What is Your Net Worth?

So what is Net Worth?

Your net worth is all of your assets combined, minus your liabilities. Assets include your home, savings, investments, car, possessions, and super. Liabilities include your mortgage, HECS/HELP debt, car loan, personal loans, credit card loans and buy now pay later loans (BNPL).


Car15,000Car Loan5,000
Savings15,000Credit Cards2,000
Investments10,000Personal Loan0
Other Possessions20,000
Total Assets600,000Total Liabilities407,500
Total Net Worth192,500
Why it’s worthwhile tracking your net worth.

I track my net worth on a monthly basis for a number of reasons. Firstly, I track it to make sure I am heading in the right direction. If your net worth is heading downwards, it means you are potentially spending more than you are saving, whether that’s by getting additional loans or just failing to keep your savings in the bank. I like to see my net worth going up each month, even if by a small amount.

Secondly, I like to track my net worth as it is very motivating! Seeing my total net worth getting bigger and bigger makes me want to save more and see if I can accumulate a larger amount the following month. I don’t necessarily always have a target and often the accumulation per month will vary depending on fluctuations in my investments and super. However seeing these increases really does make me want to stay on track and continue to build my wealth!

How to Track Your Net Worth?

If this sounds interesting to you and you want to start tracking your net worth, I’ve got the perfect way for you to start! I have created a free net worth spreadsheet that you can download at the bottom of this post. Enter all your assets and liabilities into the spreadsheet and see if you have a positive or negative net worth first. If you have a negative net worth, it’s probably time to start seeing where your money is going and tighten up your expenses a bit. If you have any bad debts these should be paid off first. If you have a positive net worth congratulations! See if you can continue to grow this net worth by saving, investing or a combination of both.

The end of each month is the perfect time to review your net worth, so today is the perfect day to start. So good luck, if you try the spreadsheet please let me know how you go and if you find it beneficial tracking your net worth.

Free Mind Over Money Net Worth Spreadsheet:


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: