I love this time of year! All the winter activities are finally done and we’re enjoying a brief break before the next round of activities (swimming lessons, soccer and gymnastics) starts up. Here’s an update on my 2017 financial goals one quarter into 2017…
- $12,500 in RESP contributions – Aside from the $900/month that automatically goes into our kids’ RESP, we put in an additional $2,230 in March thanks to my income tax return (see below) – we’ll be using G’s return to make another RESP contribution in April. Total for March was $3,130, bringing my Q1 total to $4,950. Definitely on track.
- Increase automatic investment amounts ($500/month excluding pension contributions at Jan 1) – Still $900/month, so mission accomplished.
- Annual spend under $80K – Our March spend was $6,639.15, which included another $1K payment on our property taxes (due in October). Other than that, the only other much-higher-than-usual expense was $663.64 spent on clothing/shoes this month for myself and the kids. As expected, our entertainment costs have dropped this month, to $223.50. I’m reasonably happy with our spend this month, and our year to date spend is $19,411.84, so we’re on track here.
- Increase our saving % (20% at Jan 1) – Currently at 25%, so mission accomplished.
- NOT incur any consumer debt – None incurred. On track.
- Declutter at least 2 things a day – I made two trips to Value Village this month, donating a total of 82 items (year to date is 335 items, so definitely on track), including:
- 19 pieces of clothing
- 51 toys
- 6 books/magazines
- purse and wallet
Big Win – Every year before this one, I’ve had great intentions for our income tax returns, and yet every year, the same thing happened… First, we’d overspend on Christmas, and whatever we couldn’t afford would go on our credit cards. Then in January, my pay would go down as EI/CPP started getting deducted again, so I couldn’t quite manage to pay much more than minimum payments on those credit cards. Then, finally, in March or April when the income tax returns would come in, we’d use them all to finally pay off the credit cards and there would never be enough left over to do anything meaningful – or financially responsible – with. So, it was extremely satisfying this year to put nearly every dollar of our returns in the kids’ RESP.
Quarter 1 is in the books! Still feeling pretty good about things! This monthly reporting is definitely helping to keep me accountable… love it!