Young and Thrifty 2015 Personal Finance Goals

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I am a firm believer that striving to achieve your goals (and more importantly, the follow through to achieve them) is an important aspect of feeling successful in your life.  I reviewed how I fared on my 2014 personal finance (and personal goals) and now it is time to share with you my 2015 personal finance goals.

Max out the TFSA

The Canadian government allows you $5500 of tax free, tax-sheltered room to do as you please.  Personally mine is a retirement account (in my mind anyway) and I am trying not to touch it or use it for any other purpose.  I use a TFSA-trading account.  Come January 2015 I plan to add another $5500.  I might double check to make sure I am not overcontributing by calling that hot-line (you never know…) because I made that mistake last year and but thankfully had the penalty waived from the Canada Revenue Agency.

Related: So I Over Contributed on my TFSA

If you have not contributed at all to the TFSA, you are allowed $36,500 of contribution room (that's a lot of money, a great program from the Canadian government, one of the few ideas that I appreciate haha).

Right now, thanks to the hit in the energy sector, my TFSA has been hit (stands at $38,500 at the time of writing) but I hope to contribute the alotted $5500 and it should have $44,000 in it.

I plan to buy more ETFs with it and rebalance my portfolio.

Related: How To Balance Your Portfolio

Max out the RRSP

2015 Personal Finance GoalsI usually contribute $200 a month to my TD e-series RRSP and when I have my Notice of Assessment I contribute more to max out the RRSP.

Rebalance Regularly

Last year I did not do this very well for a couple of reasons.  I was hesitant to “time the market” even though I was not really timing it and ended up having a lot of cash just sitting there without any action.  To be honest, I think I rebalanced twice last year only and it wasn't at a predetermined time.

To fix that, I plan to rebalance in:

March, June, September, and December of 2015 (to coincide with my Dividend Updates so that I will keep accountable).

Increase Networth to $400,000/$385,000

I hope to increase my networth by $35,000 to $400,000 (if I include my defined benefit pension contributions) or $385,000 without including my pension.  This is quite a tall order but with discipline I think this is achievable.  It would also help if the markets do well too and energy regains its losses haha.

You can follow along to see how I am doing with my monthly net worth updates.

Last year my net worth did not increase as much as I had hoped, however I did spend a lot of money traveling… which brings me to my next personal finance goal:

Spend Less on Shopping and Traveling

I spent a TON of money last year on traveling, I hope to reduce that in 2015 to a reasonable budget of $5000 for the year for travel, which will include road trips, international travel, etc.  So far, I have a trip to Hawaii planned.

As for shopping, I went a little crazy in the United States on a shopping trip to Seattle (I blame Nordstrom Rack and my low self-control when it comes to shopping) and spent more than I would have liked on clothes (especially when I am trying to reach my net worth target for 2014, of all things!).  A goal of mine would be to only spend $1500 to $2000 on clothes/ shoes/ accessories etc. next year and to accomplish this, I am going to go on a shopping ban every other month starting in January, shopping ok in February, no shopping in March etc. (or earn extra money to account for the extra spending past the budget).

Read 4 Financial Books in 2015

Finally, I hope to read four financial books in 2015 (maybe one for every quarter, haha!).  Do you guys have any suggestions?  I could crack open Intelligent Investor again, but that was a difficult read for me.

As per usual, look out for a post in June or July of 2015 for a mid-year review on how I am doing with my personal finance goals.

Readers, what are your 2015 personal finance goals?

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Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

4 Comments

  1. Marty on December 28, 2014 at 11:08 pm

    Nice post. My main goals this year are:
    -Increase passive income by 20% (mostly iPhone apps and SaaS web apps)
    -Contribute at least 20k to my RRSP
    -“Max Out” an RESP for our upcoming baby to get the maximum government contribution



  2. KC on January 12, 2015 at 8:36 pm

    $1500-$2000 a year on clothes/shoes? Omg, that’s crazy. I’m lucky if I even spend $300 a year on clothes and I’m an office worker! Where in the world do you shop at?

    Good luck on your other goals. I think they’re quite achievable!



  3. Young on January 13, 2015 at 12:42 am

    @KC- haha….really? it’s so easy to do! $80 on a few pairs of shoes. $1500 is only a little over $100 a month. I like shopping at Banana Republic etc. Even workout gear is expensive, $50 for a pair of Saucony pants or $100+ for a pair of runners… $130 for a running jacket.. it adds up! 🙁



  4. KC on January 18, 2015 at 10:47 pm

    I buy good quality shoes (dress shoes) that lasts me 2 years. Running clothes, they last for years. I still wear this running jacket that I bought 7 years ago and is still going strong. Runners, I head to the running outlet to pick up clearance shoes for $30-$80 twice a year.

    Other clothes, they last a long time due to high quality (and on sale) and yet I’m always “in fashion” with the occasional trendy accessory purchases. Gotta love the classics. To each their own! 😉



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