Happy Friday and Happy Birthday to my twin (and myself, Misti, obviously)!
That’s right, today’s my birthday which means I’m out of the office enjoying some time outdoors!
But it also means it’s time for my major annual financial check-in.
In honor of this, we’re sharing some tips for a Net Worth Check Up as August’s Big Money Move! Along with our typical tips for planning your monthly spending 🙂
What to Include in August’s Spending Plan📝
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🎫 Before you check your budget and draft your spending plan, enter to win an extra $100 to play with with ourReview Giveaway! Leave a rating/review on apple podcast and be entered to win a $100 gift card. Send a screenshot of your review to jen@frugalfriendspodcast.com to be entered!
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🏫All Things School Related. Back-to-school clothing is an obvious one, but don’t forget about things like activity and sports fees, lunch costs, extra gas for after school activities, technology, tuition payments, books, etc.
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💼Labor Day (and other upcoming vacations).As summer comes to an end, a lot of folks take last minute trips, which can mean higher travel and fuel costs. Make a list of all your fall plans and start setting aside money accordingly!
What’s on Sale in August?📢
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🎒Back-to-School Supplies. Keep an eye out for deals on backpacks, clothes, sneakers, and even laptops this month! Don’t forget to check your state’s tax-free weekend for extra savings. Look into this soon, some (like TN) are this weekend!
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🏷️ Summer Clearance. Stores are clearing their summer inventory, so now’s the time to look for end of season sales on clothing and outdoor items like patio furniture. Pro-tip: Check Poshmark and Mercari for sales on second-hand items as folks start flipping their closets for the season AND list any items you no longer need to make some extra cash too!
August’s Big Money Move: Net Worth Check Up 📝
Checking our Net Worth just takes 3 simple steps:
1. Make a list of all your assets and their values. Think of assets as anything you own that can generate an income. If you can sell it for a meaningful amount, list it! For me, this list includes my investment accounts balances, checking account balance, HYSA balance, and the resale price of my car. Homeowners would also include the current value of your home (which is why it’s great to update this regularly). Add up these balances to find your total asset value.
2. Make a list of all your liabilities and their amount.Think of liabilities as your debt. For me, this category includes student loans and credit card debt. If you have a mortgage or a car payment, that would go here too. Add up these balances to find your total liabilities.
3. Calculate your net worth. Now subtract your total liabilities from your total assets. So, Net Worth = Assets – Liabilities.
The goal is to increase our net worth even by $1 with every check in we do.
You can keep track in a spreadsheet, on paper, or even outsource to an app like Empower—an all in one place to track transactions and net worth.
Using our link gets you a $20 Amazon gift card after you connect an investment account with at least $1,000 in it! **
What to Cook👩🍳
I’m still feeling pretty burnt out on all my go-to recipes. Fortunately, there’s an app that can help!
Cooksmarts can help take the decision making out of the meal planning! Join now for a free week! **
Otherwise, given how hot it is, I’ll try to focus on meals that don’t require turning on the oven, like these three salads from Natalie’s Health using in-season produce:
On Tuesday, Jen and Jill break down some potential pitfalls of loyalty programs with How Loyalty Points and Programs Cost You More (Ep 426).
Today, with Ep 427 DFS: How Katelyn Paid Off $100K Debt in 18 Months AND Got $30K in Scholarships, we get to hear another inspiring debt payoff story!
Tune in wherever you get podcasts and let us know what you thought of the episode over on our latest Instagram post!
Talk soon,
Misti
⭐️⭐️ P.S. Want to share all this goodness with your friends AND earn cool Frugal Friends merch?
**Means this is a sponsored or affiliate section. We may earn a small fee or commission when you choose to try one of our sponsor or affiliate partners. But opinions are still 1000% our own.
