I can’t believe how fast this year has gone by! Thanks to Latisha from Financial Success for Young Adults for getting me thinking about my goals for 2012 a little sooner than January 1, 2012. Last week I posted my financial goals for 2012 and today I want go over my results for 2011!
On December 31, 2010 I wrote:
Hopefully come end of December 2011 I can look back to this post/page and happily tell you that I’ve achieved every one of the five goals!
I had 6 financial goals and posted an update after every quarter this year, this is the final update for 2011. (You can find the first quarter here, second quarter here and the third quarter update here) Did 2011 fly by or what?
1. To complete at least 4 more courses for my degree. Done!
I took 5 courses and passed 4. While it’s a bit of a shame I failed one (finance… maybe the universe is telling me something there?) I still achieved my goal for the year! I now am 6 credits shy from my business degree.
2. To have a total combined savings balance of $3,000 or more, by Dec 31, 2011. Fail!
Savings balance as of December 17: $0. In April I changed this goal to $2,500 for the year but I didn’t hit that target either. I’m not considering this a complete failure and you will see why in goal #4.
3. To make a trip overseas to visit family and friends. Done!
I did this in September and had a great time. Total cost for the trip was about $1,670 which was about $150 more than I estimated due to a little detour to Denmark. I should get bonus points for paying cash for all this :p.
4. Have a student loan balance below $10,000. Done!
I changed this goal to $5,000 for July 1st, in my first quarter update. I subsequently missed that goal but… as of December 25th my student loan balance sits at $824.58. I could have had $3,000 set aside in savings but instead I decided to pursue aggressive debt-repayment. It didn’t make sense to me to have $3,000 of studentloan debt charging me interest for $3,000 sitting elsewhere in a savings account. Now that I can see the light at the tunnel with my student loan, I hope to be able to build up some serious savings in 2012 once its is paid off completely!
5. To keep making one extra mortgage payment of $100 per month. Done!
I prepaid exactly $1,200 on my mortgage in 2011. $100 every month! Every little bit counts towards the principal.
6. Have a net worth above $18,763.51.19. Done!
I changed this goal to $22,000 in April and I achieved this goal on August 8th!
All in all, I think I made out very well this year! It’s still so very daunting to see my networth so low and have so little in true assets. I live in a rural area where housing prices are very reasonable, it also means my house isn’t worth very much. I own my car outright, have no credit-card debt and have almost paid off my studentloan. The only debt remaining that stands against my assets is housedebt (mortgage and loc). Next year, I hope to add more investments, continue pre-paying my mortgage and hope to be able to list a nice chunk of savings to my assets.
How did you make out this year? Did you hit or miss, did you set reasonable goals?
PS: IMG source here.