Achieving goals ahead of schedule: June 2014 Net Worth Update (+1.31%)

achieving goals strategyJUNE NET WORTH AT A GLANCE


It’s been a busy year so far and we are finally ahead of where we want to be in terms of achieving goals with our finances.

After the ups and downs of previous months dealing with unexpected costs and circumstances we weren’t sure where we would be financially. Since running the numbers we now feel confident we can stay on track.

As of December 2013 I started to log how we were doing in relation to meeting our goal of hitting the million dollar net worth mark and it stood at 6 years meaning that December 2019 would be our million dollar target date.

The monthly changes moved the time frame around a little depending on how we did financially that month but nothing really jumped us ahead or behind.


Achieving goals


I have noticed in the last four months that a trend appeared where we have increased our average net worth yearly average causing our forecast of hitting the million dollar mark to happen 6 months earlier than predicted. That means we are achieving our goals faster than we expected which is great news.

I would contribute this increase to paying off our mortgage and the fact that having a second job does make all the difference. Our yearly average increase in Net Worth stood at $76,073.06 but has recently increased to $80,946.94 for the last few months.

Having no mortgage now is a certainty that we can count on every month however my second job is not always guaranteed so making the best of the extra income while it’s available is important. The good news is homes in our area are selling for far more than what I estimated in our net worth chart below but we have no plans to move at this time.

We are fast approaching the $600,000 mark and should hit the million dollar mark in or around June/July 2019 and we’ll be keeping an eye on our performance.

I also now have a defined benefits package with my new employer and although it’s not full-time yet I’m hoping that will become a reality in the next year or two. It’s not been added to this month’s net worth update but will be for July.

It’s not easy getting in where I am so I’m taking every opportunity to seize what they are offering me. I’m still learning about the defined benefits and hope to do a blog post about what I’ve learned and how it may affect our retirement and finances down the road.

For the end of this year our goal should be for a net worth of roughly $633,272 according to the figures so it will be interesting to come back to this post and see if that holds true.

Our short term goals and long term goals are listed later in the post, plus hang tight for some exciting upcoming news for CBB!!!



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 June 2014 Budget Update to see where the money went in our budget to give you a bit more information.


Net Worth as of June 2014


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 which means you need to do your homework. 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.


Calculate net worth


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. We like to calculate our net worth every month so we know if we are still on track. Some people calculate it yearly or quarterly. It’s really up to you and how informed you want to stay when it comes to your financial health.

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. Yes, my wife refers to the list when she asks what I plan to do next. I’m not sure if that’s a good thing for me or not, lol.

Do you set goals for the year?


Our short-term goals 2014


Every month I update these mini short-term goals as I like to call them where you will see what’s new and exciting in our world but not just financially. These goals are our life goals which include everyday jobs that need to be completed. We like to carry out these goals on a monthly basis although that doesn’t always work out that way.

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-ending. (Especially when your wife keeps adding to it,  lol)


  • Mortgage is now paid in full
  • To renovate the upstairs bathroom- Renovations started but still need to purchase products.
  • Clean up the basement- I need to get rid of junk and have a garage sale or just give it away for free.
  • Re-model the spare bedroom (i.e. decor, furniture)– We are starting this now! Better late than never.
  • Start working on putting in the new flooring in the living and dining room- Haven’t even started this yet
  • Purchase all new kitchen appliances- So far all we have is a new stove and an extractor fan (range hood) but they are not installed. We are on the hunt for a kitchen sink, tap and pot-filler.
  • Purchase a new freezer- We are buying one medium sized freezer and donating our large freezer. We are trying to eat the food up first or as much as we can so there’s not much to transfer.
  • Finish the landscaping in the front and back yards- I still have to put the lighting in plus the wife found another iron display piece for me to sand and re-spray black for the front of the house. She paid a whopping $1 at a garage sale for a three tier iron display for pots or whatever you like to put on it.
  • Invest more in our TFSA, RRSP etc. – We have been in touch with our advisor. I’d like to get this sorted out soon at least top up the TFSA for the wife $5000 and she’s up to speed and I have about $20,000 I can catch up with.
  • Continue to meal plan, create new homemade meals- I’m always whipping up something new in the kitchen (check out the all new recipe index on the blog)
  • To grow more vegetables/herbs in the garden- Herbs are coming along nicely this year.
  • Learn more about passive income- I’ve been reading about earning extra income on the blog but to be honest I’ve been focusing more on my new career which is more important to me.
  • To read a new personal finance book- I’m struggling to read the one I have but I did read a new book about Elements Photoshop. I also just picked up the 4 hour work week so now I have about 3 financial books I can read.
  • Learn more about Search Engine Optimization and blogging and how to manage my blog- I learn something new every day about SEO although I don’t get too hung up on it. I write from the heart and that’s what I want my readers to feel.


