Reference no: EM133727395

Calculate Your Net Worth Instructions

Question: How do you calculate net worth? Calculating your net worth requires you to take an inventory of what you own, as well as your outstanding debt. And when we say own, we include assets that you may still be paying for, such as a car or a house.

For example, if you have a mortgage on a house with a market value of $200,000 and the balance on your loan is $150,000, you can add $50,000 to your net worth.

Basically, the formula is: ASSETS - LIABILITIES = NET WORTH

Download the Net Worth Spreadsheet below to calculate your net worth. The items listed may or may not apply to you. Delete, add, and substitute to personalize it to your needs.

Create a Budget Instructions

Everyone needs a budget, whether you're married with kids or a student embarking on an educational journey. While making and sticking to a budget may seem like a daunting task, the process can actually be easier than you think. There are a number of ways to save a few bucks every month.

An effective budget needs to be put down on paper or via a spreadsheet from a student budget template. On this budget, make a list of all your forms of incomes (including your job, loans, parents, etc.), followed by all your expenses (such as rent, books, food, etc.).

Make sure to differentiate between your needs versus your wants. The final number that you calculate should not be a negative number. If it is, you need to make some adjustments to make sure your take-home pay covers all your expenses.

Download the Budget Spreadsheet below to create a monthly budget. The items listed may or may not apply to you. Delete, add, and substitute to personalize it to your needs. Do NOT include a "miscellaneous" category - everything needs to be accounted for.