Inspired by the net worth posts by The Saving Journey, I’m going to start posting my net worth every month. Reading the journey looks like her net worth went from £80k in October 2017 to £278k in May 2020. An increase of almost £200k in two and a half years! Impressive stuff and definitely motivation to start tracking net worth and seeing the money moves that can be made to get mine into a healthier position.
So here we are… net worth for last month (July 2021) is as follows:
July 2021 Net Worth
Debts = £7,861.04
Assets = £13,611.93
Net Worth = £5,750.89
Although it’s far from impressive, this isn’t bad at all for me considering that at the start of the year, my net worth was negative. To be exact it was -5,983.66. To change this figure into a positive is a huge win for me. What was the key factor in accelerating that change? I got a new job paying a bit more that allowed me to save more whilst reducing my credit card debts at the same time.
In short, I went from taking home £3,100 a month to taking home £1,100 a week. It’s not a permanent change but earning more has definitely been the difference. I still have one last credit card to clear (after which I’m not going anywhere near them!) and the reason why I haven’t just cleared it is because it’s on 0% interest at the moment however I couldn’t have accelerated that process without increasing my take-home. I could have cut expenses, but I always find that more difficult. I’m in no way one of those frugal types! But I’m learning.