It’s that time again. To reflect on what you can change for the new year. A year to start fresh. I remember this time last year, I had made some financial resolutions, because as we all know, they are easier to keep than behavioral resolutions (like exercise more- which was an EPIC FAIL).
As a recap, here are my financial resolutions for last year, copy and pasted:
- Continue to calculate my networth every month (knowledge is power! I have asked for all the client access log-ins from my financial advisors- to their dismay- so am tracking my finances much more closely)
- Regain the money I lost in bad investments- I had entrusted my hard earned cash to some risky investments when I didn’t know any better (venture mutual funds, flow through shares, Investors Group mutual funds) and want to regain it. In total I think I am down about $10,000. I hope to do this by being more active and aggressive in my equities.
- Max out my RRSP and TFSA Iam hoping to max out my RRSP I can utilize the $25,000 allowance for First Time Home Buyers
- Reach a Networth of $100,000- This should give me enough leeway for a downpayment and extra money to play with
- Buy my first home – Hopefully the mortgage rates won’t skyrocket next year and hopefully the prices of Vancouver homes will come down to realistic prices (check out MLS.ca to see which closet you can get for $350, 000).
Okay so starting with the first one:
1) Calculating my financial net worth monthly- DONE. I would skip a month or two (or three) before this blog, and thanks to trying to keep accountable (and networth IQ), I have kept this resolution. It actually turned out to be really fun, calculating your net worth. I know that net worth isn’t necessarily a good measure of where one stands, and that cash is king, but I just do it mainly for myself and to make sure I keep on going into the positive, and not the negative.
2) Regain the money lost in bad investments: DONE..I think. In my calculations (in my handy dandy trusty notebook), I calculate how much I am “down” by from the actual cost of the investments/ equities that I hold. I have managed to recoup of my losses (not from those investments particularly, but from other investments like the nonregistered portfolio and the 38% gain I had with the TFSA)- this was also thanks to this year, the stock market increased back from the disaster a few years ago.
3) Max out my RRSP and TFSA- DONE. I maxed out my RRSP and TFSA this year but have also depleted it for my house purchase. This will make for a new lofty financial goal for next year. Fill the TFSA with $15,000!
4) Reach a Net Worth of $100,000: DONE. When I first started calculating diligently, I was at $79,300. I am now well over $122,000 (including my pension), though if I took out the pension, I would be at around $104000. So I managed to swing this by $4000- Phew!
5) Buy my first home: DONE. Even though I thought it wasn’t going to be done (and I wasn’t really pushing to buy a house ASAP or anything), it happened. I had thought I was going to get an apartment or a townhouse, but ended up joining forces and managed to get a house.
I am actually really really surprised that I somehow managed to fulfill most of these resolutions. I think it really speaks for the power of this blog for my financial well-being. When you write something down (and when you announce it publicly) it really affects how accountable you are. You really push for it to work out when you announce it to the world (or even just to yourself, or your dog, or your family, or even your pet rabbit).
I’ll be posting my 2011 New Years Resolutions soon. I think they will be challenging, and hopefully I can meet the challenge for 2011!
Readers, have you reflected on your 2010 New Years Resolutions?
Nice work! Looks like a very successful year overall.
@Jaymus- Thanks! Here’s to a successful 2011!
Writing something down definitely makes it more likely to happen — even if you never look at what you wrote again. Although of course it’s even MORE likely to happen when you do review it regularly. Congrats on reaching all of your financial goals from last year
@Jackie- agree! I live my life by writing things down. If I don’t write it down, it’s gone. Somtimes I even have to write down things like “clean up” or “plan vacation days” because otherwise I will seriously forget.
Congratulations. I agree with you in terms of creating goals and following through – we do this at our house together and it creates an environment of moving forward.
@Steave Zussino- Good idea Steve! I’ll try and wrangle BF to do the same. Writing them down in a safe place would be a good idea too, so that people can check on it from time to time.
Congrats on reaching your goals! It looks like you had a pretty successful year.
I have similar goals for 2011, that you had for the previous year. One of which is to buy a condo — which seems to be a very interesting journey.
@twentysomethingmoney- I’m excited to hear your condo stories! I would love to live in a condo, don’t have to worry about old rotting wood etc. Nice clean, 2-5-10 year warranties.. good view. The only downside is the strata fees and the… strata.
Well done! It looks like you did well not only in achieving your goals, but in setting realistic ones as well. I still have to finish mine for 2011, from financial to personal.
@Squirrelers- Hey there! I’m doing financial and personal goals too
But still have to think about the personal one a bit more. Hopefully my 2011 financial goals are realistic. Looking forward to reading yours, Squirrelers.
You did so well this year!!! I haven’t checked my goals yet this year, but maybe towards the end of this week.
@Investing Newbie- Looking forward to reading it! I don’t think I could have done so well if I was left to my own devices and hadn’t kept accountable with my net worth calculations, that’s for sure.
That’s really fantastic that you were able to accomplish all of your goals like that!
I really enjoy following your journey and admire how well you are doing in such an expensive city as Vancouver! Keep up the great work and here’s to a fantastic 2011!
