It may feel like a hassle today, but knowing where you stand financially will allow you to make choices that can improve your finances in the long run.

Your bank balance is only one snapshot of where you stand. It’s possible you have a student or home loan, super, investments and cash across different banks, with information in different places.

Having a clear picture of your financial position can improve your sense of control, which is just one aspect of financial wellbeing. It will allow you to see what choices you can make with your money.

The best way to do this is to calculate your net worth, which is the difference between the total value of everything you own and the total value of your debts.

Here is how to discover your financial position in four steps.

Step 1: Categorise into assets and liabilities

What are assets and liabilities? An asset is something of value that can be converted into cash like a car, property, superannuation, jewellery or furniture. A liability is a debt or obligation that you’re servicing such as car repayments, child support, a mortgage or a student loan.

Step 2: Work out the value of your assets

Put a dollar amount next to the following assets:

  • Savings
  • Property
  • Superannuation
  • Investments e.g. shares
  • Vehicles

Step 3: Work out the value of your liabilities

Put a dollar amount next to the following liabilities:

  • Rental payments or mortgage
  • Balance owing on a credit card
  • Balance owing on a personal loan or overdraft
  • Any study or student loans

Step 4: Work out your net worth 

Once you have a total amount for each, subtract your liabilities from your assets. This will show your approximate net worth. In Portfolio view in NetBank and the CommBank app you can put in all your assets and liabilities so that you’re able to get a better view of your net worth whenever you need.

If you need help working out which steps to take next, consider doing a financial health check with our financial wellbeing score. This information is based on our research into what improves financial wellbeing. It takes about 5 minutes

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Some terms and conditions apply to our financial wellbeing features – please see for details.