Every month, I write a detailed report about the progress I’m making on my net worth journey. This is my net worth report for August 2025, with a full breakdown of my financial position.
When I started PoundWise Journey, my goal was to stay accountable and share the progress I’m making towards financial mastery.
And what better way to do that than by publishing monthly net worth reports?
Below, you’ll see my total assets, total liabilities, and overall net worth. I’ll talk about what assets and liabilities I have and then calculate my total net worth. Also, I’ll talk about what’s changed since last month, and set my targets for the month ahead.
My Net Worth for August 2025
Assets
I’m still putting £75 per month into my emergency fund. However, I did save an extra £2 this month, just so my balance is a round number. I think it would nag away at me if this number didn’t end in a ‘5’ or ‘0’ (probably thanks to the autism or ADHD).
Here is a breakdown of my total assets, along with the previous month’s balances.
Savings Account/Emergency Fund: £275.00 (Previous Month: £198.00)
Total Assets: £275.00 (Previous Month: £198.00)
Liabilities
I’m still paying £25 per month on my credit card and £20 on my Very account. However I’ve decided to only pay £10 towards Very this month.
I mentioned in July’s report that I had an extra £10 which I paid towards my Very balance. This was before I decided to change my approach and prioritise my savings over paying off my debt.
Because of this, I thought I’d reduce my Very payment this month to balance this out. I’ll still be on course to pay the balance off in time, and I can put this surplus money into my emergency fund or towards my low-priority savings.
Here is a breakdown of my total liabilities, along with the previous month’s balances.
Credit Card Balance: £1,800.00 (Previous Month: £1,825.00)
Very Catalogue: £80.00 (Previous Month: £90.00)
Total Liabilities: £1,880.00 (Previous Month: £1,915.00)
Net Worth
Net worth is basically what you have left when you subtract your liabilities from your assets. Or put even more simply:
‘Assets – Liabilities = Net Worth’.
Following that same formula, I’ll now calculate my own net worth.
£275.00 – £1,880.00 = -£1,605.00
What’s Changed Since Last Month?
In August, I actually started a new job as a mail sorter. Unfortunately, because it was only agency work, it only lasted for two days before I was laid off.
I earned £116.00 in total, but with Universal Credit rules, for every £1 earned, 55p is deducted from my benefits. This means £63.80 was deducted in total this month, or more simply, I earned an extra £52.20 this month.
It’s great that I earned extra income. But because I was expecting that job to last longer than it did, I spent more on bus fare and food for work than I would have usually. Since the job didn’t last, I didn’t really benefit too much financially.
Here’s the comparison since the previous month:
July Net Worth: -£1,717.00
August Net Worth: -£1,605.00
Change from Previous Month: +£112.00 (+6.52%)
The growth is smaller than it was in July, but it’s still good progress and that’s what matters.
My Target for Next Month
Since I started this blog in June, I’ve improved my net worth by just over £400. It’s not much, but it’s progress, and this blog is all about making small but steady progress.
My target for September is still the same as every other month: pay more off my debts, save as much as I can, and stick to my budget.
I’ve not really focused much on the blog this month, because I’ve been spending more time job hunting. I’m not having much luck so far, I recently read that the unemployment rate in the UK is higher now than it was during the COVID-19 pandemic.
Not that I’m using that as an excuse as to why I can’t find work, maybe I need to look into studying or learning a skill that would improve my prospects.
Anyway, thank you for reading my net worth report for August 2025. I look forward to seeing what progress I can make for September.