How did we do on our New Year Resolutions?
Last year, I’ve compiled a list of goals and resolutions for 2014 to hit by the end of the year. Some of the goals were financial, and some personal. Now it’s time to revisit them, and find out if we did in fact hit our New Year resolutions this year!
1. Invest 30% of our income - HIT!
Our goal was to save 30% of our after tax income towards investing. Basically, every month we were to move 30% of our paychecks into special savings account and invest these funds. Also, any of the dividends or investments cash flow were to be reinvested - moved into the same account and not be touched for consumption. Basically, we wanted to live on 70% of our income.
I’m glad to say that every single month we did this without failing once. In fact, we’ve bumped it to 33% halfway through the year just to keep things a bit more challenging. On top of it, we’ve managed to increase our mortgage payment by 10% and to set aside money for a car in case our car decides to call it quits on us.
What really worked for us is budgeting our monthly expenses, avoiding frivolous spending, and sticking to the plan. While we didn’t live like monks, we always thought twice before pulling out the bank card.
2. Update my blog on a weekly basis - HIT!
I’ve been rambling about money online for over a year now. Every week I feel the urge to post something. Sometimes rather philosophical, something instructional hoping it will help somebody who is in the similar situation. The subject of money is considered taboo for the most part and people don’t freely talk about it. Online though you can talk about anything you want with like-minded individuals all day long, and I’m glad I can contribute to the global conversation about personal finance.