2015 Financial Goals – April Update

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.

  1. Maximize our TFSA contributions.
  2. Put $300 lump sum payments on our mortgage every month.
  3. Save $5,000 for home improvements.
  4. 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?

Mark Seed is the founder, editor and owner of My Own Advisor. As my own DIY financial advisor, I've grown our portfolio to over $600,000 now - but there's more work to do! Our next big goal is to own a $1 million investment portfolio for an early retirement. Subscribe and join the journey!

15 Responses to "2015 Financial Goals – April Update"

  1. Sounds like you’re pretty close to on track. Many people would have included the RRSP contributions in the list of goals so they could get an easy check-mark. But you prefer to focus on the challenges. That’s probably a good thing.

    Reply
    1. Thanks Michael. The RRSP contributions are automatic now and hope to not change them. My RRSP is now maxed out but we still have work to do on my wife’s account in the coming years. I do like challenges, you are correct. Golf is a good one for me!

      Reply
  2. Great job Mark.

    You’re making excellent progress towards your goals and priorities. We’re looking forward to seeing how you close in on them in the coming years.

    Reply
    1. Thanks Deane. I can’t say enough how folks like yourself have provided a blueprint for us. It’s great to read and learn from folks that have been there and done that. We’re trying while having some fun along the way.

      Reply
      1. I think you’d have paved the way with your own blueprint regardless. If some of us have added something that helps you and others that’s great. Good that you’re having fun too. I know we certainly are.

        I read that TFSA’s will rise to $11K effective Jan 1, 2016. I have to figure out a way to take advantage of this.

        Reply
        1. I appreciate that Deane. Oh yes, we’re having fun, we spend money for sure. Yes, TFSA limits are expected to be $11k as of next January. With our mortgage payments there is no way we’ll be able to max out the TFSAs and RRSPs next year so something has to give. Likely the extra mortgage payments will suffer as I prefer to focus on the TFSA first, then RRSP, then extra mortgage payments. This seems to be working for us.

          Reply
  3. Good plan and great execution. I like the way you take it a step at a time. I liked the idea of filling your TFSA first and as quickly as possible and then focus on the rest. Not sure what TFSA accounts limits are in Canada, in the US IRA has 5500 annual limit. I found on the internet that it is $11,000 per year, so if you came up with 11k in four months, then here are my big congrats on that as this is really something.

    Reply
    1. It’s coming along Martin, thanks for the support. Yes, as of the 2016 calendar year our TFSAs should have/are expected to have $11,000 in annual contribution room per adult. This is a great thing IMO. I don’t think we can contribute the maximum but we’ll sure as heck try!

      Reply
  4. Sounds like a good plan to me! And most of the goals are going straight ahead, which is very encouraging for you in my point of view. Any plan going for extra money coming in to help on the home improvement fund?

    Reply

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