WTF?? How are we already one month into 2017?! Well, regardless, here’s where I stand with my 2017 financial goals one month in…
- $12,500 in RESP contributions – I put in $920 in January. Definitely on track.
- Increase automatic investment amounts ($500/month excluding pension contributions at Jan 1) – G’s receiving an income again now so I’ve upped this to $900/month. So for now it’s mission accomplished, but this can change if G’s income dries up again.
- Annual spend under $80K – Our January spend was $7,344.83. At first glance, it appears we’re missing the mark big-time on this goal, but it does include prepaying $1,300 of our property taxes which aren’t due until October 31 (see below). We also had over $400 in car repairs which is unusual, and extremely high entertainment costs (almost $700) this past month due to our town’s winter carnival, a curling bonspiel I was in, and a Moose hockey game for the family (because our son’s hockey team was playing as part of the ‘entertainment’ between periods!). We’re ok with all of these costs because the were in support of our community organizations, and we had some wonderful times as a family, as a couple and with my curling teammates! In other words, we got great value in return for our money spent. Provided this high-cost entertainment doesn’t become a trend (our ‘regular’ monthly entertainment costs are a fraction of this), we’ll be fine. So, although it doesn’t seem like it, given all of the above, I think I’m still kinda on track with this goal.
- Increase our saving % (20% at Jan 1) – Due to increasing our automatic investments, our save % is now about 24% so mission accomplished, at least for now.
- NOT incur any consumer debt – None incurred. On track.
- Declutter at least 2 things a day – Aside from the 80 items I posted about in mid-January, I’ve also decluttered: another 38 items of clothing, 5 more Christmas decorations, 13 more books, 3 necklaces, 3 toys, 3 games, a shower curtain ring set, a soap dish, a travel neck thingy, a bottle of foundation that was likely 2 decades old (seriously), and another whole garbage bag’s worth of junk, crafts, toy parts, etc. (which I’m counting as 1 item), so that’s 80 + 70 = 150 items. Definitely on track.
Big Win – Our RM doesn’t offer a monthly payment plan for our property taxes, and before now, I never put any money aside for this. So, every year, at the end of October, this big expense would hit me like a ton of bricks because I wasn’t prepared for it. And so we paid it by borrowing from our line of credit… But, finally, I’ve started setting aside some $ every payday for this, and to make sure I don’t spend that $ on other things, I’ll make payments whenever it starts to build up.
There you have it!! I’m pretty happy with my progress so far… I just hope I can keep it going (well, except for the heavy spending!)…