October 2017 Net Worth

Hello everyone how are you? Welcome to my October net worth post. This is the first time I’m doing a net worth post. These posts are very popular with other bloggers and they gave me the inspiration to write this post, and share with you my net worth.

I would like to say that I decided to do this post about a week ago therefore I don’t have any figures for September to compare, so I will just post my numbers from the end of October. Going forward I will start comparing my numbers to the previous month.

Let’s get started shall we 🙂

Assets

Cash – $586.27

My cash balance currently sits at $586.27. This number does not include my emergency savings account. I got $586.27 by adding up my three savings accounts, one of my accounts is with Tangerine bank and the money that goes into that is from the cash back that I earn from using my credit card so usually only about $4 to $7 goes into that per month. My cash balance is low because what I have been doing is once I get paid I pay off my credit cards, then put money into my emergency fund, then finally I put the rest into my TFSA account.

Emergency Fund – $7000

This is the area that I have spent the most time improving this year. At the beginning of the year I only had $2,500 set aside. In October I hit the $7,000 mark in my emergency fund and have decided that this is a good figure for me to be at.

Investments – $113,166.20

My investments come from three accounts I have a Locked In RRSP which I received from a previous employer, also I have a TFSA and RRSP which I mention often here on the site. My main focus at the moment is to continue to build up my TFSA account which is tax free and if I withdraw money I won’t be taxed unlike my RRSP.

• Locked In RRSP $3,934.84
• TFSA $25,544.44
• RRSP $83,868.92

Car – $15,343.00

I currently have a 2015 Hyundai Elantra GLS I used the site Canadian Black Book   to get the value of my car. I will only check the value of my vehicle every three to four months.

Liabilities 

Credit Cards – $70

Every time I get paid I pay off my credit cards. At the end of October I currently owed $70 on one of my cards.

Car – $14,729.41

I currently owe $14,727.41 on my car. I was one of those people who financed their car for 8 years because I wanted the lowest payments. I regret doing so now I currently have about 4 years left to pay off the car, but next year I am going to focus on paying off the car quicker.

Total Net Worth

As we entered November my net worth stood at $121,296.06 a little higher than what I thought it would be I guess that is why it is good to review your numbers often to see where you sit financially.

Well folks that does it. Thank you for reading my very first net worth post. If you have any comments please feel free to post them in the comment section below I always love hearing from you.

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Thanks

Matthew