Savings Goals Update – April & May 2014

Saving my MoniesIn my most recent savings goals post, I highlighted a few of the ways that I was going to increase my net worth throughout the year with a myriad of savings goals like my TFSA, RRSP and vacation savings. And while I debuted all my flashy new savings goals, I didn’t give myself enough time to ACTUALLY budget for them that month! Savings fail! But that’s ok, little hiccups are to be expected when adjusting to a new lifestyle of saving for the future, instead of paying off debt from the past!

But in May I buckled down to make up for April’s slight misstep, and here’s how I stacked up.

TFSA/Emergency Fund

April – Goal: $250/month. Actual: $250
May – Goal: $425/month (my regular TFSA goal & my tax return). Actual: $525 ($175 from tax return)

This month had a higher target for my TFSA goal because I wanted to make sure I used my tax return to boost this account, and I did. Whew.

RRSP

April – Goal: $250/month. Actual: $150
May – Goal: $250/month. Actual: $250 ($150 to work RRSP, $100 to my bank)

Vacation Fund

April – Goal: $75/month. Actual: $50
May – Goal: $75/month. Actual: $50

This is less of an immediate priority, but my partner and I are increasing both our monthly contributions to $75 in June.

Additional Savings

(i.e. new laptop fund, new phone, couch, big-ticket items)
April – Goal: $50/month. Actual: $100
May – Goal: $50/month. Actual: $150

I didn’t include this category in my last post, because I simply forgot. I don’t consider this account ‘long-term savings’ because its not money that lasts for very long. But it is where a chunk of my money goes every month so I can afford to replace my devices/appliances. My current laptop is a Dell Studio that I bought in late December 2008, so the fact that it’s still kicking is practically a miracle! It’s pretty weathered and MORE than finicky and I assume a death-knell is imminent, so this is my short-term savings priority. This account also exists so I don’t have to dip into my emergency funds for something like a new phone, or an unexpected small bill.

April Savings Goal: $625. Actual: $550 (-$75)

May Savings Goal: $800. Actual: $975 (+$175)

So while April wasn’t the best (but it wasn’t bad) May was a good month for reaching my savings goals. Why? I had a little more liquid cash since it was my birthday and May was the first month I didn’t need a Metropass for work thanks to cycling, so I felt confident bumping up a few categories. But I ALSO had to buy a few new items this month, so it wasn’t all fun and games. But overall, I’m pleased with my progress and I’m on my way to beating my minimum goals for the year. So far, so good.

What are your savings goals for the year? It’s almost six months in to 2014, what do you want to accomplish? If you need some ideas about how to save, where to put it, or how to calculate your savings, a few of my favourite bloggers share their different ways in the links below. Keep in mind that many of us are in different places, so budgets/goals will all look different. Maybe yours is debt repayment or something for your career? I didn’t make many 2014 resolutions this year, but I work best if I keep myself accountable on a month by month basis.

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