The Step By Step Guide On How To Calculate Your Net Worth And Why You Need To Be Tracking It

Net Worth is a term we associate with the rich and famous of this world. In reality everyone has a Net Worth that they should calculate and track to monitor financial health.

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Britney Spears’ Net Worth is reportedly $60 million. Taylor Swift’s Net Worth is estimated to be $356 million. The Beatles’ Paul McCartney has a Net Worth believed to be in excess of 1.2 billion. Jeff Bezos the founder of Amazon, has a Net Worth of $184 billion, making him the richest person on the planet. He’s got competition though, because Elon Musk, the Tesla guys, Net Worth is thought to be $177 billion and growing fast!

As of right now, in February 2021, my Net Worth is sitting at $233,000. At 26, I’m hella proud of this number! Even if it is small change to these pre mentioned celebrities…

Tracking my Net Worth is one of the best financial steps I have made. I just wish I started earlier! Tracking your Net Worth is all about striving for progress, not perfection. In saying that, I can’t wait until my personal Net Worth hits a million dollars! In this blog I’ve provided a free printable to track your Net Worth and laid out my exact Net Worth (showing my liabilities vs assets). Before you scroll down there let’s talk about YOUR Net Worth.

Can you answer the question “What is your Net Worth?” or even “What does Net Worth mean?”.

Kinda? Maybe? No at all? Well then, let me help you by telling you everything you need to know about ‘Net Worth’ so you can get these answers worked out ASAP. You’ll be tracking your financial worth in no time!

What does Net Worth mean?

Net Worth describes your financial position. It is how much you are financially ‘worth’ and should not be confused with your worth as a person!

Your Net Worth takes into account how much money you have in your accounts and what you own (assets). This includes property, Superannuation / retirement accounts, shares, money in your bank accounts, gold etc

Net Worth also takes into account what you owe (liabilities). You may owe money to banks the government , companies and other individuals like family or friends.

Why should I calculate and track my Net Worth?

Tracking my Net Worth monthly is so empowering and has really helped me see the ‘bigger picture’. When you have an expensive week, get rostered on for a few less shifts or pay a huge bill it’s easy to feel like your finances are going backwards or standing still. Tracking my Net Worth helps me recognise my constant progress and stops me sweating the small stuff.

I calculate my Net Worth on the 1st of each month. This calculation requires me to log into all my various financial accounts and check my balances. This monthly check means I’m always on top of my financial position and also ensures I keep my log in details up to date.

Tracking my Net Worth keeps me motivated. It’s motivating to see how quickly your Net Worth can grow. It also inspires me to find extra ways to save / make money so I can decrease my debt and increase my assets ASAP!

How do I calculate my Net Worth?

Sometimes math is hard but don’t stress because this calculation is really easy!

Total value of your assets – Total of your liabilities = Your Net Worth.

Commonly included assets
– Property
– Savings
– Superannuation accounts / other retirement accounts
– Shares
– Gold
– Cash you may have outside of a bank (buried in your backyard? Under the mattress? Safe? Money tin? etc)

Less commonly included assets. It’s up to you if you choose to include these.
– Everyday accounts
– Cars
– Collectables
– Other material items (furniture, designer clothes, artwork)
– Mortgage
– Credit card balance
– Student loan debt (HECS, HELP etc)
– Loans (cars, furniture, electronics etc)
– Personal Loan
– Tax Debt
– Buy Now Pay Later balance (After Pay, Zippay etc)
– Debt to friends and family

I have created some resources to help you easily calculate and track your Net Worth. Scroll down for the step by step instructions.

  • You can download my Smart Girl Net Worth tracker printable for free by clicking on the images below. This printable is what I use on the 1st of each month to calculate my Net Worth. Print 12 copies and you will be set for the next year!

Step by step manual instructions

Total value of your assets – Total of your liabilities = Your Net Worth.

