My 2008 Goals
Well, I hope everyone had a safe and wonderful Christmas. :) I’m off to Vancouver from December 28-January 1 to visit BF, so I won’t be able to update my blog while I’m away. I’m really excited for this coming long weekend.
In the meantime, I’ve thought long and hard about my 2008 PF goals, and I think I’ve finally settled on appropriate ones for the lifestyle I hope to lead, and the goals I hope to accomplish in the next 365 days.
2008 PF Goals:
- Grow my Retirement Portfolio to $22k invested (current: $16k invested)
- $3-5k in Emergency Fund (current: approx $2k and declining)
- $3k in Travel Fund (current: approx $600 and declining)
- $10k in Condo Down Payment Fund (current: not enough to even mention)
These goals are all based on me making around $50k (FT job plus a PT job), plus about a $4k tax return (I plan on putting the entire tax return towards my Condo Down Payment Fund). That means in 2008, if all goes according to plan and I hit my targets, I will be saving around $18k (depending on how much I need to put back into the EF and Travel Fund), which would be 36% of my gross income. Is that unrealistic?
This is all based on the fact that I actually get a job somewhere soon … if not, and I end up unemployed for another month or two, then these goals will have to be revisited and probably revised. Also, chances are that I will be moving to Vancouver, so the cost of living is slightly higher than this city … and since this will be my first time post-college that I will have to pay “real” rent and everything (I’ve been living in my parents’ basement suite for the past 1.5 years, paying minimal rent), this year is definitely going to test everything that I’ve learned about personal finance, budget management, and how to stretch my dollar.
So, bring in 2008!!!
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[...] if I end up saving $21k+, that would exceed the amount of $18k I set for myself when I made up my 2008 Annual Goals a few weeks ago based on an annual salary of [...]