3/01/2013

March Networth


Wow.  March 1st already?

It's hard to believe another month has slipped  by again.  I can feel that spring is coming.  The days are brighter, longer and the snow is almost gone.

With spring around the corner, we are getting closer to our big backyard project - so you'll start to see a lot of our extra funds being direct to our house fund account.

Our Networth with spike, and then drop, as we spend it.

Here is a summary for where we are at today.  RRSP's & Pension have gone up as per normal, as has my shareholding with my company.  Savings has also gone up some.

You'll see the balance of our day to day spending account, as well as our 'workhorse' chequing account (less $1,000 buffer which is included in our emergency fund).

Liabilities have also steadily gone down - we actually own 3% of our house now - pretty exciting!

I'm really looking forward to next month when the amount owing on the Escape doesn't start with a '2' any longer.

Check out my historical networth on the right hand side of this blog.
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3 comments:

  1. Jessie, how do you own 3% of your house but the amount you owe is $10,000 more than the value? Also, are you really upside down on the Escape by $5000? Not trying to point it out but I don't understand it.

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  2. I had the same questions as ND Chic- I thought I was reading it wrongly...

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  3. Thank you both for asking - the mortgage question came up on my let networth post, so i'll be sure to include more details in the monthly post going forward.

    It would have been more accurate to say that we have paid down 3% of our mortgage - which can been seen from my tracker bars on the right hand side of the blog.

    The value, as you may know, is always an arbirtrary number - because the home is worth only what a buyer will pay for it. We're not currently in the market, so it's difficult to know exactly what's it's worth. I used the value from our 2012 Tax assessment. It's relatively common knowledge that tax assessments are not used when determining a sale price - but market value is.

    Without paying a real estate agent, it really didn't seem worth it to try to come up with another number for value.

    Also, when we bought the home, it was brand new, so we had to pay GST - people don't pay GST on second hand homes, so that increased the mortgage a bit.

    I hope that makes sense - I imagine that I'll have to do some work on valuing once we finish our garage, fence, and deck - as that will incrrease the value...but how much? Tough to say.

    I hope that answers the question about the mortgage.

    The vehicle is a similar answer. We bought the vehicle new, off the lot - its fairly common knowledge that off the lot typically lose a lot of value as soon as you drive it off. I used a black book value website to come up with a value of $15,000. I actually saw pricing of vehicles ranging up to $22 or more for an Escape as old as ours. I choose to use a more average valuation instead of over inflating it's value - because really...who knows what people would pay for it. We're not ever going to sell it, but I count it - in case we were ever in such dire straights that it made more sense to get rid of it.


    So....those were two really long answers. But I hope that answered the questions.

    Please let me know if you have any more.a

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