Its that time of year again to set our goals for the 2023 calendar year. Did you know that you’re 42 percent more likely to achieve your goals just by writing them down. Get those goals written down and look at them each month to keep you focused.

Here are my goals for 2023:

Increase my personal TFSA by $6,300

  • We get an extra $500 of contributions compared to 2022.
  • For simple math this would be about $525 contribution per month.

We came close to making this goal with 2023 contribution of $6,000

Continue the process of finishing the basement

  • This area will consist of a full workout facility, entertainment room, guest bedroom, bathroom and storage room.
  • Sub floor and framing was done in 2022. This year we would like to get the electrical, sign offs, dry wall, taping and painting complete.

Unfortunately we haven’t made much progress here and this is put on the backburner until likely 2025

Increase Maria’s TFSA by $7,500

  • This will take about a $625 contribution per month.
  • Maria’s still has room within her TFSA to contribute more than the 2023 TFSA limit of $6,500, to get it maxed out we will need to continue the increases in this account each year.

We came close but only ended up contributing $6,500

Pay no interest on any credit card

  • We have a pretty good streak going (6 years to be exact).
  • We focus on making a minimum of 2 payments each month and by paying off the total amount owing each time.

Our first goal achieved on the list so far. Not a penny of interest was paid in 2023

Increase RRSP by $17,000

  • The company I work for has a matching program up to a certain amount, so we want to take advantage of that.
  • Maria runs a home based business, we will need meet this goal so we don’t owe the tax man at the end of the year.

We were able to accomplish this one surpassing the goal and coming in at $19,804.36

Take a family trip

  • A skiing trip and possible Disney trip are being planned.

We hit this one as, enjoying Big White and hitting up California for 10 days. The kids are still talking about it!

Fund the kids RESP by $6,000

  • Funding for your kids education is crucial to start early so it makes it easier in the future to support their careers.
  • The government will match 20% of your annual contribution up to $500.

Were way off on this one with only contributing $1,000 and receiving additional $200 from Government, sorry kids ha

Receive $6,000 in dividends

  • Last year we received $5,366 in dividend income.

Original goal was $6,000 but partially through the year we bumped it up to $6,300. We came in at $6,385 which is 16% higher than 2022

Reduce debt to asset from 36.8% to 34.8%

  • The best way to attack this is to increase your asset line and decrease your current debt. Our only current debt is our mortgage so its likely were going to focus on building additional assets within the portfolio.
  • Since making this a goal we have reduced this ratio from 67.5% in 2018 to 36.8% at the end of 2022.

We continue to focus on reducing debt which has been handy in managing higher interest rates. We made some real progress here and reduced the number from 36.8% at the beginning of 2023 down to 32%

Give back

  • Various ways of doing this however here’s a few ideas. Clothing donation, go fund me, charity donation by $ or time and community support.

Throughout the year were always giving back to those that need it. This year was donating all clothing to Moms Canada and cash donations to the Stollery Hospital.

Increase net worth by $100,000

  • This is the same goal set in 2022, inflation and market fluctuation will play a key role in achieving this.
  • Will need to increase net worth on average throughout 2023. of $273.97 per day. Pretty crazy when you put it that way.
  • Quick breakdown, $6,000 dividends plus a 7% return on portfolio, $17,000 into company RRSP, $14,000 into TFSA, $6,000 into RESP, $27,000 mortgage paydown and the remaining from savings, employment income, two home businesses and expense management.

Well we didn’t achieve $100,000 but we did come fairly close at $82,000.

Receive a minimum of $1,000 from cash back on credit card

  • Bringing this one up a bit over last year.
  • This is not about spending more to gain cashback, its about utilizing the payments throughout the year on the credit card that is going to pay us the most, that is if you pay it off monthly.
  • We have 2 kids so most parents will know that extra activities are not cheap but are important!

Thanks to a couple trips we beat this goal by receiving $1,231. It’s nice when the credit card company pays you.

7 of 12 goals fully achieved in 2023. 2024 goals coming soon

Invest in yourself