Great to be back after a one month hiatus.
There’s been lots going on at work and home, so writing on the blog took a back seat for a while.
We’re officially 75% of the way through the year, which is an excellent time to take a look at where I stand on some of my 2015 goals.
I haven’t been tracking all of these that closely over the last two months but now is a good time to see if I’m still on track to hit my targets.
Goal: Max Out Ye Ole’ TFSA
This one I completely pretty early in the year, until the government recently announced a $4,500 hike in the contribution limit up to $10k for the year in the summer. I’m a huge supporter of the TFSA, while there are some rumblings that it favours the wealthy too much, I’m all for anything that encourages saving.
Having an investment portfolio in the TFSA shelters ALL FUTURE GAINS from any taxes. I would highly suggest all newbie investors first tackle maxing this out and then work on their RSPs (unless your work offers some sort of group RSP – then make sure you capitalize on that first).
Goal: Save 45% of Gross Income
Status: Currently 44.75% (Round that number that up!)
I’m stoked I’ve been able to keep close to my original goal. When I first set that goal I was a little nervous, despite having a good handle on my finances, as sometimes life can throw expensive curveballs.
I think I’m looking good to finish at the 45% mark, given that summer typically tends to be my most expensive months. Beer and back waxing can be pricy!!
Goal: Earn $5,000 in Side Hustles
With three months left to go this will be tight.
It’s crazy the amount of work required to earn on the side compared to how easy it is to just show up to work and get paid. Having to put in office hours, then go home and work some more can be extremely draining. The scary part is, while I may have earned $3,120, that doesn’t include all my costs required to earn that amount – at this point I’m only breaking even!
So why bother? I’ve asked myself this questions many times. Sometimes the stress and fatigue can get to me and makes me want to pack it all in. However, it’s been a crazy learning experience and thrilling to see that $3,120 hit my bank account (and please disregard the $3,120 leaving the bank account). It’s also comforting to know that if shit hit the fan at my day job, I have the potential to earn income on my own.
Goal: Donate $500 to Charity
Of all my goals, I’m proud of this one most.
Most of my goals in the past have been centered on personal wealth accumulation (saving, investing, earning). These are all extremely important goals for me, but at what point do I get to actually enjoy my spending?!
I’ve always wanted to donate more to charity and always got that warm, fuzzy feeling inside whenever I did, however, it often conflicted with inner Scrooge in me. Setting aside an amount in my budget allowed me to open up my wallet a lot more.
Goal: Pay Down an Additional $10k on the Mortgage
Status: $6k paid down
Well, this is one goal I certainly won’t be hitting this year. Instead, I’ve decided to put the remaining $4k into savings instead.
Given the ridiculously low interest rates right now it just doesn’t make sense to me. Sure, interest rates will eventually rise, and if that’s the case I’ll be happy to pay down some of my mortgage, but until that day I’ll stay the course with my regular mortgage payments.
Below is my net worth statement as at September 30, 2015: