You might already know by now, 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.
So those are the academic / textbook reasons. The other reason? Doing this works and we’re realizing most of our goals because of it.
Here’s a recap of our financial goals for 2015:
- 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 post here’s where we are:
Maximize our TFSA contributions.
Done! We filled up our TFSAs earlier this year. We just recently maxed out the additional contribution room available for 2015. We’ll have to wait until January 2016 to contribute more to these accounts but this was a major goal for us and I’m proud to write we nailed it.
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.
Save $5,000 for home improvements.
So far, not so good. Actually, fail. We focused on our TFSAs and mortgage this year but in doing so, we neglected to save the additional money needed for our home improvements. We might tap our Home Equity Line of Credit (HELOC) to provide the additional funds.
Do not incur any new debt.
Failed. See above. I dislike debt but the only way we can take on these improvements is if we borrow some money.
Note: We have not included RRSP contributions as a goal in 2015 since those contributions are already a steady monthly habit.
Sometimes, plans change (i.e., a renovation will cost more than you think) and you need to adapt. We believe improvements and maintenance of our home is a good thing, even if some short-term debt is required.
I’ll have a few more updates on our goal progress later this year.
Got any comments for our saving and investing goals in 2015?