Recap: 2010 Goals
Well with 2010 almost done, I’ve gone ahead and done my 2010 Goals recap. I’m disappointed that I wasn’t able to reach a lot of my financial goals, but I know that by sacrificing a little now, we will gain so much in the future.
2010 Year Recap
I started off 2010 working for an organization that just frustrated me. They didn’t take to change or new ideas very well, and I had major personality clashes with the co-worker I shared an office with (I got along with everyone else that worked there, but she barely got along with anyone). I felt stuck, yet comfortable. Then, in the beginning of March I got fired in a very unethical way. After a consultation with an employment lawyer, I realized that while I knew I could fight for more severance due to the wrongful dismissal, the environment I was working in was so toxic that I just wanted nothing more to do with them. So I didn’t fight for more than the 3 weeks’ severance that I received.
While I was unemployment, I was panicking because it seemed like nobody was hiring in my line of work. And around that time, BF had the opportunity to start his education immediately instead of waiting in 2011 like we had initially planned. So when he quit his job, we were both unemployed for 2-3 weeks together. Talk about a scary situation! But I had my Emergency Fund that helped me, BF took on a contract to renovate someone’s house, and I was confident that eventually I would get a job. Six weeks of unemployment and six job interviews later, I finally landed a great job – more pay, more vacation, full benefits (my old job didn’t offer any benefits), and an amazing work environment.
BF and I have been working together on cutting costs and living off of just my income since March. It’s been a tough adjustment but it has worked for the most part, and we’ve come together as a team. Speaking of team, it was around this time that I tried out for, and joined a local field hockey team. It turned out to be a great decision because I didn’t realize how much I missed playing.
In the summer my parents took my sister and I on a family vacation to Playa del Carmen. It was the first vacation we’ve taken together as a family in almost 15 years, so it was really great. In July I went to Las Vegas on business and had a lot of fun.
It was also in the summer I was approached by an editor for the Toronto Star who was putting together a new financial website for Canadians, called Moneyville. He had read Give Me Back My Five Bucks and liked my writing style, so he offered me the position of Moneyville’s “20-something” blogger … and just like that, 20-Something & Change was born.
In the fall, BF and I went to Maui for 5 days to see our friends get married. We had an amazing time and can’t wait to go back.
October was the month I finally came out and started blogging as myself to coincide with the Moneyville website launch. I never thought I’d do it, but honestly nothing has really changed. I still blog as I always have. The only difference is that some of my friends and family know and now read both blogs. And it’s weird to get feedback from them, but in a way it’s nice. Blogging and personal finance is such a huge part of my life now that it seems weird to hide it from people.
And that just about sums up 2010. It’s been a weird year full of change, and I can’t wait for 2011! :)
Financial
- $35,000 Retirement Portfolio. CHECK! As of writing this, my balance stands at $35,541 with over 2 months left before the 2010 RRSP deadline of March 1, 2011.
- $5,000 Emergency Fund. FAIL! I have less than $3,500 in my EF. At one point this year I was very close to reaching my $5,000 target, but then I lost my job and had to live off my EF for almost 2 months. After that, BF went back to school and my focus became supporting the both of us.
- $3,000 Savings Fund. FAIL! I have less than $500 sitting in this account. Since we became a single-income family this year, I couldn’t focus on everything. Instead, I decided to throw my savings at my RRSPs and replenishing my Emergency Fund.
- $1,000 Travel Fund. FAIL! I have less than $300 in this account. To be fair, I did a lot of traveling this year AND I’ve prepaid for my flights and accommodation for my trip to Toronto/NYC in May 2011. My goal is to keep a $1,000 cushion in this account so that if any unexpected travel comes up, I will have the money saved for it – without having to eat into my monthly budget, other savings, or Emergency Fund.
- Establish a joint savings account with BF. CHECK! We opened up a joint ING savings account to house our down payment.
- Make an additional $5,000. CHECK! I was able to make an additional $8,607.46! This was from my PT job, freelance work, and this blog. I am very pleased.
- Make 3 extra payments to my car loan. FAIL! I only made one extra payment this year.
Personal
- Climb 4 mountains. FAIL! We climbed 2 mountains this year, and did one 3-night hike on the Juan de Fuca Trail. Because I started playing field hockey, I am committed to games every Saturday and Sunday, which obviously makes it hard to get away.
