Our Net Worth

Saying goodbye to the mortgage payment: April 2014 Net worth update (+0.31%)

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Yes, after much talk about us getting rid of our mortgage payment once and for all, the time has arrived.

This month’s Net Worth update is a little special for us as it marks the final mortgage exit we’ve been waiting for.

No, we didn’t have the winning lottery numbers but what we did have was a desire to become debt free before we were 40 years old and have finally achieved this goal.

My blogger friend Laurie at The Frugal Farmer said something this morning about paying off debt and making it personal which reminded me why we chose the path we did to pay off our mortgage.

It was our plan but a personal plan even though we did have opinions coming from every direction about what to do with our money. You don’t have to do exactly what we did but what you need to do is plan. We made our own plan but one that worked for us and all I can do is share our journey with all of you.

Just because a plan works for somebody else doesn’t mean it will work for you, and I think this mindset is a lot of what prevents people from starting or staying on their own debt free journey.


Mortgage payment plan


In the upcoming week I will be posting a detailed blog post about how we paid off our mortgage in 5 years including all the numbers. I hope the post will inspire others and maybe we’ll learn from those who have already paid off their mortgage or hear from those that want to.

The process was easy but we should have definitely left ourselves a little more time to plan the mortgage exit so we didn’t run into crunch time like we did.

I’m no mortgage pro but I know that when finalizing any deal I’ve learned not to wait until the last-minute to do so. This could be costly especially if your mortgage company is not cooperative. Thankfully our mortgage company worked with us through the process without a blip.

I will talk more about it in the upcoming mortgage payoff post. Obviously there were associated costs as there always is in these situations. A final cheque, or in this case a bank draft also included a $320 mortgage discharge fee.

Don’t expect this draft to be ready in a flash nor expect any mass amount of funds to be removed from your account like an automated mortgage payment by your mortgage company either. The mortgage exit ball is in your hands.

You will notice that this month’s net worth took a hit due to the difference in the actual currency exchange rate and the rate at which you can swap money over. We didn’t lose money as such, the funds in the UK just didn’t equate to the posted rate of roughly $1.85 to the pound.

This now leaves us with a dismal net worth growth this month of $1,787.91 which also includes a slight drop in the exchange rate for the remainder of the funds left in the UK, which isn’t that much now.

Our lower net worth this month also shows how an increase in our home maintenance spending affects our finances. We recently bought a central vacuum system and the coming months will also reveal the money we will be spending on bathroom renovations.

I have been asked before by various people who want to know why we were concentrating on paying off our mortgage and not investing while there is low-interest rates. Simple answer is, security. Paid off mortgage now what? We can now take what we paid out on the mortgage every month and direct it towards more investments.

Investments and the markets that affect them have not exactly been what you’d call stable the last few years so having one constant that is stable will buffer any changes that do occur.

Obviously, we can’t just give up working as there are still bills to pay but our lives just got a bit easier. We don’t have to worry if and when the interest rates go back up. It may not be the ideal financial plan for all, but for us it’s the best.

What changes have you made to pay off your mortgage early?


Understanding net worth


What Does Individual Net Worth Mean?

Net Worth is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it’s a total of the value of your assets minus your liabilities.

We credit the growth of our net worth due to patience, perseverance, using a monthly budget and not giving up. Your numbers may go up and down but don’t let the numbers scare you rather understand why and move on.

If you would like to use our budget I offer a FREE downloadable budget which I created and that you can use at home just like we do. I don’t charge for it because I want you to save money not spend more!

Enjoy and let me know what you think… plus there are tonnes of other free printable lists offered at Canadian Budget Binder to help you achieve some of those financial goals and build your net worth. Now… what you need to do is determine just how much net worth you actually have and go from there….


Determining net worth


How to Determine Net Worth?

Net Worth = Assets – Liabilities 

Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances.

Net Worth is simply adding up all your assets (what you own) then taking away your liabilities (what you owe) which will give you a net worth number.

Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals. It doesn’t get any easier than that.

Do you know how to calculate your own Net Worth?

Now you can stop asking yourself the question, how do you find out your net worth? Why? It’s easy to determine.

Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)




Below are our 2014 target goals some of which are the same from 2013 and many which are new for 2014. I don’t like to move on to new goals if I have other goals that are unfinished but I also like breathing room and play time if you know what I mean.

I hope by posting them each month it motivates me like it has this past year to get stuff done and reach our target goals with some form of ease although nothing in life is that simple.

I find it’s much easier to be held accountable when I share what we need to do with all of you.

Do you set goals for the year?


Our short-term goals 2014


Every month I update these mini-goals as I like to call them in our monthly budget update where you will see what’s new and exciting in our world financially. I’ll continue to update this list for those that enjoy reading this net worth post each month but like most of you know, a list is never done.


  • First is to pay off our mortgage in full as of April 2014 :) DONE!! More about this in an upcoming post… stay tuned!!
  • To renovate the upstairs bathroom- Vanity purchased and renovations started
  • Re-model the spare bedroom (i.e. decor, furniture)– Have a few more things we decided to change
  • Start working on putting in the new flooring in the living and dining room
  • Install a central vacuum system- System has arrived… let the work begin!
  • Purchase a new washer and dryer- We will keep our eyes open for a great deal
  • Purchase all new kitchen appliances
  • Purchase 2 medium-sized freezers
  • Finish the landscaping in the front and back yards- This must be done this summer 2014.
  • Invest more in our TFSA, RRSP etc.
  • Continue to meal plan, create new homemade meals- I’m always whipping up something new in the kitchen (check out all my new recipe index on the blog)
  • To  sow and grow more vegetables/herbs in the garden to save money- We decided to scale back on this for 2014 summer.
  • Learn more about passive income
  • To read a new personal finance book
  • Learn more about Search Engine Optimization and blogging and how to manage my blog.


