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.
Here’s a recap of our original 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 our report card with just less than four months to go in 2014.
Continue putting $300 lump sum payments on our mortgage every month ($3,600) – on target!
Since January 2014 we’ve been meeting this goal. I’ve calculated if we keep up our prepayment schedule I’m predicting we’ll be mortgage free 7 years this Christmas.
Maximize both Tax Free Savings Accounts (TFSAs) ($11,000)
I hold some Canadian stocks that pay dividends in one account so I moved some of those holdings into my TFSA earlier this year. My TFSA is out of contribution room now. We also saved enough money to max out my wife’s TFSA earlier this year. Her TFSA is now out of contribution room. This goal is complete. In early 2015, we hope to contribute to both accounts once again.
Increase Registered Retirement Savings Plan (RRSP) contributions by $200 per month ($2,400) – on target!
We’ve been meeting this goal since January 2014 and hopefully we’ll keep pace for the rest of the year.
New goal started as of August 2014: Save for home improvements ($4,000) – well below target
This new goal is to save for some home improvements we plan to do in 2015. Those updates will likely cost more than $4,000 but I figure we better start saving now. This is a major stretch goal for us. So far, since I’ve announced this goal we’ve only saved $200. A long ways to go…
Stay tuned for more updates later this year.