The numbers below outline where we ended April 2016 and how we are starting May 2016. For more information, please refer to the notes after the table.
|Total Net Worth||$102,413||+$4,224|
Monthly Net Change: +$4,224 (Check last month’s net worth update)
Ah yeah! $100,000!!! And that doesn’t even include the car, which should be paid off in a few months and then I will add it to the list. April is always expensive with the number of birthdays we have to attend, but we usually recover in May. This year we probably won’t save as much as the wedding season is starting…and we are at that age where people are getting married.
More regarding the accounts
I don’t factor in our car or the outstanding balance on the auto loan
simply because the car is worth just a little more than the loan itself and factoring these additional items into the net worth calculation will have no impact at this point. Scratch that, the difference is now around $9,000!!! Once the loan is paid off, I will add the car as a depreciating asset.
- Chequing – this is our main day-to-day bank account handling all of our bills and salaries. We are letting this amount build up as we will have some business expenses with a new website I am working on. I know I should open a business account, but we are very good at tracking our business and personal income/expenses. And our side income isn’t enough to urgently require a separate business account.
- Wife RRSP – a spousal RRSP I started for my wife when we got married last year. Currently no money are being put in as we bought a condo and used some of the money. I am slacking off setting her up with a Questrade RRSP account to move that money over.
- Questrade RRSP – Moved my GRRSP money here and turned the account into a Couch Potato. Check out my portfolio for more info.
- Questrade TFSA – I sold my shares in the old company at a slight loss since the company was heavily tied to oil. The difference in the shares and the loan I had to pay off was moved into this account. I bought REITs and ETFs. Check out my portfolio for more info.
- Tangerine TFSA – was my main savings account until I used it to pay for our wedding and “staycation” honeymoon 2013. The rest was transferred to the Questrade TFSA. The $8 were the interest paid out after I emptied it. I plan on using it again.
- Wife TFSA – regular savings for future baby and emergencies. Seems odd to split it up into 2 separate accounts.
- Cash – we are using cash for all day-to-day purchases (fixed expenses are excluded). I only count bills since I put all my change in a jar. Once in a while I will count the change and exchange it for bills at the bank. Love counting the change and organizing it. Very relaxing activity.
- Pension – company matches a good chunk and I am taking full advantage of it.
- Home – condo downtown Toronto.
- Credit card – we put as many of our fixed expenses and business expenses through a single credit card which is paid off in full when the statement comes. I again paid off the card before end of the month.
- Mortgage – self explanatory.
How was your month? I love seeing huge jumps in other people’s net worth as it serves as a motivator to earn, save and invest more.