Monday, February 18, 2013

Frugal Tip No. 4: Create and Maintain a Statement of Asset, Liability and Net Worth

Normally, we often hear "Statement of Assets, Liabilities and Net Worth" or SALN sa mga politicians or government employees. Pero siyempre, hindi lang sa kanila applicable yan, you can also have your own.

When I first encountered it when I did my dad's, sabi ko sa sarili ko: "Ok ito ha, magawa rin nga!" So I created my own so-called SALN and I update it on a monthly basis. I listed down all my assets and liabilities. Then from the list, I determined my net worth that time. Exciting siya kasi makikita mo in totality how much you have and how much it grows as years pass by. Aside from that, you can determine also how liquid you are. Minsan kasi ang tendency, we only see how much cash and assets we have. We tend to disregard our liabilities kaya minsan di natin namamalayan, baon na pala tayo sa utang.

Alam niyo ba, nung una, negative net worth pa kami kaya nakakafrustrate. So it motivated me more to save and look for ways to have a positive net worth. Kaya ngayon, I'm very glad to say that we are already on the positive side. =)

Hindi naman kinakailangan complicated ang so-called SALN eh. You can keep it simple. For example:


Cash on Hand
Cash in Bank (list all banks and type of account)
Other Assets


Credit Card Bills
Short-term Loans
Long-term Loans

Net Worth: Total Assets less Total Liabilities

Madali lang di ba? You can try it yourself and it will somehow push you to increase your net worth.

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