Since everyone else posted their goals at the beginning of the year, I thought I’d be different and post mine on February 28th. No better time in my mind.
Not really. Earlier in the year I couldn’t exactly think ahead to the summer since I had no idea what I was going to do about my work situation. Now that I’ve got a new working arrangement figured out though, I finally feel like I can plan ahead and I want to make some financial goals for the year and post them here for the added accountability. This post over at ‘Give Me Back My Five Bucks’, inspired me to make them lofty! (But not too lofty- I’d like to achieve at least a couple of them…)
Without further ado, in the upcoming year we would like to achieve the following:
1) Pay down our last remaining non-mortgage debt. We owe $6000 to my parents. They originally loaned us $9000 towards the down-payment on our home and graciously allowed us to pay it back at our convenience and without incurring interest. We made our first payment of $3000 around Christmas (it was no longer convenient) and I’m looking forward to paying back the rest of it asap. It will feel great not to have this hanging over my head anymore- it’s about time too!
2) Put $2500 in the baby’s RESP. We’ve been saving money for his RESP since he was born. I am meeting with our advisor in a couple of weeks to deposit $1000 and apply for the government grants. Perhaps then we will set up an automatic payment plan as well.
3) Put $5000 in RRSPs. While this is listed in our 2012 goals, it will include the first two months of 2013 and not include the first two months of 2012.
4) Increase the amount in our Emergency/ Mortgage ledger to $15,000. This is probably the most lofty goal here. This would double the current amount. I am not sure that this is achievable along with all the other goals listed but I’m going to try for it.
5) Increase our net worth to $85,000. At the end of 2011 our net worth was around $61,000. I have not been tracking our net worth for very long so I am not sure if I have made this goal too easy or too hard. Because net worth can be affected by so many different things (ie; property going up in value, investments doing well or poorly, etc.) I have a hard time factoring it all together. If I achieve this amount- awesome. If I achieve better- even more awesome. If we don’t get anywhere close- we’ll know for next year.
So that’s what I’m excited about this year. I can’t wait to start moving towards this once I start earning a regular wage again!