Our long-term goals 2014


I will do a yearly update on these goals so you know how we made out with them. The long-term goals are goals spread out over the year(s) as we are not in a huge rush to accomplish them but they are always on the top of our mind.

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 remodel of the entire kitchen- This may or may not get done this year with all the new surprises that have popped up but we are still thinking about it. We know where we are buying the cabinets and have some of the appliances.
  • Purchase a new washer and dryer- We sold our second set that was a stackable washer and dryer and may just wait this set out. It seems the old sets last longer than anything new these days.
  • Sort out the deck lights (garbage and I’d never buy them again and not in a huge rush to fix them)
  • Fix the fence in the back garden (not a huge priority but I need to get it done before winter)
  • Look into buying a pressure washer (not a huge priority but if I can find a good deal over the course of the year I’ll grab it)
  • Update the garage (man cave) not really a man cave but I like to keep it neat and tidy
  • Save up to purchase a new vehicle (well, second-hand)
  • Save for a holiday to anywhere that is not where we live
  • 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.


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. In the last year since June 2013 our net worth according to our figures has grown $89,417.67

June 2014 $592,799.29- June 2014 $503,381.62= +$89,417.67

You will notice two Jan 2014 figures and shows where we had our house valued leading to an increase in our assets. I purposely left both Jan 2014 figures in so you can see the increase visually.


une 2014 Year on Year increase of Net Worth



That’s all for this month’s Net Worth update but please check in at the beginning of August to see how we made out in July and what has happened to our finances since.


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    1. Thanks I need that little push to read the book. I have about 3 finance books I need to read. I’m not going to add any more to the list until I get through these 3.

  1. That is a nice monthly increase, and it must feel pretty awesome funnelling bigger chunks of money to retirement now that the mortgage is gone. IT sounds like you have a lot of projects on the go with the house which can be expensive and daunting on its own. Great job!

    1. Nothing lasts forever lol.. and yes lots of projects on the go which will cost us but it was worth the wait rather than rushing to renovate when we bought the place. It’s fine the way it is but we just want to update the inside.

  2. I look forward to the blog post on defined benefits package as I don’t fully understand those. As difficult as working all those hours at two jobs plus the blog it does look like it will pay off on that bottom line!!
    As nice as it is to see the prices of the houses in your area go up that can be countered by the fact that if you were to sell this house, unless you down-sized, you would be paying more for the next house. This does tend to level things out there.
    All in all things are looking very good at your house with the net worth going up a little every month…..

    1. Yes, the house prices are all relative to the next hence why it’s no point in moving in the same city as prices are crazy here. If we downsized we would still not come close to getting a house in the same ball park that we paid for this one. I don’t know if it will go up every month as we keep buying renovation materials…. stuff is bloody pricey.

  3. Congrats to the CBB household… teamwork certainly pays off!

    I was just chatting with hubby this morning, we’ve been debt free for some time now but we dipped our toe back in a small debt situation for a very short term (max 8 months with less than 6 to go) because it suited us to do so AND we had the cash to pay it off but chose not to. We bought our additional timeshare six months before we had planned because prices are on the rise and the little bit of interest we pay on our line of credit is far less than it would have cost us to “fund” the additional week of vacation we are taking this year using hotels stays and cash out of our pockets. The increased timeshare participation is a long term hold for us, so that makes it worth doing this in our minds.

    On the other hand, the dishwasher died this weekend and yes I have the cash to replace it BUT it was ear-marked for a different project. We could tap into some “back pay” hubby will receive shortly from a contract resolution but… again, I have plans for that non-budgeted windfall & will invest the funds until we tackle that particular matter. A dishwasher just doesn’t warrant side-tracking our budget or long term plans. So… into the budget goes a new slot for the dishwasher replacement – time to squeeze those pennies just a little more so that in addition to a small monthly budgeted savings, any leftover cash can slide into the new slot. 🙂 We can hand bomb our dishes until we have the cash in our hot little hands AND we find a really good sale. We haven’t bought a dishwasher in 30 years, so this will also give us time to do our homework on what’s good, what’s available and what’s very energy efficient. We inherited this dishwasher when we bought the house twenty years ago so it really doesn’t owe us a thing. The nice part of hand washing dishes… hubby washes, I dry and put things away…all the while we are chatting. It’s actually a very nice way to finish off a meal and our day. 🙂

    1. I like your style of saving and buying items you need. You know a dishwasher really isn’t an emergency situation unless of course washing dishes is an issue related to other reasons. I’d do the same as you and save up first. We don’t have a dishwasher either so when it comes time to buy a new refrigerator and dishwasher we will have that money saved up.

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