With my trusty budget binder at my side, I flip through the various sheets of paper that track my progress on various savings and debt pay off goals. These print outs are visual, hand-held and tangible trackers that keep the big picture of my finances easily accessible. While I love the online tools that manage the day-to-day details, I equally love paper printables to show summaries and progress towards my goals.
Now, tracking your ‘Net Worth’ sounds terribly formal – and intimidating. I created this worksheet to keep an eye on which way my Net Worth is heading each month., without getting lost in fancy charts, graphs or complex finance tools. I needed something much more basic to get an easy read and pulse check on the direction I was heading overall.
I see ‘Net Worth’ your financial “Report Card”, a summary of all the classes you took and worked hard to get good grades in. If you do all these different things correctly, you’re overall grade point average (Net Worth) will be good. As I understand it now, ‘Net Worth’ is truly a measurement of how well you’re doing overall with your money, though more research may be required!
Now, because I am not a multi-billionaire, my net worth can definately benefit from moving in an upwards trend. That trend is much more important then the actual number because it shows the direction you’re heading. This worksheet keeps an eye on the trend 12x a year by asking you to take a quick pulse on your financial health.
How to use the 2020 Net Worth Tracker:
Once a month, total up all your assets (Retirement accounts, savings, checking, real estate, stocks, etc.) and write down the total number in the ‘Assets’ column for the month. Then, do the same for all your liabilities (everything you owe a debt on). Subtract Liabilities total from your Assets total to see your number.
Regardless of the number, you want the trend to be a positive percent. You can even draw a little up or down arrow in the change column if you don’t want to calculate the percents. Each month, look for a positive change in your Net Worth, and note the trend (up or down) in your ‘Change’ column.
Tip: Find the percent change by dividing the most recent month’s net worth total by the previous month’s net worth total.
Track it for a year, and look forward to looking back next January. You’ll make so much more progress by being aware and intentional with your money.