Managing my money
Managing my money

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Managing my money

6.3.1 Completing your household balance sheet

Now complete your household balance sheet in your fact find as far as total assets, total liabilities and net worth. As you’re aware, you can do this individually or for your household – whichever you feel is appropriate. To do this you need to access your most recent bank account and credit card statements, and, if you’re an owner-occupier, your mortgage account. For certain of your assets, particularly your home or car, you’ll have to make an estimation of their current value. There are websites that can help you do this.

Don’t get overly stressed about getting valuations to the nearest pound. A rough estimate is perfectly good enough.

When you’ve done this you can determine your current net worth (or wealth) by deducting total liabilities (H) from total assets (G).

Figure 9
MMM_1

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