January 2016 Networth Update: $384,160 (+0.8%)

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I had anxiety calculating my net worth as the months got closer and closer to January 2016.  I was pretty frugal this year I think, didn't buy much but did spend $5000 in travel and didn't restrict myself in terms of eating out with friends.  Though I wasn't splurging at $100 per person meals or anything.  And the verdict is…

So close yet so far!

I wanted to make sure I got every last penny and I even counted the cash in my wallet (I have more cash on hand than usual this month, and I was desperate to meet the target!) to no avail.

I'm off by $840 from my target goal of $385,000 that I set one year ago.  $840 could have been easily achieved if the markets fared better, if I sold a few things on craigslist or something before I calculated my net worth.  But I'll take solace in knowing that I was so close, and pretty much almost there.  Including my pension contributions, my net worth is over $430,000 which I have met my target.  I have increased my net worth by a little over 10% compared to last year.

I think I will still reward myself (I think…maybe) for almost achieving this goal and get myself a road bike (but not a high end one because that will eat into my net worth goal for next year!).

Now the countdown starts again to meet a target of $420,000 net worth next year, or $450,000 if I include my pension contributions.

Okay, so here’s the breakdown for January 2016: $384,160 (+$3310)

ASSETS:

January 2016 Networth UpdateCASH: $47,085 (+4.2%)

  • I have at least 6 months of living expenses and then some, so should start moving money into my investments regularly– I really need to start doing this, I have a lot of cash on hand.
  • I added up my chequing and savings accounts (High Interest Savings Account). I automatically deduct money from my chequing account and have it siphoned to the HISA account (paying yourself first)

Non-Registered: $87,200(-0.6%)

  • I still have a lot of cash in my non-registered account hence the poor performance
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $60,810 (+1.9%)

TFSA: $47,300(-3%)

HOME: $272,000

  • My plan is to live in this for 1-2 year and then rent it out once I find my prince charming (found him!)

CAR: $16,665

  • I updated it for 2015-2016 with the Canadian Black Book price, will update it again July 2016 with the depreciated price

LIABILITIES:

Credit Cards: $580

  • I only have one credit card right now with the goal of travel hacking my way to trips.
  • I use Mint.com account but I only added my credit card (this is helping a bunch so that I can keep track of my spending)
  • I've redeemed $220 for 2016 so far with my MBNA World Points World mastercard
  • I pay off my full amount every month (and folks, it’s VERY important you do so otherwise you’re losing out on a 19% return!) but include it in my net worth update so I have an accurate picture of my actual net worth. I sort of think “If I were to sell everything right now, what would my net worth be?” I guess I shouldn’t put it in the liabilities column since i pay it off regularly, BUT in mint.com it’s under the liability column so I’ll do the same.

Mortgage: $146, 800 (-0.6%)

  • I pay an extra mortgage payment a month
  • My intent is to rent it out in a little while (see above). In order to offset future rental income, I chose to acquire a mortgage instead of paying for the majority of the condo.
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Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

9 Comments

  1. Catwoman73 on January 11, 2016 at 8:07 am

    Hi! New reader here… just curious why you don’t include your DB pension plan contributions in your calculation? I certainly include the commuted value of my pension in mine! That is a significant amount of savings to exclude. Thanks!



  2. Young on January 11, 2016 at 11:07 pm

    @CW73- Yes, you’re right, I’m not sure why I don’t! I think it gives me a ‘back up’ in case I feel crappy that I can’t achieve my original goal, so if I were to use that as my main goal and fail I would feel pretty bad about myself lol.



  3. Jason on January 13, 2016 at 3:31 pm

    Just out of curiosity.. what is your yearly salary ?
    What is your saving percentage per month (on average)?

    Thanks



  4. My Own Advisor on January 16, 2016 at 6:34 am

    Well done Young! Great cash buffer…you can plow some money into the markets.



  5. Young on January 16, 2016 at 9:59 pm

    @MOA- Thanks Mark! Ooh wee yes indeed will be doing that!



  6. Young on January 16, 2016 at 9:59 pm

    @Jason- It is under 100K but prefer not to disclose more than that 🙂



  7. Leigh on January 16, 2016 at 10:16 pm

    I’d call that a win for you, but I know you’re hard on yourself to meet your goals just like I am 😉 Happy new year, Young!



  8. Maryanne on January 17, 2016 at 4:49 pm

    I am considering a TD Eseries account. I noticed in your post that you have pre-auth contributions. Do you have to pay a fee for every contribution?



  9. Kyle on January 17, 2016 at 7:39 pm

    No, definitely not MaryAnne. This is a major advantage of the eSeries.



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