A Change in Net Worth Calculation
Coming up this month will be my customary monthly review. With it this month will be a change in how I have been calculating and displaying net worth. In June of this year, I got married. Together with my wonderful new wife, we have been tackling financial goals using our combined financial strength.
Just this month I have been able to pay off my car using funds that would otherwise have been added to our pile of savings. Next month, I will be pouring that money towards paying off her car. Within two months of us getting married we will be free of car loans. Not bad.
I have been tracking our combined net worth since May of this year. From this information, we will have a baseline from which we can gauge our future successes or failures.
A Look at the Numbers
May - $15,309.44
- Assets $53,663.03
- Liabilities $38,353.59
June - $16,877.91
- Assets $54,513.81
- Liabilities $37,635.90
I am looking forward to June to be a great month despite some spending slip-ups. From May to June, which included our wedding and honeymoon, we only increased our net worth $1,568.47. We hope to easily beat that in July where for the first time we have been using our combined wealth building power. I know for a fact that we just erased over $1,800 in car debt this month alone.
It is a good feeling. Goals seem a bit easier when you know you have someone working with you.