You know your number.

We probably know our shoe size and, for some of us, the number on the scale we’d like to see.

But ask someone to tell you their net worth, mortgage interest rate or superannuation balance and suddenly things can get a little.. Vague.

And that’s okay.

Financial wellbeing isn’t about knowing every number in your financial life or having a perfectly colour-coded spreadsheet.

But there are a handful of numbers I believe every woman should know.

Knowing these numbers can give you a clearer picture of where you are financially, help you make more informed decisions and, importantly, means you’re actively participating in your own financial life.
‍

1. Your Net Worth
‍

Your net worth is relatively simple:

This is what you own minus what you owe.

Your assets may include your home, savings, investments, superannuation and other significant assets. 

Then subtract your debts, such as your mortgage, personal loans, car loan, and credit card balances.

The resulting figure is your net worth.

But here’s the important thing you have to understand… your net worth isn’t your scorecard.

It doesn’t tell you whether you’re successful, financially responsible or “ahead” in life.

What matters is knowing where you currently stand and, over time, understanding the direction you’re heading.

For example, someone earning $200,000 who spends nearly all of it and carries significant debt can be in a very different financial position from someone earning $100,000 who has steadily built savings, investments and other assets.

Income matters.

But what you do with your income matters more.

Know your net worth number. Then focus on the direction it’s travelling.
‍

2. Your Take-Home Salary

‍

Not your salary package or the impressive number sitting in your employment contract.

Not your gross salary.

I’m talking about the amount that actually lands in your bank account.

Your take-home pay is the number you need to understand because that’s the money available to fund your everyday life.

Knowing your monthly or fortnightly take-home income makes it easier to understand what you can realistically afford, save and invest.

It’s also worth paying attention when your income increases.

It’s surprisingly easy to earn more without consciously deciding what to do with extra money.

Your lifestyle simply expands to absorb it.

A pay rise can become a nicer car, more expensive dinners, more online shopping or a bigger mortgage before you’ve even had a chance to notice.

So when your income increases, decide where that additional money is going before it disappears.

You might choose to increase your savings, pay down debt, invest more or allocate some of it towards something you genuinely enjoy.

The important thing is that you make the decision intentionally.

‍

3. Your Mortgage Interest Rate

‍

If you have a mortgage, do you know your current interest rate?

And if you have other debt, do you know those interest rates too?

It’s easy to focus on the repayment amount and overlook the rate that’s determining how much your debt is actually costing you.

Your mortgage interest rate can have a significant impact on the total cost of your loan over time.

The same applies to other forms of debt, particularly high-interest debt such as credit cards and personal loans.

Check your rates.

If your mortgage rate hasn’t been reviewed for some time, find out whether there are more competitive options available to you. You could speak with your lender or a mortgage broker and compare what’s currently available.

And don’t forget your other debts.

Knowing the interest rate helps you understand which debts are costing you the most and where there may be an opportunity to make changes.

It’s interesting how easily we can spend time searching for a 20% discount on something we don’t really need while overlooking the interest rate on a debt that’s costing us thousands.

Know what your money is costing you.

‍

4. What It Costs You To Wake Up Every Morning.

‍

This is one of my favourite numbers.

Before you’ve brought your morning coffee, ordered something online or driven to work, what does it cost simply to run your life?

Think about your regular essential expenses:

Mortgage or rent
Utilities
Insurance
Groceries
Transport
School or Childcare Costs
Mobile Phone
Loan Repayments
Essential Subscriptions
Other regular commitments

Add up your essential annual expenses and divide the total by 365

For example, if your essential expenses are $73,000 a year:

That’s roughly $200 you’ve committed your feet have even hit the floor.

Why is this number useful?

Because it gives you a much clearer understanding of the income required to maintain your current lifestyle.

Knowing your essential daily cost can turn vague financial worry into something much more concrete.

Instead of thinking, “I need to earn enough money,” you have a clearer idea of what “enough” actually looks like.
‍

5. Your Superannuation Balance

‍

When was the last time you checked your super?

And I don’t mean simply knowing which fund you’re with.

Do you know your actual balance?

For many women, superannuation can become one of their significant financial assets over their working lives.

Yet because we generally can’t access it for everyday spending, it’s very easy to put it in the “I’ll deal with that later” category.

Later can become years.

And years can become decades.

You don’t need to check your super every week. But you have to understand the basics.

Know your:
Current balance
Which fund you’re invested in
How your super is invested
How much is being contributed
What fees you’re paying
Whether your current arrangements still suit your circumstances.

Your super is part of your financial life, even though it may feel very far away.

Don’t leave something this important completely on autopilot.
‍

And the Bonus Number Every Woman Should Know…

‍

The number of unread emails in your inbox. 

We all have one number we’d rather not look at.

This is mine. 😆

Some numbers are important to know.

Others are probably best left unopened until after coffee.

‍

Knowing Creates Choice and Confidence.

‍

There’s an important distinction between delegating your finances and disengaging from them.

Maybe your partner manages the mortgage.

Maybe your accountant handles your business finances.

Maybe your financial adviser manages your investments.

That’s absolutely fine.

Getting professional help doesn’t mean you need to personally manage every financial detail.

But you should understand the important numbers.

Financial confidence doesn’t come from knowing everything.

It comes from engaging enough to understand.

Grab a piece of paper and write down:

Your Financial Numbers Checklist

1. Your Net Worth
2. Your Take-Home Income
3. Your Mortgage and Debt Interest
4. Your essential cost of living
5. Your superannuation balance.

How many can you fill in without looking anything up?

And what if you can’t fill them all?

That’s not a test you’ve failed.

Understanding your numbers is one of the simplest ways to become more engaged with your financial life.

And sometimes, everyone needs a little bit of Karen when it comes to their finances, so if you need some help.  Reach out to a friendly financial coach who specialises in working with women, just like you.