At the beginning of 2016 I laid out 4 financial goals for 2016:
(I will label them 1 to 4 here, but they were actually goals 3 to 6 for 2016. You can see a review of the rest of my goals for 2016 here and here…)
- Emergency Fund at $10,000
- Save for Planned Spending
- Net Worth & Retirement Savings
- Mortgage Renewal & Account Consolidation
And, though I didn’t give if an official goal, I also had the goal of keeping our monthly spending under the monthly average of 2015. So, for the purpose of this review, we will give that the number 5.
5. Keep Monthly Spending Under $7700
I’ve reviewed them often enough throughout the year in my monthly financial updates, but here’s the year-end final review.
1. Emergency Fund at $10,000
So, the current balance of our emergency is $6200. And yes, if you’ve followed along, that means that not only did we not end up contributing the amount budgeted for December, we have actually taken it back to the balance before August. And before you get all judgmental and blame my excessive Christmas spending, it was actually the dog. Poor little Bentley decided that, even after the ordeal with the chestnuts, he wanted to go to the vet again (or maybe it was leftover from the Christmas lights?), and so a couple days before Christmas we had to take him to the vet and he stayed over night. Luckily, the ultrasound didn’t show any blockage, so he didn’t need surgery, but it still cost us a pretty penny… Then, right after Christmas he had some more tummy trouble, so it was another visit to the vet and now he’s on some antibiotics and probiotics to help heal his gut.
I suppose this is what the emergency fund is for, but it still hurts that I wasn’t able to at least get it to $10,000 before needing to use a chunk of it… Anyway, this goal is a FAIL! And I will discuss on Thursday my updated goal for this.
2. Save for Planned Spending
This one I called completed in November, but realized that I probably shouldn’t have when I spent money on travel (as I discussed in December), but generally this was a success. But, because of the way that we saved and spent out of order, it was really hard to monitor and keep track. So we’ll just leave it like that. PASS!
3. Net Worth & Retirement Savings
I broke my graph last month and it hasn’t been fixed yet because we haven’t spent our renovation money quite yet. The overall goal was to increase our net worth by 12%… With the renovation money currently waiting to be spent, we are up 83%… so PASS! (but we will take that with a grain of salt…)
But perhaps it is best to go over each category individually again to get a better idea of how things really worked out.
RRSP: The final result for our RRSPs was an increase of 8%, so we fell a little short of the 12% that I had hoped for. FAIL!
TFSA: I had ideas that we would move a bunch of cash over to our TFSA this year, so I made a crazy goal of increasing our TFSA values by 295%. Final result is an increase of 55%, which is pretty darn good… but still doesn’t mean we did it… FAIL!
Taxable Investments: The goal was a small increase of 7%, but this one grew on its own by 22% this year. Sweet! PASS!
Cash: The original goal has this amount decreasing (probably moving to our TFSAs), but instead we extracted cash from our home equity… so the goal of decreasing this by 20% because an actual increase of about 345%. Not sure if I would call that a pass or a fail… neither? Meh, these are my goals and this is my review… I say PASS!
4. Mortgage Renewal & Account Consolidation
This goal has been rehashed a few times now. I made a plan, then I went over the details of the mortgage renewal in a two part post: here and here. The conclusion was that this goal was complete (though there were a few small items that might make it on the to-do list for 2017). PASS!
5. Monthly Spending
FAIL! Plain and simple. We did not keep our spending in check at all this year, and especially not this past month. This month it was a combination of holiday spending, car maintenance and vet bills… Coming in at a grand total of about $14,500. Yes, you read that number correctly. It is almost double the goal of $7700 per month.
Out of the 12 months of the year, we only came in under the $7700 goal five times, and at least a couple of those months are probably artificially low because of time spent traveling, which comes out of planned spending accounts and isn’t a part of this regular spending goal. The monthly average for this year came in at $8400. So generally, we will just call this goal a FAIL!
Just to summarize the results… I had 5 financial goals for 2016:
- 2 were definitely PASS!
- 2 were definitely FAIL!
- and 1 was a weird combination of PASS! and FAIL!
How did you do on your financial goals for last year? Have you made financial goals for 2017? I’ll be going over my financial goals for 2017 on Thursday.