Time to start saving for a house.
Setting smart financial and career goals is the #1 thing I credit to my financial success. Without achievable and measurable goals that I declared publicly on this blog, I never would’ve paid off my debt in two years, or hit $25,000 in net worth by age 25. I never would’ve paid for my wedding in cash, or saved six months of living expenses in my emergency fund. These goals, which you can check out here, here and here, were the catalyst for everything.
Usually I can’t wait to set goals for the new year, in fact I typically decide on them before the ball drops on New Year’s eve. This year was different, however, because my life has been a bit in flux since moving. My husband was job searching, we were settling into our new (more expensive) budget and still figuring out what things were going to cost. Enough time has passed now that I’m ready to publicly declare some goals. Here’s what I’m hoping to accomplish in 2015:
Accumulate $14,000 In My Retirement Fund
Last year was my first year of saving for retirement. I started out 2014 with a measly $760 in this account and finished up with $7,163. This year I want to double that amount, bringing this account to $14,000. I’m going to keep my retirement investments in my RRSP, and I’m happy with the Tangerine Streetwise funds, so I’m going to keep them there for the time being.
How I’m Going to Do It
I’m planning on accomplishing this goal by contributing $500 per month. If you’re thinking Hey that’s only $6,000 then you’d be right. The rest will hopefully be a combination of freelance income and market returns. So far I’ve been able to contribute $500 in both January and February despite only living on one income right now while my husband job searches.
Save $5,000 in My “Future” Fund
Now that I’m debt free, I’ve got my emergency fund established, I’m on track for retirement savings, and I’ve done some travelling, it’s time to start saving for a home. I’ve wanted to be a homeowner since I graduated from university, but I’ve always had other priorities to get out of the way first. Now it’s time, and I want to get started. $5,000 isn’t much, but it’s a good start.
How I’m Going to Do It
The bulk of this is going to come from my tax return and my New Brunswick Graduate Retention Rebate. This is my last year claiming this rebate and I’ll be really sad to see it go, but I’m happy that I’ll be able to use it to seed my future house downpayment fund. The rest of the fund will be filled using freelance income. I’m going to put this money in my TFSA and I’ll probably invest it, since I don’t plan on accessing it for at least five years and the interest rate on savings accounts is so pathetic these days. I’m going to stick with Tangerine Streetwise funds, but I’ll pick one that is lower risk than where I’ve got my retirement fund invested.
Professional Development Goals
I’ve got a few goals for my career that I want to fulfill this year, which I’m hoping will translate into a raise sometime mid-year. They are:
- Become Hubspot Certified
- Get Google Adwords Certified
- Renew my Google Analytics certification
- Take three Ladies Learning Code Workshops
Side Hustle Goals
I really want to expand my side hustle, but I’m not sure particularly how just yet. I’m thinking of embracing some of my other passions, beyond money management. I’m looking for a fresh way to earn extra cash, perhaps something that will get me outside in the fresh air, instead of being glued to a computer all day and night. Got any ideas?
These are my goals for 2015. I’ve got other things I want to accomplish too, but most of them are spending goals, or goals I’m not ready to share yet. I promise to let you know as things unfold.
What are your big goals for 2015? I want to know!