Net Worth Update: March 2024

Welcome to my net worth update for March 2024! These numbers represent my wife and I’s net worth as of March 31st. Please check out our previous net worth update if you haven’t already!

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Expenses

Spring got a late start this year which made March another low spending month for us. All of our expenses were pretty normal, except we spent more than normal on groceries and dining out. We also spent $469 on an early birthday present.

So far in 2023 we have spent about $4,000 less than we spent in 2024. That’s primarily because we didn’t book any grand vacation plans for this summer. However, I expect this to change in the coming months, and for our expenses to come in much higher in April.

Investments & Dividends

In March we made some great contributions to our registered accounts.

  • $5,000 to my RRSP
  • $1,500 to my wife’s TFSA
  • $500 to my wife’s RRSP

That leaves my RRSP with another $24,600 in space left for 2024 and my wife’s TFSA has just $2,500 space left. I expect she’ll be able to maximize her TFSA in April and then we’ll focus on my RRSP.

In March we earned $953 in dividend income. This is almost twice as much dividend income when compared to March of last year. So far we’ve earned $3,700 in 2023 which is amazing!

Net Worth Change

In March our net worth increased to 1,076,100 from $1,053,000. That’s an increase of $23,000! This increase came from the following categories:

  • Home Equity: $1,400
  • Pension Contributions: $1,400
  • Savings of Income: $7,700
  • Investment Growth: $12,500

March was actually the lowest earning month for us but we still managed to save about 60% of our net income. That’s well above the 40% average savings rate we achieved for the past two years.

Thanks for Reading

I recently updated a few articles that you may be interested in. This includes my post on how investment loans are costing me $500 each month and my the best Canadian Dividend ETF. Consider giving those a read if you think they’ll help you on your financial journey!

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