I can’t believe it is July already. Time really flies when you are having fun (or just insanely busy). Since it is a little over mid-year, I thought it would be nice to do a mid-year review on how I am doing with my personal finance resolutions for 2014.
Sometimes you lose track of the goals that you set out in the first place- especially when you complete them and start setting another goal.
I am for some reason, a very goal oriented person. If I don’t have a to-do list written out in front of me, I do not fare well. This is either do to the fact that I am goal oriented, or is more likely explained by the fact that I have poor short-term memory and if I do not write it down, it does not happen. I relish crossing off lists and sometimes I break down the larger goal into smaller goals just to feel good about crossing something off the list.
So it is kind of refreshing to review the goals that you had set out in the beginning of the year to give yourself a check up (and a wake up call most of the time) to see how you are doing. Evaluating yourself in an honest way is an important way to be self aware and I think, is an important aspect of, well, being an adult.
**groan** I know. I cannot believe I am not “young” anymore. Enjoy your twenties while you can, folks.
Anyway, back to my 2014 Personal Finance Resolutions. I will list my resolution and show the progress (or non-progress) that I have made.
Maximize the TFSA
I have maximized my TFSA for 2014. Unfortunately, I may have over contributed to the Tax Free Savings Account (more on that later) and in early 2014, I had set out to have $43,000 in total in 2014. Because of the possible error I had to withdraw money immediately to avoid further interest and penalties, and so my Tax Free Savings Account went from $37,000 in early 2014 when I made the resolution to somewhere around $41,000. The crappy thing about it was that I had the money sitting in there and it wasn’t even invested! So the interest and penalty was all for nothing. More on that later.
So in theory, I maximized the Tax Free Savings Account as best as I could. Maybe if I’m lucky by the end of the year my Tax Free Savings Account will have $45,000 of equity in it. :) I would say this is completed.Continue Reading