- Go on a vacation with BF. CHECK! We went to Hawaii and it was FABULOUS!
- Go on a trip with my sister. CHECK! We went to Coombs, and we also went to Mexico for a family vacation.
- Go on a trip by myself. FAIL! I wanted to get away, but in the end I couldn’t justify spending the money – especially since we were relying on just my income to get by.
- Take my dad to a baseball game. FAIL!
- Go kayaking. FAIL!
- Read at least 1 novel per month from the library. CHECK! I read: The Book of Negroes, Dear John, Have a Little Faith, Shanghai Girls, The Girl with the Dragon Tattoo, The Girl Who Played with Fire, The Girl Who Kicked the Hornet’s Next, Sarah’s Key, Savor the Moment, Peony in Love, Whiter Shades of Pale, and The RESP Book.
- Join a local field hockey team. CHECK! I actually ended up joining two teams. :)
Professional
- Maintain an updated resume. CHECK! My resume is up-to-date, looking good, and all references are still valid.
- Maintain LinkedIn profile. CHECK! I definitely see its value in my industry, and I’ve started to add a lot more contacts.
- Go on 2-3 mock interviews. CHECK! I’ve been on 6 real interviews this year.
- Take 3 seminars. FAIL! I just went to one seminar while on a business trip in Vegas.
- Print business cards for side business. FAIL! I should have really done this, but I get a decent amount of business through existing clients and referrals. Besides, I doubt I could take on more than I am right now.
- Put side business website back online (and probably update it). FAIL! I actually started to create it and figure out the layout, then just dropped it once I got the PT job blogging.
- Buy the perfect suit. CHECK! Bought a suit blazer from Banana Republic to pair with existing black pants.
44 Responses to “Recap: 2010 Goals”
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Way to go Krystal with your goals. What I love is for the goals you didn't reach you have an explanation why. Absolutely love reading your blog I find it refreshing and inspiring. Do you keep track of your yearly goals monthly, quarterly or is there no set schedule?
Thanks. :) My annual goals are always on a tab at the top of my page, and I like to check in and make notes on my progress every few months throughout the year. So no set schedule, but always updated regularly.
Way to go Krystal with your goals. What I love is for the goals you didn't reach you have an explanation why. Absolutely love reading your blog I find it refreshing and inspiring. Do you keep track of your yearly goals monthly, quarterly or is there no set schedule?
Thanks. :) My annual goals are always on a tab at the top of my page, and I like to check in and make notes on my progress every few months throughout the year. So no set schedule, but always updated regularly.
A very impressive list of goals and achievements here! $35,000 savings for retirement is a very impressive goal! I'm around $7000 myself at 28 (I only started my first ever FT a few months ago!).
Two somewhat technical questions: do you actually have separate accounts for these different purposes (e.g. account at XYZ bank for travel fund, account at ABC bank for emergency savings)? Without that kind of separation (and thus ease of tracking progress), I would find it difficult to stay motivated. On the topic of the emergency fund, how did you come up for the $5000 goal? I've read the general rule of thumb that one should have 6-12 months of living expenses (for me in Toronto, 6 mo. would be about $12,000) saved.
I do hope that you put up a website for your side business – I'm interested to know more about it. How do you manage your side income/freelance income from a tax perspective? I am going to start setting aside about 30% for tax (probably a bit too high but it is better to be too high than too low) myself and it is going to be quite the adjustment. (In previous years, I had so many RRSP and/or education credits that I paid very little tax but that's not the case anymore..)
Yes I do actually have separate savings accounts for each of my savings funds. Like you said, without that kind of separation, it would make it very difficult to keep track and motivated with my goals.
I came up with $5,000 for my Emergency FUnd because it represents about 6 months of barebones living based on if I lost my FT job. Currently my freelance work, PT job and blogging income makes up 30% of my total salary, so I can still rely on those income streams. I eventually want to get my EF to $10,000 but first I have my mini goal of $5,000 first.
For the past few years I've contributed enough through my RRSPs and I have enough write-offs and expenses such that I am still receiving a tax return when I file. With the boosts in income I have received this year and going forward, I plan on also boosting my RRSP contributions. Hoping to speak to an accountant about this in a few months, actually.
