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.
Maximize the RRSP
The next agenda item on the list was to maximize the RRSP. I currently contribute $200 a month to the RRSP TD e-series account and this has been great for me because it is “set it and forget it” which is something I really appreciate. When I got my Notice of Assessment in the mail, I am eligible to contribute a little more than a $1000 for the 2014 tax year.
I would say that this is in progress and it will be completed in the next few months. I would say this can be easily completed.
Increase Net Worth to $380,000
Or $350,000 without my pension. As of the last net worth update, I was hovering around $340,000 so another $10,000 to go which I think might be achievable– I think it will be difficult though as I have some big expenses coming up (that big trip that I had saved up for is going down this year).
I did buy a new car which really put a dent in things. I think I will use the Canadian Black Book to put my car in as a net worth item on my updates. And update it on a yearly basis (because it will depreciate).
I am unsure if this can be completed, if the stock market continues to do well, I can see this being completed. It all depends on how my net worth updates fare.
Possibly Get a New Car
Unfortunately I completed this but I am very happy with this decision. I wanted a hatchback and four doors and my previous care was just not cutting it, even though it was so reliable. I won’t be getting a new car for another 10 years haha.
Blue Chip Dividends in US Portfolio
So far, I have only bought AT&T (NYSE: T) which has been doing well.
I would give myself a ‘meh’ grade for this. Haven’t had much time to research.
Readers, how are you doing with your 2014 Personal Finance Resolutions? Can you believe we are half way through 2014?