Over the last couple of years I’ve posted our financial goals on My Own Advisor. I do this because:
- I believe all goals should be clear and transparent,
- I believe all goals should be realistic,
- I believe all goals should be measured, and
- I believe all goals should be documented.
In my day job and industry, if it wasn’t documented it didn’t happen. Following these rules above provide us with some hope we’ll hit our financial goals in 2015. In case you missed my post in January here are our 2015 financial goals.
- Maximize our TFSA contributions.
- Put $300 lump sum payments on our mortgage every month.
- Save $5,000 for home improvements.
- Do not incur any new debt.
As of this spring here is where we stand…
Maximize our TFSA contributions.
Done! We recently filled up our TFSAs for 2015 and the process will begin later this year to save for 2016 contributions. Now these accounts have no contribution room left we’re focused on goal #2…which is…
Put $300 lump sum payments on our mortgage every month.
So far, so good. Our mortgage is up for renewal later this year. We figure the less debt at the time of renewal, the better. We cannot contribute more to our mortgage this year without jeopardizing goals #3 and #4.
Save $5,000 for home improvements.
So far, not so good. January through March were expensive months for us. We’ll need to play catch-up. We haven’t saved very much for home improvements this year so hopefully this spring we can make some payments automatic and slowly build up our home improvement fund.
Do not incur any new debt.
To date we have not incurred any new debt and we continue to pay off our credit cards every month. We have no intentions of taking on more debt, including debt for our home improvements.
Note: We have not included RRSP contributions as a goal in 2015 since those contributions are already a steady monthly habit. We focus on investing first but with any funds leftover we work on our mortgage debt.
I’ll update our goals if our plan changes later this year.
Got any comments for our saving and investing goals in 2015?