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 reasons. The other reason? Doing this stuff works. Here are our financial goals for this year:
- 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 but with the budget announcement to increase the contribution limit to $10,000 per adult for this account, my wife and I have $9,000 more in contribution room to add this year if we can tackle it. So, we’ve met this goal but we’ve decided to try and maximize this account, again, for the second time this year. It’s definitely a big stretch assignment for us.
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. We’ve only managed to put away about $1,000 year to date. Pathetic but oh well.
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 new debt because our mortgage debt is enough for us and that won’t help us get to financial freedom in another 12-14 years if we do.
Note: We have not included RRSP contributions as a goal in 2015 since those contributions are already a steady monthly habit. I’ll have a few more updates on our progress later this year.
Got any comments for our 2015 financial goals? What progress are you making?