m pretty interested in seeing how much my net worth fluctuates.
Another thing that keeps me up at night is the fact that I graduate in 3 months. I only have 3 months left of scholarship money, and 4 months left of part-time job money. I really need to figure out a way to fill the gap, and quick.
Good thing though is that I have enough savings in my Swiss account to get me through a few months of hardship. But hopefully I’ll have found a job before I have to worry about dipping into my savings!
So I guess you can say that my goal for April is to find a job and figure out what to do with the rest of my life (lol).
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