Our Net Worth

CBB Year-End Financial Report : December 2014 Net Worth Update (+1.29%)

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As another year ends we look back on what occurred to make the gains we made and the losses we took a hit on with our year-end financial report.

The objective of financial reporting at the end of the year helps us to create goals for the following year and to somewhat forecast where we are going financially.

For the first time in our lives we have been able to say we are mortgage-free and that happened back in April/May of 2014.

This was not only an achievement for ourselves but set us on the right path to save and invest even more for a healthy retirement in the future.

There hasn’t been one point during the last 4 years of using a budget that we thought, this isn’t worth it. It was and continues to be the best thing we ever did for our finances.

In 2014 January to December we saw a 11.34% increase in our overall net worth which is more than we ever imagined. Thrilled, you bet. Motivated… beyond belief! Below is our final numbers for the 2014 year.


Our 2014 Financial Report


December 2014 Net Worth graph for preceding 12 months

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 December 2013 our net worth according to our figures has grown $84,818.01

December 2014 $629,426.78 – December 2013 $544,608.77 = +$84,818.01

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.

December 2014 $629,426.78 – December 2013 $544,608.77 = +$84,818.01 and this is only a partial year of having no mortgage and debt so we are hoping for even better success hitting our target goals in 2015.

We did have some luck on our side in the form of a change in the fortunes of the currency exchange rate between the British Pound and the Canadian Dollar.

At one point during the last 5 years the pound hit an all-time low against the dollar when it struck $1.54. Thinking that our money in the UK wasn’t worth swapping over it had a miraculous recovery and we took advantage of it’s $1.84 high just as the mortgage was coming up for its expiry.

As much as I love my current job there’s always room for improvement so at the beginning of last year I landed myself part-time seasonal hours in a different role. This part-time position is beginning to grow in hours and may come to the point where having 2 jobs just isn’t physically possible anymore. The extra income makes for an additional bonus in our net worth.

In the latter half of the year we welcomed our gorgeous baby boy and although I took time off work which put a dent in the finances we wouldn’t have done it any other way. Although our little bundle of joy takes priority over the money we make, we still want to provide a good life and hopefully have enough set aside to help him out in his future endeavors.

At a couple of points during the 2014 year we took a hit on the net worth purely because we indulged ourselves. Saving is great but having no fun or enjoying your money with-in reason is pretty boring. We decided to buy renovation materials for our bathrooms and then went hog-wild on an expensive mattress and motorized base.

We go without the everyday luxuries that other people consider as necessities and spend a little extra on ourselves in other ways. Over the years we have come to understand each other and it’s worked wonders for our finances and relationship.

Another year has come and gone and now we look forward to our first full year debt freedom and what lurks around the corner for us and baby CBB.

Happy Budgeting and never stop believing you can do it!


December 2014 Net Worth chart

You can check out our December 2014 Budget Update to see where the money went in our budget to give you a bit more information.

RESP Contribution 2014 : $2500


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.


Canadian Budget Binder Budget Spreadsheet

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


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.

How to Determine Net Worth?

Net Worth = Assets – Liabilities 

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.

Net Worth is essentially an estimate and not everyone uses the same type of figures. Some people don’t include vehicles like we do or they may leave out the assets inside the home like we have. It depends on what you want to calculate or what you can sell today and make money on.

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


Why you should set goals


Setting goals are the only way we work towards achieving what we want to get done as a couple around the house and in our financial life. I know that without them we would be flying by the seat of our pants which wouldn’t work for us.

In 2015 I am going to be sharing our goals in our monthly budget update every month. 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 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.


We all have different financial 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 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.There is no easy to way to teach someone how to become rich because the easiest way starts with you.

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.


Future Net Worth Growth


In the graphical representation below, I have used excel to provide a prediction based on the past years monthly net worth figures.

Using figures from our actual net worth gains over the past 12 months (the red line) it has suggested that come this time next year we should be at approximately $700,000.00.

This is nice to know but anything can happen over the next year. Hopefully with some careful planning we can achieve this goal and go beyond it.

Future growth for the forthcoming year ver 2.0

That’s all for this month’s net worth update but please check in at the beginning of February 2015 to see how we made out in January 2015 and what has happened to our finances since.



its not about how much money you make its how you save it logo

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