May 2014 Net Worth Update: (+1.2%)

Last Updated on

My goal for 2014 was to reach a net worth of $350,000 by the end of the year.  I have about $13,500 remaining until I reach this goal, but I still have to pay for my big trip which is upcoming and I might consider getting a new car which will set me back $25,000.  Maybe I will cheat a bit and count the car in as net worth if I do get it since it will be a shiny old-new car.

This month I was really impressed with my spending.  According to Mint.com, I spent the least amount of money that I have in a year!  I don't really know what I am doing differently to be honest.  I did make a run to Trader Joe's this month (I love that place and I love my Nexus card) but forgot to get gas while I was in the states.  Gas here in Vancouver, BC Canada is $1.50 per litre!

I sold a few things on Craigslist this month, two pairs of boots!  I love Craigslist.

I guess I stayed home and cooked a lot or ate home a lot.  Part in parcel because I was really busy with work and also because the guy I was seeing was in debt and I just felt guilty for going out to meals with him even though we took turns.  More on that later….

Okay, so here’s the breakdown for May 2014 ($336, 400): +1.2%

ASSETS:

CASH: $59250 (+3.7%)

Net Worth Update

  • 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)
  • I have $4800 saved up for my big trip that I hope to do this year.

Non-Registered: $99830 (+1%)

  • I moved $5500 from my nonregistered cash to the TFSA
  • These are stocks that capture the “moment in time”, including unrealized gains or losses in my BMO Investorline and Questrade accounts.

RRSP: $44, 850 (+1.4%)

TFSA: $44 323 (+0.9 %)

HOME: $272,000

  • My plan is to live in this for 1-2 years and then rent it out once I find my prince charming (haha…right?)

CAR:

  • I am not counting this in my net worth, because it’s 14 years old.
  • I have started a separate Tangerine bank account for a future car

LIABILITIES:

Credit Cards: $900

  • I applied for the CIBC Infinite Visa Aeroplan card and in the goal of travel hacking my way to trips and have been using it for a few months.
  • The problem with not having Mint.com is that I can't see my credit card spending as easily so I ended up resorting back to the 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 $250 already this year with my MBNA World Points World mastercard.
  • I've used my new Amex Aeroplan card twice so far.
  • 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: $183900 (-0.3%)

  • 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.
The following two tabs change content below.
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.

6 Comments

  1. Paul on May 7, 2014 at 9:19 am

    Your blog’s come up a few times in my hunt for a good RRSP broker (thinking of biting the $100/yr bullet and going with InvestorLine), but I’d never noticed your Net Worth series.

    Net worth is an AWESOME goal to have. In your “About” page, it says you started saving 6 years ago, and in your Net worth calcs, that you have about $250K in liquid/semi-liquid assets (cash, non-reg, reg, TFSA). This works out to roughly $40,000/yr in savings. As a fellow late-20-something, I enjoy comparing myself to like-minded people, but was there a financial event that propelled you to this point? I started with $0 net worth when I graduated, and can’t imagine what I could have done to match your position now?

    All the best 🙂



  2. Marie @ Gen Y Finances on May 8, 2014 at 5:17 pm

    Good job for this month that you spent the least amount of money that you have in a year! I love Mint too, but I really hate when I saw that my budget exceeded, I’m really working hard on how to save more.



  3. Young on May 8, 2014 at 11:07 pm

    @Paul- Hey Paul! Sorry the About Me needs to be updated. That was 6 years ago like almost 4 years ago lol. So total maybe 9 years or so? One financial event that really increased the net worth is when the home I lived in sold (due to an unfortunate event though maybe it was a blessing in disguise:)- it almost doubled my net worth).

    Cool to know that we come in the search engine when you look for an RRSP broker!!



  4. Joe on May 14, 2014 at 10:46 am

    Great job so far. Good luck with the rest of this year. I think counting a new car is fine. 🙂
    Our net worth is not increasing much this year. The stock market is pretty slow.



  5. Leigh on May 15, 2014 at 11:14 pm

    Good job with the spending last month! I was totally a hermit in the month before and after breaking up with my ex. I definitely spend more now, but I’m enjoying life. I’m optimistic that May will be cheaper for me than April was. I can’t wait to see what kind of car you buy! 🙂



  6. Mat on May 17, 2014 at 7:46 pm

    Nice! Do you have a spreadsheet template you can share in order to do these calcs and keep track of my MoM Net Worth? Or, what method do you use (apart from Mint)? Thanks!



Leave a Comment





> >