Net Worth Calculator: Help & Support
How do I get started using the Net Worth calculator?
To get started, ensure you are on the Net Worth tab of the spreadsheet. Then, select the starting month and starting year from the top right-hand side. Once this is done, you can begin editing, adding and updating the values of your assets and liabilities. Remember, methodically list every single asset and liability you have to get a true snapshot of your net worth.
What is an asset and liability?
An asset is something you own that holds financial value to you. The best type of asset is something that grows over time, such as a share portfolio, although an asset can also be something as simple as a car – given it has a significant monetary value that could be sold at any given time for the market price.
A liability is quite simply a debt or amount of money you owe someone else. Be it a bank, a friend, a family member or the Government; a liability is the money you need to repay in order to be financially free of debt.
I need a new copy of my net worth spreadsheet – what do I do?
If for some reason you misplace or break your Net Worth calculator, you can request a new copy by emailing firstname.lastname@example.org. We suggest you save a clean copy of the spreadsheet somewhere on your computer before starting to edit for convenience.
Managing your Net Worth calculator
How do I assess the value of my asset?
Certain assets are straight forward; e.g. the balance of savings account. For other larger assets, such as a house or car – you will need to use online services to estimate their value. For instance, a car value would be based upon similar cars for sale online (or data on Redbook.com.au).
A house value may be based on a real appraisal by a real estate agent, or perhaps an online service that estimates your value by comparing to similar sales.
Essentially you need to ask yourself ‘how much would someone else pay for this if I were to sell it tomorrow?’ – this will give you the value of that asset.
How do I know the total of my liabilities?
Liabilities are straight forward. It’s a fancy word for ‘how much money do I owe’. You can retrieve the amount you owe by calling your service provider or financial institution. Ideally you would have the liability visible in internet banking to keep a close eye on your repayment progression.
Adding or deleting assets and liabilities
How to delete an asset
To delete an asset, navigate to the ‘Net Worth’ tab in your spreadsheet. Click on the name of the asset and press “Delete” on your keyboard. Remember, press the ‘Delete’ button and not the ‘Backspace’ button.
How to delete a liability
To delete a liability, navigate to the ‘Net Worth’ tab in your spreadsheet. Click on the name of the liability and press “Delete” on your keyboard. Remember, press the ‘Delete’ button and not the ‘Backspace’ button.
How to add a new asset
If you need to add extra assets, navigate to the ‘Net Worth’ tab in your spreadsheet. Click on the ‘Add asset’ button in the top right-hand corner of your spreadsheet. This will prompt you to name your new asset before automatically adding it to your spreadsheet.
How to add a new liability
If you need to add extra liabilities, navigate to the ‘Net Worth’ tab in your spreadsheet. Click on the ‘Add liability’ button in the top right-hand corner of your spreadsheet. This will prompt you to name your new liability before automatically adding it to your spreadsheet.