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: June 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.
I am using the CAD/USD and CHF/USD exchange rates as of the end of each month when I prepare this report. I’m not sure if I will continue doing this going forward, or just use a fixed exchange rate. It looks like my net worth dropped a lot month over month but it is mainly due to currency fluctuations. Hmm, how to resolve this problem… :S
Past net worth reports
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 🙂
May 2018 Net Worth: $759,228 USD
|Net Worth||May 2018||MoM Change ($)||MoM Change (%)|
Savings: I have two savings accounts: one in Canada and one in Switzerland.
This month, I transferred 1,500 Swiss Francs back to my Canadian account. My sister helps me handle the collection of my tenant’s rental payments for my rental property. This month, there was a delay in the deposit of the cheque which resulted in a $5 NSF fee. I transferred some extra money over to avoid this fee going forward!
I use TransferWise to transfer money between accounts and the fees are the lowest that I’ve found. 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: So the Bitcoin is down again. I wonder if there is a point of holding onto this as I am not into trading. But oh well, I actually got this for free a few years ago so I can’t really complain! Even if the value drops to nothing one day, I still wouldn’t really be at a loss!
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: Again, I don’t have a credit card. The situation is a bit inconvenient but I’ve gotten used to it by now. It’s almost my third month of living without a credit card. You can read my blog post about my credit card-free life if you’re curious.
This month, there were a few expenses that I needed to pay for using a credit card. Luckily, my sister has entrusted me with her credit card number which I used for emergencies. I was in Spain in the first week of May and I needed to book some accommodations. I used my sister’s credit card for that. I also needed to make some further payments for my blog, and I used her card for that too.
Mortgage: 2.85% variable.
May 2018 Personal Income: $514 USD
|Personal Income||May 2018||MoM Change ($)||MoM Change (%)|
Scholarship: Same amount that I receive every month. Next month will be the last month that I will receive this money! It has been a great 2 years of getting “free money” for studying. This also puts pressure on me to finish my thesis!
Part-Time Work: I work 1 day a week, mostly from home. My work contract ends in July. I’ve decided to start my PhD contract as of August. I’m interested to see how much money I’ll receive after tax. I have a feeling that my monthly income will stay more or less at the same level (since my scholarship was tax-free and my new PhD salary will not be).
Dance, insurance, housing: Average
Food: Slightly lower than average because I went to Spain to study Spanish and any food costs incurred in Spain is lumped in my “Travel” bucket. Not to mention, it’s far cheaper to eat out in Spain than it is to cook at home in Switzerland. Let’s just say I may be putting on a few pounds during my stay.
I ate out twice this month (not including my vacation) which amounted to $34. The first meal I enjoyed and the second one I didn’t. That means I only enjoy 50% of the meals I eat outside of the home! I should probably cook never eat out at this rate!
Other: I took a sailing course this month. Next month, I’m going to take the seasonal membership so that I can sail as much as I want without having to pay each time I go.
Phone: Slightly higher than average because I was in Spain and had to make some international calls.
Shopping: I bought a new skirt, it was only $9!
Transportation: The weather is nicer now and I’m not taking the buses or trains as often anymore. I am also not really moving around as much this month because I’m trying to stay in one place and finish my thesis!
Travel: I finished studying Spanish and then spent a few days travelling around. It was awesome. If you haven’t been to Spain, I would highly recommend going in the end of April/beginning of May before the weather gets too unbearably hot. While I was in Spain, the weather was a nice 20-25 degrees everyday.
The travel costs include accommodations, food, and travel between Malaga, Ronda, Gibraltar (a British state), and Sevilla.
I saved $514, or 22% of my monthly income. I’m hoping that this amount will increase once I start earning a PhD salary!
May 2018 Rental Income: $290
|Rental Income||May 2018||MoM Change ($)||MoM Change (%)|
|Net Rental Income||290||-42||-13%|
Nothing new to report. Tenant is still being a great tenant. Never causes me any issues. And he signed for 5 years to rent my house, so it’s pretty nice that I don’t have to worry about finding new tenants while I’m living abroad.
June 2018 Plans & Goals
Plans & life updates
Since returning from Spain, I have been frantically trying to finish my thesis. This month, I’ve made some good progress. I’ve written over 40 or so pages now (I need between 50-70 in total). The bulk of the “grunt work” is over already. I will defend my thesis at the end of June, then I’ll be free 🙂
I am also pleased to announce that I have found a place to live (from July onwards) so I won’t be homeless! I was so scared that I would be homeless once my current lease ends in June. The new studio is slightly cheaper than where I am living now. It’s also located in Lausanne city centre. For the first time, I’ll actually live in the centre! How fancy!
On another note, you have no idea how difficult it is to find housing in Switzerland. It’s super competitive, you have to apply to agencies the same way that you would apply to a job. But it seems to me that the competition is even stiffer when it comes to applying for apartments. In the past, I had applied to a few apartments and had absolutely no luck.
I’m pretty proud to say that this time around, I didn’t need to get a guarantor (i.e. someone who signs a document saying they’ll cover your rental payments if you fail to pay them yourself). Last time, my income was insufficient so I had to beg someone to be my guarantor. This time, I did it all by myself. I finally feel like I’m progressing a bit in life 🙂
Upcoming major expenses
The upcoming months will be very expense-intensive. I’m anticipating some major expenses over the summer. Firstly, I’m moving, and that’s going to cost me a chunk of money (i.e. set up Internet, buy vacuum and other cleaning supplies, some furniture, etc).
Then, I signed up for a ballet dance intensive in Italy and a yoga retreat in Manchester for the first half of July. This is kind of a gift to myself for finishing my master thesis.
In August, I am planning to go back to Canada for a few weeks and make a small trip to Vancouver. The flights back to Toronto are so expensive right now, I want to cry. I’m looking at around $1,000 for a round-trip flight. And the Vancouver trip will probably cost me another $500-$1,000.
I’m going back to Toronto because I have 2 weddings to attend. So that also means I have to spend some money on wedding gifts as well.
Also, my laptop has been failing me. I’ve had it for 7 years and I think it might be time for an upgrade. Same goes for my phone.
On top of all that, my apartment in Switzerland will be costing me around $900 in rent and I will leave it empty for a few weeks in August. I am not going to try to sublet it or put it on Airbnb because the contract I signed seems super strict and I am too afraid of “breaking the rules” and getting myself kicked out.
Last month, I mentioned that my long-term goal was to stay in Switzerland. I am so happy to announce that that goal has been achieved!! I signed a contract to become a PhD student (effective as of August 2018).
My next major goal is to save money and eventually buy a property in France/Switzerland. Ambitious, right?
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