It's somewhat of a personal finance blogger to have personal finance goals for the new year. After all, this blogs help keep us accountable, and I find it very helpful to motivate myself to achieve these goals. There isn't much change from last year's personal finance resolutions, just a little bit of a tweak here and there.
If you need a little inspiration for your personal finance goals, you can check out the Reddit forum for the 2017 personal finance goals on other people's minds.
I also got a little inspiration from my husband to keep my records more organized (you know, not just stuffing everything into a folder to sort until the end of the year) since my new sister in law (a real accountant!) will be doing my taxes starting next year.
Here are my 2017 personal finance resolutions. Wish me luck!
Increase net worth to $475,000
Last year my goal was to increase it to $420,000 and I managed to achieve this and increase my net worth by over 17% from last year. I hope to increase my net worth to $475,000 by my January 2018 net worth update. This would represent an increase of about $35,000 in 12 months.
Max out Tax Free Savings Account
I don't even know if I should write this as a goal because it will be completed in the first week of January and just involves transferring money from my non-registered account into the Tax Free Savings Account.
Anyway, it's nice to keep in there because we all need some easy goals to achieve in order to feel better about ourselves hah.
Related: Should I open a TFSA or RRSP
Max out Registered Retirement Savings Plan
Again because of my defined benefit pension, I don't have as much contribution room for the RRSP as others, so this wouldn't be very difficult and usually involves contributing somewhere less than $3000-$5000 which again would involve transferring some money to my RRSP account.
Read Five Financial Books
Last year I had a goal of reading four personal finance books and ended reading a bit more than that I think. For this year, will aim for five titles that I have always meant to read.
I'm thinking about titles such as:
- The Little Book of Common Sense Investing by John Bogle
- Security Analysis by Benjamin Graham and David Dodd
- Think and Grow Rich by Napolean Hill
- The Behaviour Gap by Carl Richards
- The Richest Man in Babylon by George S. Clason
Spend Less than $4000 on Travel in 2017
Oh goodness, this is going to be a difficult one…already have two trips booked which I estimate will take about 50% of this budget. This is $1000 less than I spent last year. Planning on going to Iceland and will be bringing a cooler and some dry goods there so we don't have to spend $50 per person for dinner on a daily basis.
Get Rid of One Thing a Day
I got this inspiration from Forbes list of 27 Financial New year Resolutions to Build Wealth however am toning it down from getting rid of 5 things a day to getting rid of one thing a day. It will definitely help me with my goal of being more minimalistic (which I am very far from judging from all the clothes and shoes I have still).
Again Attempt to Increase Dividend Income to $6000 per Year
I am still holding out for this goal since I failed it for the past two years. It would be nice to get an average of $500 a month in passive dividend investment income. It will be difficult to do because previously it was easy but my asset allocation was off (I was too heavily invested in the TSX and still am but much less so).
Organize My Financial Documents and Data
Although I don't do very much buying and selling especially in my non-registered account, out of sheer laziness because I can't keep track of adjust cost base and other details like that, I should start. My husband gave me an Excel spreadsheet to track my Trading Summary so that come tax season it will be easier to see the information. I'm terrible with Excel myself and can't even input instructions to summate numbers so am appreciative of the pre-done spreadsheet.
Happy New Year and best of luck with your personal finance goals for 2017!