A very impressive list of goals and achievements here! $35,000 savings for retirement is a very impressive goal! I'm around $7000 myself at 28 (I only started my first ever FT a few months ago!).
Two somewhat technical questions: do you actually have separate accounts for these different purposes (e.g. account at XYZ bank for travel fund, account at ABC bank for emergency savings)? Without that kind of separation (and thus ease of tracking progress), I would find it difficult to stay motivated. On the topic of the emergency fund, how did you come up for the $5000 goal? I've read the general rule of thumb that one should have 6-12 months of living expenses (for me in Toronto, 6 mo. would be about $12,000) saved.
I do hope that you put up a website for your side business – I'm interested to know more about it. How do you manage your side income/freelance income from a tax perspective? I am going to start setting aside about 30% for tax (probably a bit too high but it is better to be too high than too low) myself and it is going to be quite the adjustment. (In previous years, I had so many RRSP and/or education credits that I paid very little tax but that's not the case anymore..)
Yes I do actually have separate savings accounts for each of my savings funds. Like you said, without that kind of separation, it would make it very difficult to keep track and motivated with my goals.
I came up with $5,000 for my Emergency FUnd because it represents about 6 months of barebones living based on if I lost my FT job. Currently my freelance work, PT job and blogging income makes up 30% of my total salary, so I can still rely on those income streams. I eventually want to get my EF to $10,000 but first I have my mini goal of $5,000 first.
For the past few years I've contributed enough through my RRSPs and I have enough write-offs and expenses such that I am still receiving a tax return when I file. With the boosts in income I have received this year and going forward, I plan on also boosting my RRSP contributions. Hoping to speak to an accountant about this in a few months, actually.
what a fabulous year you've had!
Jordan and I have had tonnes of ups and downs too (just lost another roommate last night – again) – and it all impacts the savings. But you totally have the right mind set. A little bit of pain now = long term awesome life!
My recent post Roommates – Le Sigh
what a fabulous year you've had!
Jordan and I have had tonnes of ups and downs too (just lost another roommate last night – again) – and it all impacts the savings. But you totally have the right mind set. A little bit of pain now = long term awesome life!
My recent post Roommates – Le Sigh
Good job! My goals are not nearly as detailed or specific, so that’s awesome.
Crazy year you had!
Good job! My goals are not nearly as detailed or specific, so that’s awesome.
Crazy year you had!
Well done on all your goals! May you have a great 2011!
My recent post Financial Samurai 2010 Year In Review
Well done on all your goals! May you have a great 2011!
My recent post Financial Samurai 2010 Year In Review
Wow! Looks like you've had a very fulfilling year! :)
I was fired last year too after working for a company for a month….. and it's probably the best thing they did for me because after working there for a month.. all I can think of is… OMG how am I going to survive here for another year?
Good job! Can't wait to check out your goals for next year!
My recent post Dentist!
Wow! Looks like you've had a very fulfilling year! :)
I was fired last year too after working for a company for a month….. and it's probably the best thing they did for me because after working there for a month.. all I can think of is… OMG how am I going to survive here for another year?
Good job! Can't wait to check out your goals for next year!
My recent post Dentist!
Well done! I've been following along this entire year and you have certainly achieved tons!
Best wishes for a new 2011!
Are you planning to use your RRSP (or $25,000) of it for the HBP?
Yeah that's my plan. I'm not sure if I'll use the full $25,000 though. It depends on how much we are able to save on our own, since our goal is to hit $100,000 for our down payment, or whatever 20% would be on the place we want.
Well done! I've been following along this entire year and you have certainly achieved tons!
Best wishes for a new 2011!
Are you planning to use your RRSP (or $25,000) of it for the HBP?
Yeah that's my plan. I'm not sure if I'll use the full $25,000 though. It depends on how much we are able to save on our own, since our goal is to hit $100,000 for our down payment, or whatever 20% would be on the place we want.
I have been reading your blog for about six months now and always enjoy reading it. I feel you are very inspiring for such a young person. I'm 57 and I wish I had had your commitment, drive, and financial sense when I was your age. Keep up the good work!
I have been reading your blog for about six months now and always enjoy reading it. I feel you are very inspiring for such a young person. I'm 57 and I wish I had had your commitment, drive, and financial sense when I was your age. Keep up the good work!
