It was a great year for me and I am happy to be starting 2014 with the finish line in clear view, it has taken a lot of work to get where I am. I’ve had to dramatically change my thinking towards my finances, money habits and my desire to shop for nice things. It takes time but once you have a solid foundation of great financial habits, the sky’s the limit. I believe I have that foundation of rock that I can know build a beautiful house of fabulous money habits and milestones.
Creating goals for 2014 took a lot more time than in previous years, it took about two weeks to narrow everything down, make sure numbers added up and that I could achieve these without any massive failures. I wanted stretch goals but not too extreme.
Increase my earning potential. Earn $100K a year or more by EOY 2014 through my career. For now, I am going to stick to getting my career in order before I have any side hustles. 2013 didn’t turn out to be the stellar year I had hoped it would be with my career, I will achieve the change I want in my work.
Have a Garage Sale. I have been procrastinating on this for at least a year. All the stuff that I can’t sell on Kijiji or EBay, will be in a garage sale by June 2014. I’ve already set aside a lot of the stuff to sell; now I need to label them with prices and sell them!
Pay off Line of Credit. Pay off the remaining $16,953.92 by August 2014 or $2125 per month. Once completed, ask the bank to cut limit in half and inform them they must ask my permission before increasing ever again. Let’s just say I could buy a nice car with my Line of Credit, yikes! Bad Bank 🙁
Celebrate with bottle of champagne that was supposed to be for New Year’s, LOL! In addition, possibly buy myself a ring from Tiffany’s I have been coveting for quite some time. Not to worry, it’s only $300 not $30,000. Having a small reward at the finish line (besides the fantastic feeling of being debt free) will add an extra little incentive for going eight months with no shopping.
Do NOT spend my tax refund. All proceeds from 2013 tax refund will go to Debt repayment on Line of Credit, not a dime spent!
Some of my new savings goals for 2014 will have to wait until August when my consumer debt is paid. I have tried in vain to get my budget to balance with the extra savings goals and sadly, it doesn’t with the fast track debt repayments. Once the debt is gone, I will have $2100 a month to put into all of these savings targets. I’m hopeful I can still make the year-end targets.
Retirement Savings. Year 1 goal of 3-year plan. I will save $10,000 into my RRSP by December 31st 2014, $833/mth. This is an additional $600/mth over current contributions through my employer, or $200 a month until August.
Increase Emergency Fund savings. I will save $4,000 in my Emergency Fund by end of 2014, or $333 per month.
Save for a vacation in 2015. I will save $3,000 for a vacation in 2015, increase savings from $200/mth to $250/mth.
New car savings project. Starting August 2014, increase Car savings from $200/mth to $314/mth to reach my goal of $30,000 in savings by 2020. Year-end target $2856
Get that house down payment going. Starting August 2014, increase Home savings from $50/mth to $1000/mth to reach my $30,000 goal by 2015. Year-end target $4400
January 2014 to August 2014 will be a spending time out. I need to get rid of the last bit of debt I have and focus on my priorities of renting/owning a home and building wealth.
I will achieve focus by adjusting areas in my budget where I have a tendency to overspend; areas are Food & Dining, Entertainment, Shopping, and Personal Care.
An eight-month “No clothing spend”, there will be zero tolerance in my budget. Once debt is paid in August, I will establish a savings plan for clothing.
Food and Entertainment spending reduced for eight months.
Groceries are already at their lowest but I will try different ways of economizing and making food go further.
Wine is limited to $20 a month, restaurant outings limited to twice a month at $80 total, and I must stick to my Starbucks budget of $25 a month.
Pharmacy/Beauty spending reduced for eight months. There will be no spending on cosmetics or face cream for six months; I should have more than enough on hand to last me that long. I can only spend on small items such as toothpaste and deodorant. I am permitted one spa visit before my vacation and a max spend of $200.
Increase my knowledge of investments. I primarily have Mutual Funds, GIC’s and TFSA’s currently and once my debt is paid, I would like to add stocks/ETF’s to my portfolio.
Increase my knowledge of mortgages. When I’m ready to rent/buy a home, I’d like to be fully versed on all the rules and regulations.
Subscribe to one financial publication.
Monetize BB. In case you hadn’t noticed, I have no advertising on the site at all, nor do I do any freelance/guest writing.
Ensure consistent branding is on all platforms. I.e. Google+, Twitter, Instagram etc.
Reach 1,000 Twitter followers. Are you following Budget Bloggess yet?
Cycle 100K by end of year, in one outing. Do at least one charity ride. They’ve cancelled a few in my area so I need to find another one nearby to do.
Be 128 pounds again. Lose overall inches, 2 inches on bust, 2 inches on waist and 2 inches off hips. For the first 6 weeks of the year, I’ll be following Tone It Up’s Love your Body 6 week challenge.
Have a clean diet; remove all dairy, refined sugars and white flour. Coffee only on weekends.
Laugh more, have more fun.
Meditate more, change my attitude and thinking towards money.
Be myself and tell my friends how much I appreciate them. I can be non-communicative sometimes.
Act on what I feel. If I want to give something, don’t just think about it, do it. Take action.
Get back into dating. Sign up for online dating in March, eHarmony. If I can’t do this for $30 a month, I won’t do it. Get ready for stories my friends!
Reading Project: Read 30 books this year, 2 per month. One of which must be a personal finance topic. Check out what I have lined up on Goodreads.com
Writing Project: I would like to improve my writing; therefore, I will do each daily exercise in the Writer’s Devotional for 365 days, starting January 1st 2014.
Watch every Audrey Hepburn movie free. The library will be my friend on this one…
1981 They All Laughed
1976 Robin and Marian
1967 Wait Until Dark
1967 Two for the Road
1966 How to Steal a Million
1964 My Fair Lady DONE
1964 Paris When It Sizzles
1961 The Children’s Hour
1961 Breakfast at Tiffany’s DONE
1960 The Unforgiven
1959 The Nun’s Story
1959 Green Mansions
1957 Love in the Afternoon
1957 Funny Face
1956 War and Peace
1954 Sabrina DONE
1953 We Go to Monte Carlo
1953 Roman Holiday DONE
1952 Secret People
1951 Baby Beats the Band
1951 Young Wives’ Tale
1951 The Lavender Hill Mob
1951 Laughter in Paradise
1951 One Wild Oat