Financial Goals for 2014

// Published January 9, 2014 by Swati

Reduce money spent eating out
This one is a really easy one. My husband and I are spending between $400-$600/month eating out – $4800-$7200. That’s more than charity! I’d love to bring this down to $350/month for 2014, for a total of $4200 for the year.

Increase charity
Our charity amount seems to be directly tied to how often we attend church…which means in summer, we are practically donating nothing. I’d like to increase our charitable contributions for the year, as well as give to a varied amount of charities. Currently we only give to World Vision and our church. Would definitely like to include some secular and local charities as well, to give back to the community.

Be mindful when buying groceries
Our groceries are averaging around $1800 a month, I’d like to bring this down to $1500 a month. I think we can — if we are just slightly more vigilant about not over-purchasing produce or goods that we don’t need. This is mostly on me on not buying expensive Tupperware or products that we don’t need!

Contribute $28,000 to RRSPs
Keeping in with our retirement plan, I’d like to contribute $14,000 for each of us in our individual RRSP accounts.

Contribute $2500 to kids RESPs
Despite much opposition from Jonathan, I think he is realizing that just because we feel strongly against paying for our kids’ education, it is unfair for them to not be given the grant that the government provides. I’d like to contribute monthly to the kids’ education fund.

Contribute $5000 for Mortgage Pre-payment
Anything to have this mortgage paid is sooner! A $5k annual payment with a 5% increase in payments every year means I pay off the mortgage in 10 years instead of 17!

What are your goals for 2014?