These aren't all the much different than last year to be honest. The needs haven't changed a whole lot, nor the amounts. Some amounts are chosen by the 'This is how much I need" for the goal, and some are "this is probably all I can do" for others.
1) TFSA - $2000
I managed to get this amount last year. I divided the goal into two $1000 chunks to make it feel more manageable. My TFSA is currently sitting at $5000 in contributions plus $120 ish in interest. I have tons of contribution room, but not tons to add.
2) RRSP - $1500
I am moving my goal BACK to $1500 as it was 2 years ago. I tried last year for $2000, but between DS2's car accident, DS1's colleege, and our trips down there, I failed to meet this goal. I fell short of having $10 000 in contributions. That would last about four months in my retirement, if I pulled it all out and paid the fees and taxes involved with it. Four months! ouch
3) RESP - is no longer a goal since DS2 has finished his contribution + grant contribution years. I will reallocate this money towards saving for college for two children.
4) Summer 2014 - $1000
I have no specific plans for this money. I am sure a chunk of it will go to our yearly August long camping trip. Beyond that, I am not sure.
5) Back to School - $500
I have cut this goal down by half. It's just for me now. My fees that are due right at the start of the year, plus coffee fund etc. There will be a little left for clothes. The boys' expenses will fall under 'college savings'
6)Christmas 2014 - $1400
No change
7) Vehicle Plates - $1200
No change
8) Graduation Costs - $500
This amount is less than his brother. DS2 has no desire to go to prom. I may get him there for the Grand March, and he would leave after that. Dances and parties are just not his comfort zone. He may change his mind, but I don't think so. I will have a few prom tickets that have to be bought in order to attend the grand march.
This brings me to a grand total of $8100. This is $2000 less than what I set aside last year...however, I still have college to save towards.
Back to the $8100. Divided by 12 months shows me I need to have $675/month to put towards these savings goals. I have $700. Seems like it should be easy peasy right?
But we all know things happen and money has to get redirected elsewhere. I certainly had to do so last year.
Not counted in this planned spending and savings goal are the college costs. Those are too predictable, especially as DS2 is not gone yet.
And that's my money plan for 2015.
This brings me to a grand total of $8100. This is $2000 less than what I set aside last year...however, I still have college to save towards.
Back to the $8100. Divided by 12 months shows me I need to have $675/month to put towards these savings goals. I have $700. Seems like it should be easy peasy right?
But we all know things happen and money has to get redirected elsewhere. I certainly had to do so last year.
Not counted in this planned spending and savings goal are the college costs. Those are too predictable, especially as DS2 is not gone yet.
And that's my money plan for 2015.
2 comments:
Sounds like we need to keep "Murphy" at bay! I can manage fine on a pension as long as I don't get TOO many visits from him! I noticed all the debts paid off in full on your sidebar Jolie!! You continue to both save and pay down debt successfully. Here's to another great financial year!
Aw thanks Jane. It is truly a never ending job, especially for the planned savings part (college). I hope you have a great, full first year of retirement.
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