Did I Achieve My 2017 Financial Goals?

We’re close to the end of January and although I’m sure we’re already well on our way to achieving our 2018 New Year resolutions, I want to take a moment to reflect on whether or not I achieved my 2017 financial goals. Don’t forget to comment below on how your 2017 went!

 

I’m a big believer in setting goals for the following year as they set a positive and forward-looking tone to each month. I used to set ambitious goals which I would never achieve and then get down about it – now, I set more realistic goals and break them down into smaller monthly goals so I know that it’s doable, within my capabilities and I won’t  be disappointed by the end of the year.

 

What were my financial goals for 2017?

Back in December 2016, I wrote a New Years Resolution post outlining what value I wanted my assets to be by the end of December 2017. My goals were:

  • $23,500 in superannuation
  • $12,000 in a share portfolio
  • $6,000 in a cash emergency fund
  • $2,000 in bullion
  • Total assets by end of the year: $43,500

 

After close to achieving these financial goals in July, I decided to raise the bar and add to my existing 2017 financial goals in August and see how far I went. These new goals were:

  • Build a 3 Month ‘Piece of Mind’ Emergency Fund of $7,000
  • Invest the additional cash I have sitting in my shares account into shares
  • Ban on clothes and make-up shopping

 

Did I reach these goals?

Jan Dec

Looking at my assets in December 2017 (compared to January 2017), I definitely crossed off a number of goals from my list:

  • $23,500 in superannuation
  • $12,000 in a share portfolio
  • Invest all cash in shares account into shares
  • $7,000 in a cash emergency fund
  • $2,000 in bullion
  • Ban on clothes and make-up shopping

 

I exceeded my superannuation and share portfolio value goals, and also emptied all the cash in my shares account to invest into index funds. My the end of the year, my cash (excluding the rental bond) was $2,843, far off the $7,000 figure I was wanting to achieve.

A full 3-month emergency fund was a bit of a stretch but achievable given my income. However, I missed out on achieving this – as well as buying that bit of extra bullion to hit the $2,000 mark – as I was spending and going out all the time in November and December and definitely had not stuck to any shopping ban!

 

So what did I learn?

The big lesson this year was that slow and steady really does win the race. As cliche as it sounds, personal finance is a marathon not a sprint and it’s important to watch the small purchases as they add up much quicker than a few large purchases. Lifestyle creep is something to keep a watchful eye over and the company you keep is equally as important to your savings goal as setting a budget.

After my relocation and spending a lot of time alone, I feel like I’ve shed a lot of the clutter and noise from my life. Clutter of the personal finances is clutter of the mind after all!

Keep posted as I’ll be writing my 2018 personal finance goals in another post – this year, they are more ambitious and I’m driven to start building a financially free future!

 

I’d love to hear from you so comment below about how your 2017 went!

xx Miss Piggy

 


Cover illustration by Diana Kuksa

 

 

2 Comments Add yours

  1. mawermoney says:

    Congrats on achieving a positive net worth!!!! That is a hefty HECS/HELP debt you have…..what did you study?!?!

  2. Thank you! That hefty HECS is for two bachelors.. quite a price tag! Not even medicine haha

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