Financial Goals Update

Financial Goals

On Friday I made mention that I would spend some time reviewing my goals from the beginning of the year and take some time to look at where I stand with them, and decide if they are still relevant or if I need to update them.  Back in December when I made my goals, I started with the Financial Goals, so I thought I’d start by reviewing them quickly…

I originally had 5 financial goals.  The first was to make and stick to a monthly budget.  I have made some definite progress on this one, and it went much better once I started using the YNAB software.  If you go through my monthly budgets, you’ll see that I haven’t once actually had a month that follows the initial budgeted plan… However, I have been learning a lot about our spending, and feel like we are very close to turning the corner… Hopefully around that corner is much less spending and much more saving.  We will see… But today I wanted to decide if I am achieving this goal or if it needs to be revamped in any way.  If I go with “sticking to a budget” as my definition of success, I am definitely failing.  But if, instead, I use the fact that each month I am making a budget, and then monitoring our spending closely, I feel like I am succeeding with this goal.  So I’m just going to leave it as is and keep plugging along.  Hopefully I’ll turn that corner soon!

My second financial goal was to save up for various large planned spending expenses.  2 of the 3 expenses are done and paid for.  We got our roof done in June, which emptied the home reno fund, and we just got married, so the wedding fund has been emptied as well.  So those were successful and completed goals.  The education fund for my fiance was put on the back burner when we were informed of the long wait-list for his program.  My husband (still strange, haha!) is now looking at going a different direction with his education, so we want to revisit this savings goal and try to get the $7500 that we wanted to save in there as soon as we can.  It’s August now, so let’s say I put a deadline on this savings goal of November 1.

My third goal has been revisited many times already this year… My RRSP contribution goal.  Originally I had it as 40% of my cap… but that was complicated, was it 40% of last year’s, this year’s, my total… and it’s much easier to just have a number to work towards.  So I gave myself some numbers and I have met them, and then went further… So in June I increased the number again, and then increased my direct deposit contributions.  Thanks to the wonderful markets (why do they have to go down right before I review my financial goals?), I’m thinking it might be a stretch to make that new goal, so I will keep it as is for now and plug along…

My fourth goal was to contribute something to my TFSA.  At this point, the goal is to contribute $2400 more to my TFSA.  If my fall goes as planned at work, this shouldn’t be too big of a stretch for me to accomplish in the next few months, but I need to figure out what the process is for depositing money in to my current TFSA, or I need to open a new one that is easier to contribute to with online banking. (I love how easy things are with online banking!)

My fifth and final goal was to have 3 month’s worth of mortgage payments in an emergency fund (that’s around $10,000).  It was always intended as a stretch goal, but back in May/June, I had some money put aside for it in our budget, but then a few spendy months happened and we used it all up for non-emergency things.  With the other savings goals still to be finished up for this year, it is unlikely that I will also be able to save up this amount, but hopefully I can get a start on it.  With that in mind, let’s revamp this goal to be a bit more realistic… I would like to at least have $3000 in our emergency fund by the end of the year.

So really I haven’t changed my financial goals much after all.  I’ll update my goals page with these small changes and update my sidebar as well… then it’s time to save, save, save!  If I add it all up, I’m looking to have almost $13000 in savings by the end of the year… that’s over $3000/month… yeah, that’s definitely going to rely on some overtime and very careful spending… Wish me luck!

Have you reviewed your financial goals lately?

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8 thoughts on “Financial Goals Update

  1. Great update. Wow you have a large mortgage payment. So far things seem to be going well for most people. I review my finances once a year at the end of December. Markets can be choppy but as long as I don’t plan to pull any money out I shouldn’t worry. 🙂

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    • Yeah, we have a bit of a larger mortgage payment than I’d like… but it’s a combination of the bank being stupid and buying in an expensive area… we are going to get that changed up next year when our term is up…

      The changes in the market aren’t really worrying me, but it just doesn’t look good in the numbers…

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  2. Great stuff. I try to review my goals 1-2 times a year to make sure everything is going well (which hopefully it is). If not I’ll try to figure out why and rebalance if needed

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  3. It’s so good to take a bit of time to review goals, especially financial ones that can change easily. You did a great job completing some of those goals and adjusted the remaining ones to be realistic for your current situation. It seems like you will definitely be able to achieve them. Also, since I haven’t mentioned it before, congrats on getting married! 🙂

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    • Thanks Jessica! 🙂
      It is a bit disappointing to decrease some goals, but hopefully this means that I’ll be more likely to succeed, which is always a good feeling. I’m happy so far. Fingers crossed I can get our savings rate up over the next few months.

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  4. I love reading people’s financial goals and their progress in meeting them. Sounds like you guys are doing really well.
    We review our financial goals and each quarter. We also set quarterly targets so we check in to make sure we have reached them. I find by having a set review night, it really keeps us on our toes. And we both find it fun and exciting (we’re a bit nerdy that way)!

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    • That’s great that you both really enjoy reviewing your finances together. I really like numbers, so I enjoy it. My husband is interested in making sure we are doing well, but the exact numbers aren’t totally his thing. I do like the idea of scheduling a review though… May have to bring that up and see if he’s in to it.

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