Saturday, 11 January 2014

Financial Autopilot

Over the past four months I've been a tad busy. (Insert me rolling on the floor laughing at the understatement of the century.) As a result my finances got interesting. I basically went on autopilot for four months. Pay check came in, got divided up, and bills got paid. But other than that finances got ignored.

Then the new year came and I took stock of where I was and was very happy. My good habits were sufficient to put me in a very good place. This month when I looked at my net worth I realized that I had surpassed my goal of being financially self sustaining. I've hit a net worth of $161,347.49 and I only needed to $159,400 to proclaim my goal completed. I had passed it (a year and a half early) and didn't even realize it.

If you're wondering what this financially self sustaining thing is click on the link bellow and you'll get the full explanation. 

Goal:  $159,400 by July 2015
Current:  $161,347.49


All of this was possible because I had instilled good financial habits including spending little, saving a lot and investing every month like clockwork. Other mile stones I've hit are:

-I'm down to 14 years left on my mortgage. 
-I have enough money set aside for this years 10% payment on my mortgage ($15,200) which I can pay down on the 8th of November 2014. (This will be my third of four payments for this amount, the fifth 10% payment will be approximately $1,900 so that I don't pay off my mortgage before the five year term is up.) The mortgage plan is going really smoothly and I'm supper happy with the progress. 
-I have just over  $6,400 set aside to put in my RRSP once I have the room after tax time. I should have $10,440 worth of room this year so I'll be able to fill up over half of my RRSP contribution room right off the bat. The rest of the room I'll be able to fill up over the 2014 year with contributions of $335 a month. So over the year I'll use all my room up for maximum tax refund. 
-My total Retirement Savings have reached the happy total of $29,140. Retirement is best saved for when your not actually looking at the pot grow. 

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