1. Calculate the value of each asset (more details on where to find this info later).

2. Add each of the values together and write it down.

3. Find how much you owe on each liability (more details on how to find this info later).

4. Add these values together and write it down.

5. Subtract the total of the liabilities from the total value of your assets.

6. This number is your Net Worth.

7. Net Worth for this month – your Net Worth last month = Your Net Worth change.

Where do I find the value of my assets / liabilities?

There are multiple answers to this question but here are where I find mine


  • Savings: Log into your bank accounts.
  • Property value: I personally track this on in their property value function which you can access here. I use the lower estimate on the estimated value range they provide. Remember this is only an estimate. You could also base if off purchase price or ask a real-estate agent for an estimate.
  • Superannuation: Log into your Super account(s). If you don’t know you log in details this is a perfect time to sort it out!
  • Shares: Log into your brokerage account.
  • Car Value: You can get an estimate of this on Red Book.
My estimated property value.


  • Mortgage / bank loans / credit card: Track this in your banking app / online banking.
  • HECs / HELP Debt: View this on MyGov. You will need to have the ATO linked. Click into the ATO portal. Scroll down to the bottom of the page and your student loan debt will show there. NOTE: This is only updated at the end of financial year. So it will probably not be 100% accurate.
  • Other loans: This can be tricky. You may have access via a companies website. Otherwise, you need to contact your loan provider (a car company/ furniture retailer / electronics business etc) and gain access to an online loan account and / or ask for your total debt balance.
  • Tax Debt: Access My Gov and then the ATO area. Then look in your Accounts Summary.
My Student loan at the start of the 2020-2021 Financial Year. Screenshot from the ATO portal in MyGov

HELP! I calculated my Net Worth and it’s a negative number?

Eek! That never feels good- I’ve been there! When I graduated University I had a piece of paper saying I could be a teacher (yay!) and a $25,000 HECs Debt (boo!). I calculated my Net Worth, found it to be negative and vowed to never calculate it again. I stayed true to my promise for three years until I eventually felt brave enough to recalculate it.

If your Net Worth is negative it’s okay. Your Net Worth and self worth are in no way related. A fact of life is that many people have a negative Net Worth and a second fact is that you can change it. Start by reducing your debt and then work on increasing your assets.

Tracking it monthly will be motivating because you can see it improve. You’ll be so excited when you get back to a $0 Net Worth. Then you’ll be even more excited when it starts to grow!

My personal Net Worth

My Net Worth is creeping towards the point where I can say “I am a quarter millionaire with a Net Worth of $250,000!’. I track my Networth on the 1st of each month.

Here is my personal Net Worth as of February 2021 = $233,713

Apartment: $420,000Mortgage: – $249,577
Cash Savings: $19,231Credit Card Balance: $0
Superannuation: $52,040HELP Debt: $7981
= + $491,271= – $257, 558

Total value of your assets – Total of your liabilities = Your Net Worth.

491,271 – 257,558 = $233,713

Remember to download the free printable to help you with your own calculation.

So now it’s your turn to answer the question… “What’s your Net Worth?”

What gets measured gets managed” – Peter Drucker

| This blog post was all about how to calculate your Net Worth and why you should track it. |

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Published by smartgirlsfinishrich

’m a money driven 20 something year old, working hard to improve my finances and create a lifestyle that I love. My hope is that by sharing my story it will help you increase your financial knowledge, motivate you to improve your financial situation and empower you to make more money $$$$ I’m not obsessed with money. I’m obsessed with the freedom and lifestyle choices money provides. (but also, I’m a little obsessed with money) My biggest money wins were all achieved on a a teacher income + side hustle earnings. All while living out of home. Saved a 20% deposit ($90,000) and purchased my dream first apartment in Perth, Australia. Saved $13,000 (so far) for a new car using side hustle income. On track to finish 2021 with NO HECs Debt. $18,000 paid off to date! Travelled Europe for six weeks while saving a house deposit. Check out my blog posts or follow my Instagram for all the details! It’s time for your financial glow up!

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