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2013 Goals – The final installment

I thought it would be good to recap my 2013 goals before posting my 2014 goals and let you know what I accomplished in 2013.

As I may have mentioned before this is the FIRST time that my hubby and I have actually set goals for the year. Not resolutions, because they are easily forgotten, but goals that we’ve revisited often all year round to guide our decisions and help us keep our eye on the big picture.

I also took the “go big or go home” stance on goals. There were a few thrown in there that I thought I could reach easily to give me that quick feeling of success, however a lot of my goals were things that I thought would be out of reach. My theory – borrowed from Dan Miller at 48 Days to the work you love pod cast –  is that if I set the bar high, but only make it half way I’ve still significantly improved on where I was so I am still successful even if I don’t meet the goal.

Some of these I touched on in an earlier post so I won’t go into them too much, but others I just kind of left behind and I’ll fill you in on the details.

You can check out my original post on goals from last January here

1. Double my income

That didn’t happen, as mentioned in an earlier post when I decided to leave my full time job, I pretty much kissed this one goodbye. That said my Hubby managed to more than double his business’ income this year which is a score for both of us and in some ways accomplishes my goal too!

2. Pay off the car by March 1/13 – Check, one month early, got this one done in February.

3, 4, & 5. Run 10K, 1/2 marathon, & full marathon race – these all went out the window when we found out that we were expecting our second child. At that point due to minor complications in my pregnancy I had to stop running. This has been hard for me because I LOVE to run, but I’m looking forward to running again soon!

6 & 7. List & sell our current home, AND hopefully buy a new larger home with a smaller mortgage.

2013 brought with it many challenges for us on the home front and while I desperately want to sell our current home and move into a place that has more space and better accommodates our growing family for a number of reasons this did not happen in 2013, and I doubt that it will happen in 2014 either. Who knows. We’ve unfortunately run into many snags in our plan here most of which have been financial. Our current home is a town house and is part of a Strata (ie we pay a monthly condo fee and there is a condo association that takes care of the building). What a pain. My ultimate advice NEVER buy into a Strata unless you want to basically pool your money with every other owner in the building, keeping in mind that they may not all agree on how to spend those hard earned dollars.

This year there have been a number of medium to large repairs needed within our Strata which has meant that on top of our regular monthly fees we’ve paid out large lump sums to the organization a couple of times.  I anticipate at least one more such payment in 2014. I know that if we owned a house we could have had to pay the entire sum for the repairs all on our own but the likely hood of all the things that have come up this year happening to a single detached residence are slim.

On top of the additional expenses we’ve paid out to our Strata we’ve replaced the Washer, Stove, Microwave, and just this week the dishwasher, along with a large number of small household appliances (stereo, DVD player, Digital SLR Camera and numerous others) and a couple of not so minor car repairs. All of these things come down to age, most of the household items were 10+ years old (the stove we were told was 20+ and I have the same suspicion about the dishwasher). A lot of the smaller items were wedding gifts, or we purchased them second hand a number of years ago. They just all chose to go at once.

On the upside, the new appliances will make the place a lot more appealing when we go to sell, on the downside, when I sat down a couple weeks ago (before the diswasher died on New Years Eve) and added up what we’d spent on “emergency” repairs/replacements to our home, the number was fast approaching $10,000 in 2013. Needless to say the funds to sell/move/add to a down payment on the next place just aren’t there right now and I don’t know when they will be. So we’re waiting. The upside – the mortgage is cheap here!

I have to add a side note here – THANK GOD we became debt free in February of 2013! Although we haven’t been able to add much to our savings, we’ve been able to pay cash for EVERYTHING. If we’d had all these experiences in such close succession even a year ago there would have come a point where they would merely have added to our debt load rather than slowing down our plan. Whew!

8. The reading list.

Well, I really didn’t succeed here, and it is a little bit shameful. I have to say that my list was probably quite ambitious as I have only in the last year or so developed my enjoyment of reading for personal growth, and my list was very finance/business heavy so it wasn’t the most well rounded selection of books.

I managed to get through/make a good dent in 4 of the 13 books on the list. I have definitely read more that 13 books this year. Some fiction, some for personal growth, however it wasn’t as many of the ones that I initially thought I would read as I had hoped – things changed. The point here was more to help myself grow as a person than read specific books and I think that I at least succeeded in that.

All that said 2013 was an awesome year in the McHale household I have no regrets, and look forward to all that 2014 has to bring with huge anticipation. We celebrated some great milestones here and have really benefited from the changes that we’ve worked so hard to bring about in our lives over the last year. Without these goals, and those of my hubby we would still be sitting in about the same position as we were in 2012 and I LOVE living a goal driven life – it gives us a target to aim at! I have set goals again for 2014 and will hopefully be posting them next week for all to see. We’ll see how much more growth we can bring about around here.

 

2013 Goal Update – The Total Money Makeover

Hadn't even made a payment on it when this picture was taken

Hadn’t even made a payment on it when this picture was taken

Well, I thought you’d like to know that how my goals are progressing for the year so far. We hit a MAJOR milestone in our our Total Money Makeover last week, we PAID OFF OUR CAR! Yup, that’s right, three weeks a head of when we wanted to. I made the last payment on Wednesday February 6 2013 and that is the LAST car payment I will ever make.

