I have been putting pen to paper over the last few days and I’ve come up with my 9 personal finance goals for 2019. There is a lot of think time put behind these as I have added in some creative ways to force save and force behaviour. I’d like to think of myself as a fairly competent money manager as I already have a lot of things setup for success. Here they go:
My 2019 Personal Finance Goals
- Do not use my line of credit – I commit to not using my line of credit in 2019 to advance rent payments, credit card payments or any other form of daily usage.
- $10,000 balance in my chequing account – To have a minimum balance of $10,000 to ensure I will not have to utilize my line of credit to advance payments, resulting in short term debt. Achieve by April 1, 2019.
- Invest $20,000 to my TFSA – Since I purchased a condo in 2018, I need to restock my investing account. I need to save $384 per week to meet this goal.
- Grow my Net Worth by 20% – Grow my Net Worth by $33,077 through the stock market, RRSP contributions, my TFSA and other investments.
- Budget every single day – In order to hit my net worth targets, I will need to cut back on my careless spending. This means I need to budget every day and stick to it relentlessly. This is the only way.
- Take it on myself – Divert less savings through my financial advisor and direct more into my personal TFSA account to invest the dollars in the stock market for higher returns and less fees.
- 12 ‘no spending’ weeks – Challenge myself to have a ‘no spending week’ once per month in order to force control of my purchases and encourage savings.
- Create $5,000 of passive income – Through dividend investing, REIT investing, cash jobs on the side or through online mediums to create long lasting passive income.
- Blog it all – Write a blog to hold myself accountable to reach my goals
I have my objectives down on paper and now I need to scorecard them every single month. In my monthly budget tracking documents I will be creating a scorecard so I can keep track of how I’m progressing vs my objectives and I’ll be sure to update you!
I’m very excited to hit the ground running right away. My excel files are all setup for next year ready to go, so I am very confident that I am in great shape to make this happen. It is really only a month away until the new year so it is important that I get this setup so I know exactly my objectives going into the new year. Over the next 30 days I am going to break down each one of my objectives into their own post to help guide myself along and understand exactly the plan of attack for each one of these goals. I suggest you create your own finance targets for yourself to hit the new year with a plan.