Mid-2014 Check-In

Now that half the year has passed, it’s a good opportunity to check in on your progress towards your personal and financial goals. I try to check my progress quarterly, but I usually find the end of June is really when I have an idea where I’m going to end up. This year? Not so hot.

Click here to read my original 2014 Goals & Plans

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I ended up with a small income tax refund when I was expecting a much, much larger amount — as in, $4,000 more. Since my original intention was to go on vacation with the cash and then bank any leftovers for next year’s tuition, I had to make some serious adjustments to my original plans.

Without a fat income tax refund, I axed the vacation.

I assumed I wouldn’t get to go anywhere this year, but 2 weeks ago a side project took me to Toronto. I’ll take a free trip to a city I’ve been to before over paying to go somewhere I’ve never been any day!

Nonetheless, I’m looking forward to finishing up my MBA and getting back to annual vacations all over the globe.

The second incident that threw a wrench in my plans was ending up unemployed for the month of May.

As one of only six students in my MBA program that found an internship this summer, I’m grateful to have a job at all, but my bout of unemployment cost me $3,000 to $4,000 in lost income that I had been expecting. I won’t be so arrogant about finding a job easily after graduation, I’ve learned my lesson! Not only is this is making it a huge challenge to get my emergency fund to $5,000 this year, when I couldn’t find a job, I enrolled in 2 summer courses. Naturally 2 weeks into my summer classes, I found a full-time job and had taken on more than I could manage (including being halfway into the Insanity program which was demanding workouts 6x per week). Basically I ended up broke and overworked for a painful 6 weeks and it was the worst >:(

Since starting work, my savings is back on track and I’m confident I’ll get my emergency fund to the $3,000 to $4,000 range which is only a little bit short of my $5,000 goal this year. I’m currently revisiting my other financial goals in order to make sure all my automatic transfers line up to hit my new focus of getting $100,000 in my RRSPs by age 33. It’s still really important to me to eventually get to a $10,000 emergency fund, but I also know that $5,000 is plenty to deal with a crisis (or so I hope, I now have the foreboding feeling that those are famous last words).

As for my goal to read 100 books, I’ve completed 24 with books 25 and 26 currently on the go

…putting me 25 books behind schedule! In retrospect 100 books was probably too many, which just goes to show I’m part of the problem when it comes to setting stupid goals. I’m going to leave this goal as is right now and take another look at it at the end of the summer. As for now, I have more free time for the next 2 months so I’ll be crossing as much as I can off my to-read list.