Something that I’ve been doing along with tracking my debt and debt reduction progress, is tracking my net worth. What prompted me to do it in the first place was this desire to prove that my huge amount of debt had actually bought me something. What I ended up proving to myself was that I had wasted a ton of money on nothing. I’m young in my career so I don’t have much set aside in retirement and my personal savings was at $0. I owe as much on my car as it is worth and my personal items don’t amount to much when compared to my huge debt. My net worth was 10’s of thousands of dollars in the negative. I was worthless…. actually I was worse than worthless.
When I started this process I was so ashamed of where I was that I never shared with any friends or family my financial situation. That included not telling anyone that I had started a real plan of debt pay-off and a blog to record my progress. The biggest reason I didn’t want to share this information was not because I was worried they would judge me based on the amount of debt I had racked up, it was because I was worried what they would think if I completely failed to keep whittling away at my debt… I have a history of jumping gung-ho into a project, be it tangible or self-improvement and then giving up when things get tough or just losing interest altogether when something new comes along.
But given that I have been sticking to this goal and gaining steam every step of the way, I decided it was time to start sharing my efforts with those closest to me. It felt great to admit to people that I had been struggling and was not proud of my past debt-ing ways but was overcoming my debt and really accomplishing something. I didn’t really give too much detail about the actual numbers and the only person I gave the blog address to was my middle sister who is similarly trying to dig her way out of debt but it still felt great to get it out there.
When I was talking to my mom about it I told her that I was looking forward to the day that my net worth would break even, that I would officially be worth nothing financially speaking and we got a good laugh at that. She, of course, assured me that I would never be “worthless” but it was just so freeing to be able to talk openly about my debt problems and my attempt to overcome the debt with someone so close to me. And now that I’m out in the open to my friends and family it gives me the added push to stay on track!