I can’t believe November has come and gone so quickly, now it’s time to get into the festive mode and thinking about our yearly goals for 2013. By 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
I received a question last month about our Emergency Savings Account. In the past I have mentioned why it is so high but want to go over that again for those wondering. The money in our Emergency Savings account is the money we will use to pay off our mortgage in full in early 2013. So there, now you know.
Let’s see how we did in November!
Note : Double Click Photo to see it full size as I can’t make it any bigger for some reason.
In October when I did our Net Worth Update I did it a few days into the month and I made an error, sorta. What happened was I used the figures a week into November to calculate our net worth which made October artificially high and November artificially low including the mortgage. Silly mistake but we’re all human and mistakes happen. Although I try to get this done by the end of the month sometimes I have to push it back. I accidentally took the wrong numbers which I caught this month.
Remedy: So this doesn’t happen again if the post will be late I will pull the numbers at the end of the month so when I do write the post the numbers are accurate. This will be a goal for next year although this was the first time I made this error. I also lost money on my pay this month when I took a week’s vacation as they used my wage from last year which was half of my wage this year. Starting in January 2013 this post will change as we will be paying off the mortgage and investing more of our money. I may go to percentages instead of dollar increase/decrease unless you want to still see the $$ figures. It’s only up from here on in!
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)
Photo credit: Money Bags- Copyright (c) <a href=’http://www.123rf.com’>123RF Stock Photos</a>
- CBB Family Net Worth Update~October 2012 (canadianbudgetbinder.com)
- Budgeting With Mr.CBB Got Us Back On Track! (canadianbudgetbinder.com)
- My Best Financial Tip (canadianbudgetbinder.com)
- Financial Quiz Helps Canadians to Dig Their Way Out of Debt (prweb.com)
- Why you should think twice about buying that luxury car (business.financialpost.com)
- Why Canadians fail financially, and what to do about it (metronews.ca)