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Net Worth Update for October 2016. Check out how we managed to pay off our debt once and for all!

Net Worth Update for October 2016

As I sit here handing out the last of my Halloween candy I have only one thought: “”Holy crap does time fly by some months!”

I don’t know about you but this is the time of year where everything starts to get busy. Kids activities are in full force and extra time is at a premium.

 

Still, I always look forward to calculating my net worth. As a background, I have been running my net worth numbers every month for 10 years. It’s been a huge factor in my financial development and success. Keeping an eye on it every month gives me a better idea of where we are headed financially.

 

If you are new to personal finance, and wanting to take control of your money, I would suggest you get familiar with all things net worth with this post.

 

If you are looking for a quicker way to calculate your net worth you can check out Personal Capital.

 

On a side note: if you are interested in tracking your own Net Worth you can do it easily with Personal Capital. It does all the tracking for you. 

 

Changes in Total Net Worth

(As I mentioned in the inaugural net worth update. When it comes to monthly reports I’m going a different route than a lot of others. Instead of going through the nitty-gritty of every detail on my net worth statement. I’m taking a macro view so we don’t get bogged down by the details.)

61% of Earned Income

 

Our increase in net worth was a 61% of our take home income for the month.  Looking at the numbers our investments were flat… again. Thank God we have dividends coming in. The growth in our net worth this month really came from some extra income through freelancing and paying down our debt. Which leads me to some big, big news…

Now Check Out  Net Worth Update for June 2016

 

Big News – We Are Debt Free!!!!!!!!!

We finally managed to pay off the rest of our debt this month. It has been a long road, and we are still fresh with this new situation. But I’m totally digging the way it feels.

 

Last month I mentioned that my big goal for the month was to hit this mark, and we did.  Honestly the day after it happens it’s a little anti-climatic. I don’t know if it’s just me or if everyone feels this way. Maybe I’m just in shock.

 

You spend your time obsessing and focusing on getting to this point and now that you are there, it’s just a new day. I think the best analogy I’ve heard about getting out of debt comes from Jordann at My Alternate Life. She alludes to getting out of debt is like climbing out of a hole. Now that you are out of the hole, the first thing you should do is to get as far away from the hole (a.k.a. debt) as possible.

 

You aren’t rich, you are just out of debt. Still it’ a moment worth celebrating and we have had a nice dinner out to celebrate.

 

If you are wanting to become debt free, I encourage you to get started. The best action you can take is to put some money extra down on your debt.  That dollar you put down today can save you a lot of extra money down the road.

 

You can do it. Take control and take action

 

Expenses for October

 

As a Canadian, October is the month when we get to pay for hockey. This can add up to big numbers. Between my son and I, we spend nearly $1000 in hockey related fees for the year. I’m told that if my son improves as player it will get more and more expensive.

Now Check Out  How Often Should You Track Your Net Worth?

Luckily for me I only play recreational hockey (or beer league, or old timers), so it just ice time. Hockey is one of the few things that I love to do. Luckily the money was available thanks to our money system. Which you should totally sign up for, because it’s free, and it changed my life, and others too. 

 

Compare October Spending to October of Last Year

 

One of the great things about tracking your finances for years with Personal Capital or Mint, is that you can go back and see how you did from one year to another.

 

Even factoring the “Love of Hockey” expenses, our spending year over year is close.  Within $100 close of last year. Once we factor out the mortgage payments. It’s good to know that we are being consistent, but that number still needs to come down.

 

Total aside, I could be spending only $10.00 a month and I will still look at it and think…. “Hmmm. Maybe if we cut out water…”

 

It’s how I’m wired. I’ve made peace with it. Moving on…

 

Travel Hacking Update

 

I mentioned last month we are taking our first shot at travel hacking. We got an American Express Gold Card. This card came with 25,000 point and a waived annual fee in the first year.  This is enough points for a flight in North America (or more if you take a red eye). All we had to do is spend $1,500 in the next 3 months to qualify. We managed to hit our spending limit this month, reaching the 3 month threshold and were immediately credited 25,000 miles. Chalk one up for travel hacking!

Now Check Out  Net Worth Update for January 2016

 

My plan with this is to cancel before it renews next year so I don’t have to pay a fee. Really it’s like getting a free flight for spending I was going to do anyways. Check out the American Express Gold Card it’s here and get started on your own travel hacking adventure.

One Last Thing

 

If you would rather track your net worth with software Personal Capital or Mint.com are good choices. Both are completely free. 

 

If you are wanting to track your net worth either one is a good place to start. Personally, I absolutely love being able to see my net worth every day as it’s a huge motivator to keep making smart financial decisions.

 

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If you are needing a primer on net worth, you should sign up for our newsletter and get the Net Worth Template I have used for 10 years. It’s  absolutely free, plus I’ll throw in some other goodies too.

Have you calculated your net worth for September? I’d love to hear how your month went, post a comment below.

 

 

This post may contain affiliate links, thanks for supporting my blogging endeavors! FamilyMoneyPlan.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

8 comments

  1. Reply

    Congrats on becoming debt free. That’s huge! I’m totally 100% understanding the hockey fees right now with a son and husband that love to play (not Canadian, but we live in Michigan, so pretty much the same right???). The way I look at it is that we keep a budget and make sure we are keeping our spending in line in other budget categories so that we can let our kids (and selves) do fun activities that will help them build the skills they need in life. I no longer flinch paying these since it aligns with our goals. Good luck on the hockey season!

    • Reply

      Thanks Derek! It’s weird not looking at my debt repayment schedule obsessively anymore, but I’m loving the feeling!

  2. Reply

    Andrew, call Dave Ramsey, you can yell “We’re DEBT FREE!!” Huge accomplishment, congrats. We became debt free earlier this year when we sold our “city home”, moved to our “mountain cabin”, and paid off our cabin mortgage with the proceeds from our primary home sale. FIRE is 18 months away for us!!

    • Reply

      Hi Fritz! Thanks for the idea. Honestly I had never heard of Dave Ramsey until we were 2 months from being mortgage free. Still I’m wondering if I should consider doing it?

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