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.