I need to tell you a little bit about the journey that we’ve been on in our financial lives because it really has been amazing. In the fall of 2011 I went back to work after my maternity leave, and as many of you know working full time and having kids puts one big fat expense on the family budget – Daycare. Daycare is our single largest expense in a month, in fact it’s more than our mortgage payment every month (yeah we live in a cheap house thank God!). Pay day would come and go and after all the bills were paid there was very little money left for anything extra. We have always tried to pay cash for the luxuries of life that we enjoy from time to time and haven’t carried a credit card balance for years. Our debt had not grown for a long time but we had some as we were young, broke, and naive when we got married. Apparently it’s hard to live on $9000/year in Canada. In fact at this time last year I would say we were probably pretty financially normal in comparison to everyone else out there. What we were learning though was that SUCKS!

100% ours

Yup this is the McHale Mobile 100% ours

One day last January I was googling potty training and I came across a blog that included a host of potty training information but also a post about the family having paid off almost $60,000 in a three year period by following Dave Ramsey’s plan. I finished reading the post, found the book on Amazon and told the Hubby we were doing this. After listening to my (poor) explanation he quickly got on board. When the book arrived I read it in a weekend, and here we are a year later DEBT FREE! The next step, save up 3-6 months expenses in an emergency fund.

So how much have we paid off this year? Well the car alone was $11,781.00 and we also paid an additional roughly $10,000 on various “emergencies” (like the washing machine upstairs flooding the bathroom downstairs) in cash, and took a 2 week trip that turned into a 3 week trip home to Ontario for E’s birthday this fall. So yes, do the math, we paid cash for roughly $22,000 in necessary expenses including the debt plus went on holidays. Our annual income you ask? Well for 2012 it’s in the $55,000-70,000 range. Pretty average for a family with two incomes in the area we live in.

The even more amazing thing about this whole journey is the impact that it has had on our personal lives. The growth in our marriage has been phenomenal. It’s amazing how much better everything else runs when there is good communication about the money in the house and where it’s all going. We’ve struggled, and we’ve still disagreed from time to time about what the priorities are, but we’ve also communicated much more clearly about what we want (financially and otherwise) and set plans in action to achieve it while supporting each other. We have both set ourselves personally and relationally on paths of personal growth for 2013 that I don’t think we would have even considered if not for the Total Money Makeover that has happened in our lives, SO check it out it will change your life.

2013 Goals

The McHale Family ready to embark on new adventures in 2013

The McHale Family ready to embark on new adventures in 2013

I’ve always been a very goal oriented person – really anything I can check off a list is highly motivating for me. I regularly set goals/create to do lists for the short term, but until recently have never considered setting long term goals to give structure to my whole year. I’ve been working on some personal growth over the last 6 months and a recurring theme amongst all of the books and podcasts is goal setting, giving you something to strive for. So I figured sure, why not! I’ve tried to set my goals in a number of areas of life to allow me to round out my life and hopefully keep things in balance, so I’ve got everything from career, to fitness, to personal goals. The Hubby and I even set some joint goals that we are going to work on as a couple. He has also set his own goals which he posted on one of his blogs late last month (sorry I couldn’t tell you where to find them I have no idea).

I hadn’t really planned on making my goals public, but publicity also creates accountability. I may or may not also have a few other “private” goals up my sleeve ;).

Here we go these are my goals for the year:

  1. Double my income in the year 2013 by starting a side business. (More on that in a later post I hope)
  2. Pay off the car by March 1/13. – Last February we started our “Total Money Makeover” after reading Dave Ramsey’s book of the same title, and it has been life-changing for us in more than just the financial realm of life. If you have ANY debt at all seriously check it out, read it. It’s been an amazing journey for us and is really what has started my journey to self improvement.
  3. Run a 10K race – I know I can do this, but it’s fun to participate in the event!
  4. Run a 1/2 Marathon – got up to the distance last year but then was unable to participate in an event.
  5. Run a full Marathon – this will be the true physical stretch for me, farther than I’ve ever run before!
  6. List & sell our current home
  7. Buy a larger home hopefully with a smaller mortgage
  8. Read all the books on my reading list. (See reading list below)

While some of these may seem like lofty goals I think “Go big or Go home” is a good principle by which to set your goals. If they are easily attainable then you aren’t going to find it challenging enough to keep you interested (at least I’m not). And hey, if I only make it 3/4 of the way then I’ve still made it farther than last year and ultimately while I am always going to strive to meet and even surpass a goal that I’ve set – that’s just the way I am – making it even 1/2 way there on most of them is still pretty good.

Reading List:

  1. The Total Money Makeover – Dave Ramsey – finished Jan 4/13
  2. The Millionaire Next Door – Dr’s Thomas J. Stanley & William D. Danko – Finished Feb 11/13
  3. Wisdom Meets Passion – Dan Miller
  4. Guerrilla Marketing – Jay Conrad Levinson
  5. Entreleadership – Dave Ramsey
  6. See You at the Top – Zig Ziglar
  7. $100 Start-Up – Chris Gilibeau – in progress
  8. No More Monday’s – Dan Miller
  9. Tribes – Seth Godin
  10. Love & Respect – Dr Emerson Eggerichs – started & abandoned 3/4 of the way through – good content, just not my style.
  11. Thou Shall Prosper – Daniel Lapin
  12. Becoming a Person of Influence – John C. Maxwell
  13. How to Win Friends & Influence People – Dale Carnegie

If any of these books look interesting to you and you’d like to support the site then check out amazon.com here and pick them up!