Evaluating Short and Long Term Goals

Evaluating Short and Long Term Goals

It’s been quite a while since I’ve written any new content, and it definitely has had a lot to do with a lack of work/life balance in over the last 2 years. We’ll call it sacrifice, but the career building that I’ve been doing over that period of time was definitely a major drain on my free time, social life and anything that’s categorized as “balance”. So I apologize for not being able to get on here and write anything for a while.

That being said when you have absolutely no time for much of a social life, or anything of the sort you save a TON of money. From a frugality standpoint I somehow became even worse than I use to be aside from my Monday shopping trips to Marshall’s – I was working Tuesday to Saturday for the last year. Let me tell you, Marshall’s is EMPTY on Mondays, what a thrill. Additionally I have taken minimal vacation in 2016, which has also lead to unintentional savings.

In light of my recent “getting back into things” I decided to do some digging on here and copied over my 2013 financial goals – geez I feel old. See below as I take a stab at evaluating my short and long term goals with “2016 update” comments, this also may finally prove whether I’m worth my salt from a personal finance standpoint.

Evaluating Short and Long Term Goals (2013)

Short Term

  • Save up at least enough money from co-op job to cover tuition, housing, utilities and groceries for my final 5th year. September 2013 until April 2014.
    • Tuition- Approximately $4,000 a semester + 1 summer course =$8,860
    • Housing- $415/month=  $4,980
    • Utilities- Approximately-$60/month=$720
    • Groceries-$100/month=$800
    • Total=$15,360
  • Learn more about dividends, RRSP’s, TFSA’s and ways to save for the future
  • Invest in dividend stocks and build a portfolio
  • Save for a post graduation trip

2016 Update

  • Co-op job money saving – I managed to cloth myself, eat and generally survive my final year so looks like I was able to save up enough
  • Graduated in April 2014 with just over $10,000 in Ontario/Canada student loans
  • Went on month long trip to Greece after graduation, all paid off right away with cash available in my chequing account

Long Term

  • Pay off my student loans within 2 years of graduation
    • 2016 Update: Just over 2 years, as of November 2016 I’ve fully paid of my student loan
  • Continue to invest in dividend stocks and build a portfolio
    • 2016 Update:
      • TFSA with dividend stocks and long term growth as my main objective
      • Recently initiated the transfer to a Self Directed RRSP at TD
        • Continuing to contribute each year to an RRSP to take advantage of tax benefits
        • Will use these contributions to invest in 1 to 2 long term outlook-dividend stocks
      • RRSP + Pension through my employer
      • Regular paycheck withdrawal to purchase employer stocks

Additional Wins

  • Used car purchase in September 2016 for current job
    • By end of year 2016 will have paid off line of credit owing on $10k initial car purchase

If you’ve recently graduated, or have been out of school for a few years, how are you doing from a financial perspective?

If you haven’t graduated yet, do you have set goals for the short term and long term?

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