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Get a clear picture of your money

Get a clear picture of your money

The first step to getting control of your finances is to understand them. You may have an idea of how much you’ve saved and who you owe money to, but to get the full picture you need to dig a little deeper.

Here is how to get started in four easy steps.

Step 1: Categorise your finances into assets and liabilities

An asset is something of value that can be converted into cash (including cash). A liability is a debt or obligation that you’re servicing (child support or a student loan are examples).

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:

Step 4: Subtract your total liabilities from your total assets 

Once you have a total amount for each, subtract one from the other. 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.

Next up: How to understand your spending

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.