“If you’re bored with life, if you don’t get up every morning with a burning desire to do things, you don’t have enough goals.” ― Lou Holtz
I get up every day and want to be productive, at work, at home and at play. At work, there is my to-do list that never ends. At play, I’ve got a golf game that needs some serious TLC before our company tournament next month. At home, we’ve got some financial priorities to take care of. Let’s move on to those…
Earlier this year, my wife and I put together four financial goals to accomplish in 2013. Here’s a recap:
- Put $300 lump sum payments on our mortgage every month ($3,600)
- Make a healthy contribution to one TFSA ($8,000)
- Save for and take a great trip ($4,000)
- Do not incur any new debt ($0)
At the time of this post here is our report card. I look forward to your comments below:
Keep the lump sum mortgage going
Even though borrowing rates remain dirt low, we continue to pay down our fat 6-figure mortgage using lump sum payments. In terms of meeting this goal in 2013, we’re right on target.
Beef up the TFSA
Earlier this year, I maxed out my TFSA for 2013. My wife’s account is the one we’re focusing on now thanks to Tax Free Savings Account rules; contribution room was carried forward from previous years into 2013. We’ve invested about $3,000 in her account year to date. I’m currently waiting for a slight pull-back in the equity markets to take advantage of buying some Canadian dividend paying stocks at lower prices than today for this account. We’ll see if the markets co-operate. I’ll willing to wait a bit more before I limp in with some purchases. Likely some energy stocks.
Save some coin, take a trip
We love to travel and see new places and you might recall I wrote about our recent trip. Some close friends of ours are looking to celebrate a week out of country this winter and we want to enjoy this trip with them stress free. To do that, we need some money saved in advance. So far, we’ve only saved $800 for this trip.
Do not take on new debt
This is how I feel about debt. There’s no point in reducing our mortgage if we’re spending too much money in other places. I shouldn’t deviate from my saving and investing rules of thumb… Year to date, we have incurred $0 new debts.
Got any comments on our financial goals? How are your goals coming along this year?