How to Exclude Accounts from Net Worth Sheet

Hi,

I utilize Capital One to create various short term savings accounts for things such as Wedding Fund, Car Maintenance, Pet Insurance, etc. While I would like to track these accounts in all other aspects of Tiller I would like to get a more realistic Net Worth trend by excluding any asset accounts I do not deem as “Long Term” Investments or Savings.

Similarly, we pay off our credit cards in full monthly, so while I am fine with err’ing to the conservative side, it would be nice to only include loans, mortgage, etc. to have a more consistent trend.

I understand from other threads this does not seem to be easily remedied, was hoping someone who may have a similar set-up could share how they set up their spreadsheet to more accurately portray Net Worth while still allowing those savings accounts to be visible in say the Savings/Budget sheets?

Thank you,
CJ

It sounds like you are aware of the Accounts sheet (which may be hidden) setting to set the account(s) as hidden.

As you note, the downside of the Hide field is that this is a global setting so these accounts will not show in other sheets like Balances either.

Your “Savings/Budget sheets” should be unaffected since they don’t tend to reference account balances.

@cjb1011

Sounds like your issue may be solved.

Curious - Would you be excluding your checking account from NW? It is not long term. It likely turns every 2-4 weeks.

How many dollars are you talking about and what percentage of NW do they represent? Seems that the trend line will be the same. Just the dollar amounts will be a bit higher or lower.

You say “to more accurately portray Net Worth”. To me that would mean including everything.

Anything you own of value should be one your balance sheet. Vehicles, CSV of life insurance, annuities, funds held in education accounts, personal loans, etc.

Cheers,

Thanks @randy , this is my current approach, I guess as we discuss this, possibly I am less focused on the Net Worth spreadsheet itself and looking for a solution geared more to future retirement planning and savings, as opposed to overall Net Worth.

@Blake - I am also excluding my checking account, although to your point this is small dollars as aside from a small cushion I try to have all my dollars working somewhere. I would say the two major assets I would like to exclude are my Emergency Fund (~30k) and ST Savings/Reserve funds where I attempt to save for future expenses such as Car Maintenance/Annual Insurance, gifts - we have a lot of weddings in the next year or 2, own wedding in May 2021, etc. This is currently ~15k. I also just set up a 529 account for future kids, very small but will grow over time.

While I understand these assets are all part of my overall net worth, I am thinking more in terms of future retirement and these are all savings which are either already specifically earmarked for the short term or set aside for emergencies.

In a perfect world I would like to track the balances of all these savings accounts, progress to goals and all that, but if I know I will be spending them before retirement I do not want to look at it and think I am farther along on my retirement journey than I am?

Thank you,

Have you experimented with the Group functionality in the Accounts sheet,@cjb1011? You can group several retirement-related accounts as “Retirement” and they will automatically sum properly in the Net Worth template. You can either read/monitor the group total or you can rewire the chart to plot only that row.

You mention “future retirement planning and savings” - Tiller is currently in production with a sheet that addresses this. Stay tuned.

1 Like

Yes… more soon.

@jonorlin is working on an initial release. I’m hoping it is out in a couple weeks. Since it is our first foray into this planning space, we expect to learn from it and plenty of room for improvement (i.e. it will not be an end-all/be-all… especially since user needs in this space are so varied).

2 Likes

Thank you all for the timely feedback, all good thoughts and appreciate the fresh perspective. I definitely look forward to testing the new sheet once available.

Thank you,

I use two separate spreadsheets, one for net worth and one for daily banking, budgeting, etc. Then I use the connected accounts feature to specify which accounts come into each sheet so things like my checking account aren’t used for net worth.