Our long-term goals 2014


I will do a yearly update on these goals so you know how we made out with them. You can also follow our monthly budget update to find out how we made out with some other short-term goals we’ve been working on.


  • Finish renovating the entire kitchen
  • Finish renovating the entire master bathroom
  • Save for a holiday
  • Start planning basement renovations (bathroom, bedroom, family room, laundry room, office, storage area.
  • Look at new ways to invest our money i.e. rental units
  • Continuing to educate ourselves on personal finance and investments
  • Continue to network with other like-minded people
  • Continue in my new career in hopes of it becoming long-term permanent


Our financial numbers


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 to others target goals.

We don’t care how much money others make or if they have a high net worth or if it is lower than ours as it’s not a competition. I hope our experiences perhaps will help guide you along your financial path working towards debt freedom.


Different paths


Not everyone has the same path in life. Some of you may have had to start over like I did or go to school a second time and now have OSAP loans to pay back.

Others may have divorced, lost money in the stock market or other investments, suffered job loss, fell ill or was injured on the job etc. but you can’t let that stop you from achieving your financial goals.

Some of you may have been given trust funds, paid-for homes, paid educations or perks in life that give you a financial kick-start and that’s OK too. Remember what I said, “It’s not about how much money you make, it’s how you save it”.

Focus on you and don’t let the evil eye of money jealousy or keeping up with the Joneses cloud your vision. No one cares about your money as much as you do so don’t waste your energy trying.

The only reason people accumulate wealth is because they know how to save or invest it wisely even if they did inherit money or win the lottery. The smallest improvements should mean big strides in working towards reaching your goals.

Sometimes we have to fail in order to learn and we’ve all been there. Money can be an evil force for some people especially those who have a negative attitude towards their own financial situation.

I urge you to be optimistic and little by little with determination you too should see improvements, if you want that to happen.


Our net worth


We are always looking for ways how to increase our savings and by tracking our net worth these numbers below show us how well we are doing in terms of meeting our target numbers or what areas we should put a bit more focus in. You can check out our April 2014 monthly budget update to see where the money went in our budget to give you a bit more information.


Net worth for April 2014 payment plan


Net worth updates 2014


Below you can click the links to read past net worth updates to see if we were on target or if we struggled with some of our numbers.


Preceding 12 months April 2014

That’s all for this month’s Net Worth update but please check in at the beginning of June to see how we made out in May and what has happened to our finances since. I promise you that there is at least one surprise announcement coming your way… stay tuned! -Mr.CBB


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  1. Definitely one of life’s milestones, paying off a mortgage. Congratulations! Normally I should be mortgage free about this time however we rolled a very significant amount of consumer debt onto our mortgage with a 6 year payoff term. We’re two years into it. Some say not to include your home in your net worth. I track both ways! 😀

    1. We include ours because if we had to sell it we’d making some money… it’s personal though so I know what you mean. To each their own. 🙂

    1. Thanks Melanie,
      We’ve talked about where the money has come from and how we saved and budgeted along the way in hopes that others who want to become debt free follow their own path. It’s a good feeling.

    1. Thanks Marie,
      We’ve had the money for a bit to pay it off in full it was the exchange rate we were hoping to see come around so we could make a bit more money from the money in the UK. Either ways years of saving and budgeting and making smart financial decisions when it came to everyday living is what got us to this point. I wish everyone who wants to be debt free the best of luck knowing that if you want it grab it. Cheers!

  2. Huge congrats Mr and Mrs CBB while I am yearsss away from paying off our mortgage we will pay it off even a little early 😉 enjoy the freedom!

    1. Thanks Catherine,
      Do what works for you. Although we were investing along the way it made more sense to get rid of our debt first so now we can focus the extra cash where it needs to go.

  3. Congratulations on paying off the mortgage!!!!! We have been paying our mortgage weekly as that is how hubby was getting paid back when. If it was set up properly you can be paying an extra months worth of payments every year. it’s not much but it is better than nothing. That assumes things were set up properly and I’ m not honestly sure it was. I’m not happy with how the whole thing was handled last time but hubby just rolled over and let the woman at the bank call the shots. Changing banks is looking like something to seriously think about.
    I hope you can get a really good deal for your new kitchen appliances and that the renos go well for you. Sounds like a very busy few months coming up for you.

  4. Congratulations!! I can hardly wait for our mortgage free day,,,,a failed business,,,divorces,,,,bad money decisions put us way behind where we should of been but after pulling up our socks,,things have really turned around,,,,,we finally made a joint home purchase and started over again with a 25 yr mortage 2 yrs, 4 months ago and we are down to 8 yrs 46 wks,,,,,,,soon we can increase our payments again and will be down to about 7 yrs,,,,,,,,,,,,our savings aren’t growing very fast yet but we have no other debt than the mortgage and want to be unencumbered as quickly as possible…..

    1. Thanks Sarah,
      It was not easy but it wasn’t as difficult especially when using the budget and knowing where our money was going and how much was coming in. Saving money is all in our heads especially if we have goals in mind. Saving $1 is better than saving nothing at all. We even did focus groups etc to make spare cash to buy things we wanted. We didn’t just rely on earned income via our careers.

  5. Congratulations! It really is nice when your mortgage is paid off… you can do so much with the cash flow, and it is so much easier to manage your cash flow, because so much less of it is spoken for! ie – if you buy plane tickets and car insurance in the same month, like we did, you don’t have to think nearly as much about the timing of your pay cheques vs your credit card bill, because there’s just so much cash coming in.

    1. Thanks Anne… I hope now we can focus on what we want to get done and then some. Life is going to get busy so we look forward to the challenges ahead of us.

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