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A place for Get Rich Slowly readers to ask questions
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It is currently Wed Aug 20, 2014 5:41 am




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 Post subject: 2013 Financial Goals
PostPosted: Sun Dec 30, 2012 4:16 pm 

Joined: Fri Nov 25, 2011 1:06 am
Posts: 50
New year, new goals, new thread.

2012 was a year of big changes, so I'm hoping for a quiet year with time to relax and enjoy the view, as well as make progress towards all the plans and projects I've started in 2012.

Pay $20,000 off the mortgage
If I’ve run the numbers correctly, the monthly payments and budgeted extra payments should total around $19,000, leaving me to scrape together another grand from windfalls and leftover funds in other budget categories. An extra $20k off my balance will bring me to the 9 year and 7 month mark on the loan (30 year amortization), which would be fantastic. I’d need to save $21,777 to reach the 10 year mark, which I would LOVE to do, but not at the expense of other goals (travel, time with family/friends) so that will be a stretch goal if things are going well.

Save $2000-$3000 for an overseas trip
I currently have $1000 in the travel account, and would like to have at least $2000 by around July/August. I'm putting aside a set amount each fortnight, and will add to this with any windfalls that come along.

Make a small ($1000?) investment in shares
I’ve never bought shares or managed funds before (outside of my superannuation), and I’d like to make a small investment, just for the experience. First I'll need to do some more research about what to invest in, and through what platform.

Bring on 2013, and may it be an amazing year.


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 Post subject: Re: 2013 Financial Goals
PostPosted: Sun Dec 30, 2012 6:30 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 373
Good luck and congrats on an amazing year!


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 Post subject: Re: 2013 Financial Goals
PostPosted: Fri Jan 11, 2013 3:05 pm 

Joined: Fri Nov 25, 2011 1:06 am
Posts: 50
First mortgage payment of the year, first progress update:
Mortgage payoff: 1014/20,000 (5%)
Travel fund: 1165/2000 (58%)
Share-buying savings: 100/1000 (10%)

  • I'm at the 5 year 4 month mark on the mortgage payoff. Hoping to reach the 6 year mark by the end of next month.
  • I need to do some research into online brokerage platforms and ETFs.
  • I'm thinking about adding another goal of making $2000 in side income this year. I'm not really sure what I'd do to achieve that or how much of my free time I'm willing to give up though.


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 Post subject: Re: 2013 Financial Goals
PostPosted: Mon Feb 11, 2013 12:47 pm 

Joined: Fri Nov 25, 2011 1:06 am
Posts: 50
February update:
Mortgage payoff: 2547/20,000 (12%)
Travel fund: 1232/2000 (61%)
Share-buying savings: 930/1000 (93%)

  • At the 5 year 9 month mark on my 30-year mortgage schedule.
  • Dipped into the travel fund to buy some crazy cheap airfares for later in the year (Hobart, Gold Coast). Wasn't really intending to use the travel fund for small trips, so I'll need to work on topping this up later.
  • Put a few windfalls towards my share-buying project, but haven't had any time at all to research this. Think I'll set the cash aside, relax and enjoy the rest of summer, and come back to this later in the year when I'm spending more time inside in front of the computer.


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 Post subject: Re: 2013 Financial Goals
PostPosted: Fri Jan 03, 2014 3:31 pm 

Joined: Fri Nov 25, 2011 1:06 am
Posts: 50
So a lot happened since I last posted in February 2013. Since around March I've been living by myself, so of course it's been more challenging to meet the goals I set on only one income. I've also changed jobs and got a slight pay rise, which was lovely.

Goal One: Pay $20,000 off the mortgage
Result: I paid $19,452 in principal off my mortgage balance in 2013. That's 97% done. As a result I'm at the 9 year, 6 month point on my 30-year mortgage schedule. I took out the loan in April 2012, so I think I'm pretty happy with this result even if I didn't quite make it.

Goal Two: Save $2000-$3000 for an overseas trip
Result: I finished the year with $2344 in my travel savings account, so I'm going to say this one was 100% completed. I didn't end up taking an overseas trip in 2013, because I decided to focus all my efforts and cash on a big trip to the USA in 2014. I did take two small holidays to Hobart and the Tweed Coast which were both fantastic, and paid for those out of the travel account too. So overall I probably saved more than $3000 for travel but spent some of it.

Goal Three: Make a small ($1000?) investment in shares
I have this money saved up and ready to go but put it on hold when my living situation changed just in case I needed some more liquid cash. Then I kind of forgot about it. I picked up the ball again last month and started doing a bit of research. I need to think about how, how much and how often I'm planning to add to this.

Looking back at 2013, I'm kind of amazed that I got so close to my savings goals despite the upheaval in my living situation/budget. And kind of amazed at how little 'deprivation' was required. Sure, most of my clothes are from the thrift store and a fair bit of my furniture was rescued from the side of the road. I buy 'reduced to clear' and specials at the supermarket, and I've done most of the work on my townhouse myself (with help from amazing and talented family and friends). But I also found room in my budget for two vacations, an ipad, craft beer, plenty of eating out, and adventures with friends including several weddings and a weekend road trip. Who can complain about that?

Of course there's always room for improvement, but I feel like in 2013 I got the 'intentional spending' balance right.

2014 goals to come soon....


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 Post subject: Re: 2013 Financial Goals
PostPosted: Sat Jan 04, 2014 5:07 am 

Joined: Wed Sep 18, 2013 4:53 am
Posts: 13
chasingthegoodlife wrote:
Goal Three: Make a small ($1000?) investment in shares


Hey there chasingthegoodlife! Looks like you did pretty well through 2013, congratulations!

Look at one of your previous posts, I'm assuming that you're based in Australia like myself?
My advice for a simple investment would be to save a little more money ($5,000) and invest into a Vanguard Index fund. It's relatively easy to set up and performs similarly to the ASX/200 which last quarter was roughly 15%.

Best wishes for 2014 :)


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