As you can see by these numbers this wasn’t tremendous at all. We had a whopping $4000 to our name.
(I’m just shaking my head seeing how anemic our 401(k) was. Our cars were worth more than it!)
However, we have been able to invest more we’ve knocked out a student loan and that number has grown tremendously.
So if you’re nervous about finding out about that number, don’t be. We all have to start from somewhere.
You can use this number as fuel to push forward to dump debt and save more.
Monthly Cash Flow
That second number you should track is your monthly cash flow.
Some people like to track their budget or spending plan at the transactional (which is part of the this), but the key number is what is your cash flow.
Are you saving more? Are you making more than you’re spending? Or is your outgoing expenses more than what’s coming in?
This is something that you want to stay on top of because if there is a problem it’s easy to adjust course at the monthly level.
So there you have it – just two numbers that you have to track.
Tools to Track Your Net Worth and Cash Flow
What if you have a ton of accounts – how do you easily track your net worth and cash flow then?
A great solution is using apps and tools. There are some fantastic options and if you’re looking on the app side, I recommend looking at Personal Capital or Honeyfi where you guys can stay on top of your finances.
What’s great about these is that they automatically pull the numbers for you. Just link your accounts and then you can get that snapshot and see what’s going on with your finances.
If you’re looking for a completely flexible option I think you should check out Tiller.
It works with Google Sheets and what is cool about tiller is that it will automatically update your spending and bills all within your spreadsheet.
I love designing budgets in Google sheets, but one of the headaches that I personally had was I didn’t want to manually add our spending.
Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..