Now that your bills are organized, I would urge you to determine your net worth so you can track how well you are doing on preparing for a blissful retirement. Simply create a list of your assets and debts and list the value of all of them. Don’t forget to include not just your credit cards and student loans and bank and retirement accounts but also your credit card rewards and your gift cards and savings program points. For example, at the time I created my spreadsheet, I had $67.30 in points on one credit card, so I redeemed $50.00 on a gift card to one of my favorite children’s stores! I also realized I still had $20+ left on a Ross merchandise credit card from 2010 and another $5+ on a restaurant gift card given to me in 2009.
Make sure you date your net worth spreadsheet. Then make a note on your calendar to revisit it later in the year. The goal is to watch your net worth increase each time you do this task! It’s incredibly motivating, whether your number is in the red or black.
Time required: 60 minutes for me, but I have a lot of accounts.