This is probably the #1 reason I wanted to start this blog: to publicly post a snapshot of my current financial situation regularly to a) keep me accountable and on target to reaching my goals and b) get advice on if there’s anything I can or should be doing better.
It’s taken me several hours yesterday and today to get this far on our finances and there’s still quite a bit to go – I guess that’s what happens when you’re so busy, you let things slip for 8 months, give or take. *Shame, yes I know, but being a full time student, a wife and a puppy mama is tougher to balance than I originally imagined. There are still a few more items I have to look into and account for, but the below is a pretty accurate snapshot of our current financial situation.
So there you have it – our net worth is currently $458,929.20. Given that I hadn’t really updated my finance sheet since November 2014, when our net worth was showing as $339,297.53 (+35%), that doesn’t technically seem too shabby, given that I had stopped working back in June.
However, the bulk of our net worth sits in our property, which could, of course, nosedive, especially given the recent announcements about Canada being in a “technical recession”. We bought the house for approximately $560,000 back in 2011, and I had estimated its value to be about $700,000 last November. To be honest, I’m not sure if the figure I used ($800,000) is accurate, since there aren’t any similar properties currently on www.mls.ca, but my aunt just sold her house down the street this summer, so I figured her sale price adjusted accordingly would get me a pretty close estimate.
The Mr’s assets are up 18% since November, while mine are up only 1%, but with no new contributions for either. In fact, all I’ve really done since then is pay bills (and, I’m ashamed to admit, some not even on time! This was a first in life, but I really need to get back on track!) and get ourselves into debt (also another first in life.)
Having said that, I finally got through the backlog of cell phone bills that I’ve let come out of my account for the last four months for my parents and my brother and have a pretty good idea of what the bills are, the amounts and the due dates. I can’t believe it’s gotten so bad that I have no idea what is due when when I used to be that person that had nearly every penny accounted for!
Obviously, my biggest priority is to pay off my Home Equity Line of Credit (HELOC) balance, although its low interest rate (3.2%) definitely make paying the principle down much easier.
Since my new job pays weekly (thank goodness!!!), I’ll probably be doing these Financial Health Checks on a weekly basis to track my progress.
Goal #1: Pay off HELOC ($11,576.25) before end of year!
Lofty? Yes. Possible? Perhaps, but it’s definitely something that will drive me over the next few months!