I have been meaning to work out our Net Worth for ages!
I’ve always enjoyed reading other peoples monthly Net Worth updates (mainly Jay’s posts) as it seems like a fun way to track things once the debt snowball is done with
…yes, I find keeping track of numbers fun…
I actually had ‘Working out our Net Worth’ as one of my May Goals post, or rather I typed it as a goal and then added
‘I know ours will currently be in the negative but it’d be a nice thing to keep track of maybe once a quarter until we get out of debt just to see how the numbers change’
…well don’t I look silly now!
Ladies and Gentlemen, we have a positive Net Worth!!
Considering I know my numbers so well you would have though I had a better grasp on what our pension pots* were worth. Obviously this is likely to change a lot month to month at the moment as our debt goes down, sinking funds are used and savings go up. I’m not sure if these are posts that are worth doing monthly at the moment as there might not be much change for a few months.
Have you worked out your Net Worth before? Do you think it should be a monthly or quarterly update post?
Let me know in the comments or come and chat over in the Musha Money group on FB
*Side note: This is actually a very sore point with me as my pension situation is a big stinking pile of poo compared to Deans (out of that pension total on £7k of it is mine!) which shouldn’t be the case a we work for the same company and should be on the same pension scheme but we aren’t and it’s 1000% unfair and makes me want to do this at our HR and management every month
I’m taking part in the Monday Money linky with Lynn from Mrs Mummy Penny, Faith from Much More With Less and Emma from EmmaDrew.Info
Woo hoo! Brilliant that you’ve got a positive net wealth when you feared it might be in the red. Shame about the pensions side, but you’ve got lots of time to pay more in, if you choose. Thanks a lot for taking part in #MondayMoney!
Yay, fab you have a positive net worth. I should sit down and work ours out at some point. How unfair is your work though?! #MondayMoney
Ahh that’s amazing, especially as you thought it would be negative! I’ll have to sit down and track mine this month, it’s not a figure that I usually look at, but it could be interesting, and a metric to focus on for the future!
How fantastic to realise your have a positive net worth rather than the negative one you were expecting.
Shocked about your pension situation. Is it even legal? Is Dean on a legacy scheme now closed to new members and you are on the newer, less beneficial scheme? A lot of employers have done this unfortunately.
Apart from budget limitations, nothing to stop you from setting up your own pension as well, or a SIPP. You still get the 20% tax uplift from the government as long as you are paying tax in your job/self-employment.
Yes that’s exactly the case unfortunately. Once we are out of debt I’m going to be opening a LISA to save a house deposit so once that’s done and house is bought I will then be saving extra in there for pension top up and will look into other options too 🙂