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 $6,500
- We get an extra $500 of contributions compared to 2022.
- For simple math this would be about $541 contribution per month.
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.
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.
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.
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.
Take a family trip
- A skiing trip and possible Disney trip are being planned.
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.
Receive $6,000 in dividends
- Last year we received $5,366 in dividend income.
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.
- Various ways of doing this however here’s a few ideas. Clothing donation, go fund me, charity donation by $ or time and community support.
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.
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 for reading
Invest in yourself