My Money Snapshot
A plain-language look at where you stand financially.
You only need five numbers. Fill in what you know and leave the rest blank. This snapshot works with partial information.
What You Own
What You Owe
Your Money Snapshot
Know. Do. Review.
Your net position is the difference between what you own and what you owe. A positive number means you own more than you owe. A negative number means you owe more than you own. Both are useful information, not a grade.
Take the next step shown in your results. If your net position is positive, start building. If it is negative, start understanding where your debt is going. Either way, one clear next step is always available.
Return to this snapshot every six months, or after any major life change such as a new job, a home purchase, or paying off a debt. Watching your net position move in the right direction is one of the most motivating things in personal finance.
- Net position
- What you own minus what you owe. A positive number means you own more than you owe. A negative number means you owe more than you own. This number is the starting point for almost every financial decision you will make.
- Short-term debt
- Money you owe that you are expected to pay back relatively soon, such as a credit card balance or a line of credit. Short-term debt often carries higher interest rates than long-term debt.
- Long-term debt
- Money you owe over many years, such as a mortgage, car loan, or student loan. Long-term debt is common and expected at many life stages. The key is understanding how much you owe and what it costs you each month.
- Equity
- The portion of something you own outright. If your car is worth $10,000 and you still owe $6,000 on the loan, your equity in the car is $4,000. Equity counts as part of what you own in this snapshot.
- Savings for later
- Any money set aside in a retirement account, pension, or long-term savings plan. In Canada, this includes accounts like an RRSP or TFSA. In the US, this includes accounts like a 401(k) or IRA. You count the full current balance, not what you expect it to grow to.