@SavingMentor- I think the goal of recouping the money lost in investments is still kinda iffy- it was hard to keep track of the money as money flowed in and out so much. I’ll try and do a better job of keeping track next year. I love Vancouver- the other day, I went snowboarding and took my dog to the beach on the same day… there aren’t many cities that you can do that in! I’ll make sure to share my journey of being a homeowner in Vancouver!
Congrats on a job well done with your 2010 goals. Also congrats on becoming a home owner. It is one of the most fun and rewarding experiences! I remember when I bought my condo 1.5 yrs ago. It was scary, a lot to know and prepare for, but enjoyed every bit becoming a home owner and now love every minute of owning my own home.
@Fox- Cute avatar, Fox! I’m sooooooooooooooooo looking forward to that feeling, you won’t even believe it. Thanks for reminding me that this positive feeling will come. Today I had that feeling for a SPLIT second as I looked at the new double glazed windows and tested them out. Then that feeling subsided as I had to dip into my stocks to pay for renovations.
Congrats! You accomplished every goal on your list…that is amazing. Most people have one or two that seem to carry over. Keep up the great work and best of luck in 2011.
@Miss T- Nice to meet you! Yeah, I accomplished the goals, but because of the change in the way my assets/ liquid assets sit, everything will be different for 2011, and my new goals will be even loftier and more difficult to achieve. I’m looking forward to tackling that beast.
I wonder if 2011 resolution with include: “add a mini-me to the family”
Looking forward to your next year’s resolutions!
@BeatingTheIndex- LOL, good try, no “mini-me”, more like choke and gag BF and some how subliminally make him propose to me. Any tips? LOL.
You did AWESOME on your 2010 resolutions. Great job! Looking forward to your 2011 new year resolutions as well.
@retirebyforty- Thanks! I’m going to do some personal resolutions and personal finance resolutions too
I don’t think I will be anywhere near being able to retirebyforty though 
Hey, congrats on reaching your goals. I only stumbled across your site this week but my timing seems perfect, I’m gearing up for 2011 to be my most financially intelligent year ever (if there is such a thing) and the info on here will be a great help. Cheers!
@thethoughtherder- Thanks for visiting! I think with the recession, everyone’s 2011 resolutions are to be more “money smart”. Even my friends seem to be getting in on the action, it’s a great thing!
I am glad you accomplished all your goals for 2010. We learn more from our misses though, I decided to test my limit for 2011. Happy New Year.
@krantcents- You’re right, every setback comes a lesson learned. I think that will be the case for 2011 for me….(e.g. can’t spend money on renovations when you it’s already over budget!).
Geez, you rocked this year eh?
Great stuff. I look forward to comparing notes in 2011!
Happy New Year!
@Financial Cents- Happy New Year to you too! Yup, it’ll be a very different comparison that’s for sure, cus in 2011 I have a mortgage and renovation and tenants (soon hopefully). I”m looking forward to see how well I do in 2011 too. I have a feeling I will be taking frugality to a new level…
Congrats especially on the 100k goal! It looks like holding yourself accountable really worked out for you. Interested to see what’s next.
@MD- Hey MD! How are you? Thanks! Hmm that 100K goal might need to be remade again after all the money hemorrhaging I have been doing with the renovations and all. We’ll see in my January calculations
Seems like you reached all of your goals! Congrats on that! I am sure you’ll do good in 2011 as well. Can’t wait to see your other progresses! Happy New Year! Cheers!
[...] Young and Thrifty share a review of 2010 New Year’s resolutions. [...]
You did an awesome job meeting your goals in 2010. I look forward to reading about your 2011 ones!
@Little House- Awe thanks
My 2011 ones will be much more ambitious, now that I have a mortgage. I’m looking forward to the challenge though.
Way to go, lady!!! These goals are fantastic, and you met all of them!!! Just goes to show you the power that online accountability has (coupled with your obvious discipline and drive!)
@Money Rabbit- Thanks MR
That’s always the first step, to write it down 
I”m going to try and get my boyfriend in on this new years resolution stuff (like ahem, for him to quit smoking!)
Great job making all your goals! Having a home will definitely add to your net worth over time in your area.
@Kay Lynn- Awe thanks Bucksome, I certainly hope so. I’m planning to live in it for 5-10 years anyways, so we’ll see how the housing market goes during that time
I’m just curious, if you maxed your TFSA out in 2010, how are you putting $15,000 in it during 2011? I thought the annual contribution limit was $5000?
Good luck on the 2011 goals though!
@Cassie- Thanks for visiting! You’re right, the annual contribution is $5000 max. I did max out my TFSA in 2010, and then I took everything out for my down payment, so in 2011, I’ll have 2009, 2010 and 2011 contribution room available ($15,000). And it’s already January 1, so I won’t get a penalty for depositing money now
I’m very impressed… You deserve credit for you hard work in 2010! I trust 2011 will be as good for you. By the way, how’s home ownership?
@Doctor Stock- Thanks! I hope 2011 will be good- the goals will be harder to achieve now that I have a mortgage and all…. home ownership!… I’m in the throes of renovations right now, and it is coming along… double glazed windows are so pretty. The roof is done, their going to do the re-wiring and plumbing soon…I might be moving in sooner than I expected! Decision making with my boyfriend has been another story though….! We actually agreed on the colours for the kitchen and there weren’t any disagreements LOL.