Thursday, October 13, 2011

GOAL SETTING: PART ONE - YEAR IN REVIEW





You’ll never reach a financial goal you never set.


How profound! Wish I'd said it. But no, I snagged it from "We the Savers - The Official Blog of Savers".


Here are the goals I set last October...I wonder how I did!


Financial Goals 2010:
I'll start with the goals that are easy to measure (with a calculator in hand).
  • Save another $5000 for my TFSA (at $650 savings/month this should by attained by August, 2010) - Will be achieved TOMORROW!! Late but I will still count as a success:)
  • Save $2400 for RRSP contribution (at $200/month beginning March 1st this goal will be reached in time for next year's taxes (Feb.29/12)- Changed this goal completely! I am no longer contributing to an RRSP - see this post for the reasons why!
  • Save $2250 to add to my Emergency fund bringing it to a total of $3000 by year's end - well...yes and no...I have added more than $2250 but had to use some for car repairs and new tires!  Partial success!
  • save $1500 for Christmas by Dec. 2011 - YES!! Success!
  • Pay a total of $17,400 towards debt by Dec. 31/2011 (this includes $1200/month on Line of Credit and $250/month on PEI mortgage -major success - will have paid $26,550 ON LINE OF CREDIT by Dec. 31st!! That's where my RRSP money went to!   AND INCREASED MY PEI MORTGAGE PAYMENT TO $300 PER MONTH REDUCING THE AMORTIZATION FROM 25 TO 16 YEARS!! 
  • maintain $100/month to World Food Program (now on automatic withdrawal so I won't miss a month due to forgetfullness!), and make six NEW Kiva loans this year ($150) in addition to reloaning the $$ that is repaid to me from previous loans (Sadly no, this will be a post in itself!)
  • TRY to spend a maximum of $225 twice a month on groceries Success - actually spending $200 twice a month woo hoo!
  • TRY to spend a maximum of $100 twice a month on gas (this will work out til the end of June and then will have to adjust due to doing a ton more driving in the summer - like to PEI!!! My Crofters Lane jar will help to cover summer driving. SUCCESS!! sticking to this amount even though gas prices continue to rise!!
  • Through a variety of methods (snowflakes, budget leftovers etc) increase amount in Crofters Lane jar from $360 to a minimum of $650 by June 30 -actually had about $1500 so major success!!
Personal Goals 2010:
  • ride stationary bike 3-4 times per week and record mileage in sidebar YES!!
  • lose 10lbs by 2nd anniversary (April 18) NO!! a little late on this one!! I have lost those 10lbs now and am looking to reduce another 10lbs. but not setting a date!
  • list books I read in my sidebar; read one non-fiction book for every five non-fiction books I read (increase learning) YES, but I forgot to add them to my sidebar...removed sidebar after awhile :(
  • plant 50 trees at Crofters Lane this summer NO - more like 20
  • declutter the basement by June - MAJOR FAIL!! DUE TO SELLING THE TRAILER MY BASEMENT IS MORE CLUTTERED THAN EVER!!
  • organize my cajillions of digital photos by the end of January - SUCCESS!! HOWEVER I HAVE A CAJILLION MORE TO ORGANIZE!!
  • make at least one person laugh each and every day - PROBABLY NOT EVERYDAY BUT PRETTY DARN CLOSE!!
  • use http://www.spendingdiary.com/ daily to track my spending - FELL OFF THE WAGON OVER THE SUMMER BUT BACK ON NOW! 
  • get out into nature a minimum of once per week - yes!! SUCCESS!!
I feel pretty darn good about how I did over the past year, especially with paying down debt. My line of credit was at an all-time high of $56,250 after purchasing my house in PEI in August 2010. I exceeded my debt reduction goal by almost $10,000 - that ain't chickenfeed my friends!!

That was the first time I ever put my financial and personal goals down on virtual paper. I'm happy with the choices I made but after living with them for a year I can see where I went wrong, where my priorities were a bit confused and now know I can zero in on more precise & more relevant goals for the upcoming year. 

After I sleep on it I'll get busy.

Part Two Tomorrow!  SETTING GOALS FOR 2011-2012!!
  • PpppppppppppppSave another $5000 for my TFSA (at $650 savings/month this should by attained by August, 2010)
  • Save $2400 for RRSP contribution (at $200/month beginning March 1st this goal will be reached in time for next year's taxes (Feb.29/12)
  • Save $2250 to add to my Emergency fund bringing it to a total of $3000 by year's end
  • save $1500 for Christmas by Dec. 2011
  • Pay a total of $17,400 towards debt by Dec. 31/2011 (this includes $1200/month on Line of Credit and $250/month on PEI mortgage
  • maintain $100/month to World Food Program (now on automatic withdrawal so I won't miss a month due to forgetfullness!), and make six NEW Kiva loans this year ($150) in addition to reloaning the $$ that is repaid to me from previous loans
  • TRY to spend a maximum of $225 twice a month on groceries
  • TRY to spend a maximum of $100 twice a month on gas (this will work out til the end of June and then will have to adjust due to doing a ton more driving in the summer - like to PEI!!! My Crofters Lane jar will help to cover summer driving.
  • Through a variety of methods (snowflakes, budget leftovers etc) increase amount in Crofters Lane jar from $360 to a minimum of $650 by June 30
  • ride stationary bike 3-4 times per week and record mileage in sidebar
  • lose 10lbget out into nature a minimum of once per week

6 comments:

Out My window said...

I am very impressed. You make me laugh almost every day!

~Carla~ said...

You've really done amazingly, Jane!!! I'm impressed! Can't wait to read your new goals! :)

Anonymous said...

aw man it's time for me to set some goals for next year! I can't believe this year is almost over with :-(

I like the adding a non-fiction book with the fiction - I read a LOT of fiction and dont' want to read that much non-fiction LOL!

I'm debating lowering my 401k contribution - mainly since I'm more concerned with saving for the present than the future with this economy. :-(

Susanna

Anonymous said...

You did great!!

Louise said...

I really like the detail in your goals, and yes, the amount you paid off debt is impressive! the best thing about you is that you seem to have a great time along the way, not putting it off till later.
good luck with the rest of the goals!

Lindy Mint said...

Wow, you did a great job, especially with your financial goals. I'm so impressed! (not that I ever doubted you)