To keep me honest and focused I post my financial goals on My Own Advisor. One thing I’ve learned over the years is I have a much better chance at realizing my goals if I keep tabs on them, and often.
In case you missed earlier posts on this subject, here’s a recap of our 2014 financial goals:
- Continue putting $300 lump sum payments on our mortgage every month ($3,600).
- Maximize both Tax Free Savings Accounts (TFSAs) ($11,000).
- Increase Registered Retirement Savings Plan (RRSP) contributions by $200 per month ($2,400).
Here’s where we stand to date.
Continue putting $300 lump sum payments on our mortgage every month ($3,600) – on target
Since January 2014 we’ve been meeting this goal. By making mortgage prepayments automatic, we never see this money. If we keep up these prepayments our mortgage debt will be under $200k soon. Being mortgage free years from now will provide some significant financial flexibility so we’re working towards that.
Maximize both Tax Free Savings Accounts (TFSAs) ($11,000) – done!
I have some stocks that pay dividends in a non-registered account so I moved some holdings into my TFSA earlier this year. My TFSA is out of contribution room now. A few months ago, we saved enough money to max out my wife’s TFSA. Her account is also out of contribution room. We need to start saving this fall for 2015 TFSA contributions.
Increase Registered Retirement Savings Plan (RRSP) contributions by $200 per month ($2,400) – on target
We currently contribute a few hundred bucks a month to our RRSPs and there is no intention of changing that. We’ve been meeting this goal since January. If we continue to save at our current rate I predict my RRSP will be out of contribution room in about two more years.
Three straightforward goals above with the same overarching goal as last year, do not incur any new debt. Stay tuned for more updates later this year.
Got any comments for our saving and investing goals for 2014?