Posting our CBB Family Net Worth and Budget Update once a month here is a means to motivate ourselves to continue down our financial path. We are a Canadian couple who make an average salary and want to know where we stand each month. We want others to know that you don’t have to make 6 figures to have a Net Worth. There’s no race to the finish line because no one really knows where that line is. You could die tomorrow or you may live until you are 110 years old.
What does Individual Net Worth mean?
Net Worth is a snap shot of your financial health sort of like a picture. It’s a total of the value of your assets minus your liabilities. Posting our financial numbers is about showing others how budgeting has worked for us.
Who’s the Man behind Canadian Budget Binder?
My name is Mr. CBB and I’m the frugal guy that does all the talking around here. Yes, some women think Frugal Men are Sexy and I’m here to show you how to spot one! Well not really but I’m sure you will have a good idea just by reading posts I’ve written around this blog.
There is also a Mrs. Canadian Budget Binder but she does not currently blog here. Together we are Canadian Budget Binder. We started our Canadian Budgeting Journey to lead us towards a happier financial future. No one handed us money on a silver platter and we earned every penny whilst returning to school twice along the way. Toss in a huge move from the UK to Canada and you can see life has had it’s ups and downs for us financially. There are financial implications when you move across the world something I wasn’t prepared for.
I enjoy learning from others who enjoy finance and taking care of their future before the future takes care of them. No one will have the magical answers for your financial situation, you need to figure out what’s right for you. I can’t tell you what’s right or wrong, all I can do is tell you what worked for us. After all I’m not a finance professional and you should consult with one when dealing with your own money, just like we do.
I blog at Canadian Budget Binder to encourage, motivate and help others who think that budgeting is a waste of time and can’t help them out of debt. I also like to connect with people who believe a budget is what they need to get back on track and are positive about getting back on track.
If you aren’t serious or don’t understand the reality that budgeting is important than don’t waste your time. It doesn’t matter if you owe money, you need to see the numbers every month. Don’t make budgeting seem as if it’s only for people who are not in debt, because that’s the wrong way to perceive it.
How To Determine Net Worth?
Realize that no one can snap their fingers and make your debt disappear. Figuring your Net Worth is not hard it’s just a step in the financial process that comes together as long as you have all of your numbers ready. When budgeting anything is possible, we are proof of that although we still have a long way to go in our journey.
These are our numbers and our goals, not a means of comparison towards your own goals. We don’t care how much money others make or if their net worth is more as it’s not a competition, it’s about hope. It’s about hope that we can follow a financial path in life that is not so stressful no matter if you have thousands or millions in the bank. I hope what I post for you, the fans, about our experiences perhaps will help guide you along that financial path towards debt freedom. Sometimes seeing our own numbers is what it takes to kick it into high gear like it did for us. I encourage you to learn what your own numbers are and make them work for you.
Money is Money, Debt is Debt, A Budget is SMART-Mr. CBB
Canadian Budget Binders Financial Health
Let’s see how we did in October!
As you will see I’ve made a NEW nifty chart so we can see a month to month change in our Net Worth. We did OK in October but I’m still struggling with the RRSP and wondering what to do. After we pay off the mortgage we will dedicate more money to our retirement fund but it seems they go down more often than they go up. Our house has also gone up in value but I won’t update that until January, 2013. Once we pay the mortgage I’ll likely only do an investment % change in place since there will be no more liabilities.
Do you know how to calculate your own Net Worth? Why not go ahead and calculate your own using our Free Tool Net worth Calculator (Canadian Budget Binder 2012)
I welcome all suggestions and tips on our Net Worth Update. If you wish to ask me a question privately you can click here.
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- Reader Question:Do I Have To Share My RRSP With My Spouse When I Get Divorced? (canadianbudgetbinder.com)
- What happened to your nest-egg goal? (metronews.ca)
- 5 Common Myths About RRSPs (boomerandecho.com)
- Reader Question:Is It Savvy To Cash In My RRSP’s To Pay Off Debt? (canadianbudgetbinder.com)
- What I didn’t know about my money ’til I asked (brighterlife.ca)
- The Problem with RRSP’s (contrarianadvisor.wordpress.com)
- It’s Net Worth Time! (live4now-save4later.com)
- Is This Blog More Powerful than Doubling your Salary? (mrmoneymustache.com)
- David Rosenberg’s 5 reasons Canada’s household debt panic is overblown (business.financialpost.com)
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