This is also the year I found your blog! I love it so much, your writing inspires me financially on a daily basis.
My recent post What are you trying to do Make all of the money in the world
This is also the year I found your blog! I love it so much, your writing inspires me financially on a daily basis.
My recent post What are you trying to do Make all of the money in the world
Congrats on your 2010 goals — while you didn’t reach them all, it seems you nocked the hardest ones out of the park. Besides, it seems life got in the way of a few of them, by losing your job, but sounds like you ended up the year pretty well off regardless! Have you figured out your goals for 2011 yet?
My recent post Welcome to Twenty Something Money
Yep my 2011 goals are listed on a tab at the top of the blog! Posted them just yesterday. :)
Congrats on your 2010 goals — while you didn’t reach them all, it seems you nocked the hardest ones out of the park. Besides, it seems life got in the way of a few of them, by losing your job, but sounds like you ended up the year pretty well off regardless! Have you figured out your goals for 2011 yet?
My recent post Welcome to Twenty Something Money
Yep my 2011 goals are listed on a tab at the top of the blog! Posted them just yesterday. :)
Considering the challenges you faced, I am quite impressed. Well done! Looks like you have accomplished lots!!! Give yourself grades instead of just a fail because in some cases you actually made progress.
My recent post How to improve your cash flow by optimizing and reducing your automated spending
Considering the challenges you faced, I am quite impressed. Well done! Looks like you have accomplished lots!!! Give yourself grades instead of just a fail because in some cases you actually made progress.
My recent post How to improve your cash flow by optimizing and reducing your automated spending
I,m continually inspired by your blog and your achievements, looking forward to 2011 and following you through it.
My recent post Insomnia Over Money Plans
I,m continually inspired by your blog and your achievements, looking forward to 2011 and following you through it.
My recent post Insomnia Over Money Plans
Wow. It's been quite a crazy year hasn't it for you. Good job on your 2010 goals. Merry Christmas. Can't wait to see/meet you in January. :D
Wow. It's been quite a crazy year hasn't it for you. Good job on your 2010 goals. Merry Christmas. Can't wait to see/meet you in January. :D
Way to go Krystal! Even though you did not meet every goal, I am impressed by how much you did manage to get done. You are truly an inspiration.
To a terrific and fulfilling 2011!
My recent post If There Is Gambling- Sleeping and Buffeting at the End of the Road- I Will Only Slightly Whine Along the Journey
Way to go Krystal! Even though you did not meet every goal, I am impressed by how much you did manage to get done. You are truly an inspiration.
To a terrific and fulfilling 2011!
My recent post If There Is Gambling- Sleeping and Buffeting at the End of the Road- I Will Only Slightly Whine Along the Journey
It looks like there are a lot of 'fails' but you accomplished a lot in 2010! Everything is working out nicely, for 2011 to start at a good place… :)
My recent post Week 12 Spending Report
It looks like there are a lot of 'fails' but you accomplished a lot in 2010! Everything is working out nicely, for 2011 to start at a good place… :)
My recent post Week 12 Spending Report
What type of seminars?
My recent post Should I reduce or stop my 401k contributions in order to decrease debt
Any type of seminar or course that relates to my career. I've taken a few on social media, various marketing, one with Canada Post (about unique/cost effective ways to ship & present material through the mail), and some on writing and public speaking.
What type of seminars?
My recent post Should I reduce or stop my 401k contributions in order to decrease debt
Any type of seminar or course that relates to my career. I've taken a few on social media, various marketing, one with Canada Post (about unique/cost effective ways to ship & present material through the mail), and some on writing and public speaking.
Wow – I can’t believe how many goals you set
yourself in a year. Thats great. I’m lucky to set 2 or 3
and usually end up missing most of those! Given you were unemployed
for part of the year, its no surprise that missed some of the
financial goals. Try again this year. My recent post rel="nofollow">Your Charity Portfolio – High Net Worth
Donation Management Part 1
Wow – I can’t believe how many goals you set
yourself in a year. Thats great. I’m lucky to set 2 or 3
and usually end up missing most of those! Given you were unemployed
for part of the year, its no surprise that missed some of the
financial goals. Try again this year. My recent post rel="nofollow">Your Charity Portfolio – High Net Worth
Donation Management Part 1