Mid-Year Review of 2014 Financial and Personal Goals

I listed a couple of posts which addressed financial and personal goals at the beginning of the year.  Since we’re just past the mid-point of the year, I thought it would be a good idea to get a check of where things stand.

Financial Goals and Progress

  1. Adjust to ‘new’ employer – I’m doing the same job with the same pay sitting at the same desk, but because IT services were brought in house, there were changes that I’d have to adjust to, most notably going from being paid twice a month to every two weeks.  So far, this has been a smooth adjustment.  COMPLETE.
  2. Modest gain in our home value – I’d hoped for a modest 2% gain in our home value, but based on pricing through our neighborhood, this has been far exceeded, to the tune of an 8.9% increase year to date.  I think the housing market is running a little to fast, but it’d be nice if this held or continued.  ON TRACK.
  3. A 20% decrease in the value of our autos and camper – I’ve already taken steps mb-2014-07goalto realize this in terms of our net worth.  Bottom line, as all of our ‘wheels on the ground’ are now 7 years old or older, I want them to be less of a contribution toward measuring our net worth.  COMPLETE.
  4. A 10% gain in our personal investments – I’ve been making some short term trades and things have been going well.  So far, this has been exceeded by about double.  ON TEACK.
  5. A 5% increase in cash savings – I did some shuffling here in the short term, so as of now, we have slightly less cash on hand than we did at the beginning of the year.  I expect we’ll make that up here very soon, but I’m not sure we’ll hit the 5% gain mark, though it’s still a target.  NOT ON TRACK.
  6. Retirement balance increase of 12.5% – While I have been more aggressive and confident with individual investing, I got more conservative than I probably should have with our retirement accounts, so we are behind on this.  Rebalancing and focusing extra contributions will hopefully get us back but right now we are NOT ON TRACK.
  7. A 6.6% reduction in debt – As this included simply making our regular payments, we are ON TRACK.
  8. A 13.6% net worth gain – Overall, we have already exceeded this, which in theory is great.  However, since the home value increase was a large part of this, I still am not happy as I want the retirement account to be more in balance with our projected goals.  CAUTIOUSLY ON TRACK.

Overall, I’m happy with our financial situation from a year-to-date perspective, but I will now take the rest of the year to get more in line with the individual goals on which I see us as behind, while also keeping an eye to try to protect the areas where we are on track.

Personal Resolutions

  1. Floss Regularly – Unforntuately, this one has gone largely as in years past, as once I stick the floss in a drawer, I can go a few weeks without it.  I’ve been back on the wagon for a few weeks now, so hopefully can keep it up.  FAIL.
  2. Redesign the blog – Unfortunately, I have not even started this.  FAIL.
  3. Lose six more pounds – I started off at 156 and am currently at 153-154.  I touched my goal weight for a day but that was after a bout of nasty, nasty stomach flu, so it doesn’t count.  SORT OF ON TRACK.
  4. Have treats primarily in social situations – I can’t say that I cut back to the level where I wrote, but I’ve definitely cut back on my snacking compared to last year.  DOING OKAY.
  5. Simplify my finances – I have started the process of revamping our financial tracking.  I consolidated two Excel tabs down to one and archived the old data as of July 1st. There’s still much work to be done. ON TRACK.
  6. Be more patient with our kids – This is hard to measure.  I’ve tried to be more attentive and patient, especially as our kids are now of the age where one bad conversation can leave an imprint, but it’s also challenging, especially when we have a 5-year old that is currently testing boundaries big time.  NOT SURE.

All in all, it seems like I’m making a lot more progress on the financial side than on the personal side.  I suppose the financial goals are more measurable and more black and white, so perhaps that’s why.  Either way, I do like the opportunity to look back and realize that there are still 5.5 months left in the year.  A lot of progress can still be made!

Readers, how are you doing with your goals for the year?

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11 thoughts on “Mid-Year Review of 2014 Financial and Personal Goals

  1. Great goals. It sounds like you are on track for most of them. You could try a reward system for flossing. For example, you can have an extra fifteen minutes of surfing the web for fun the days you successfully floss. Attaching something you like to the activity can be a motivator.

  2. Do you work in IT? I’m an IT person so its always great to meet other IT folks.
    Getting paid 2x a week is great (just take a look at Oct….depending on your pay week you should get 3 pay periods that month) — that’ll happen 2-3x a year.

    • Yes, I am an IT Project Manager.

      Actually our cycle is such that our three-pay month will be next month (August). I’m guessing if you got paid the opposite Friday’s, the months would be switched around.

  3. Haha. I like your floss regularly goal. My dentist was always getting on my for not flossing. And then I learned tour rates for heart disease increase if you don’t floss enough! Crazy, right? Now I floss as much as I can remember.

    • Yes, I did hear that, something about the bacteria in your teeth having a higher chance of making their way into your body. Amazing how things like that which you’d never think of turn out to be a pretty big deal.

  4. I also have a goal of losing 2-5 pounds this month which can be pretty hard, especially when you are so close to your goal weight.

  5. {chortle!} “Floss regularly”…wouldn’t we all like to manage that? Try keeping a roll of floss in the nightstand drawer. Then you don’t have the excuse that it’s too traumatic to get up and stumble back into the bathroom before turning off the light.

    I’m wondering if the value of one’s vehicle even ought to be included in net worth. Even if the car is relatively new… It depreciates in value literally as the minutes pass. This is complicated by the fact that insurance and registration costs drop as the car ages, slightly counterbalancing the depreciation. In a way.

    • While it sucks that a car declines in value, it’s often one of the more ‘valuable’ assets you have, so I’m a firm believer that the realistic price should be included in your net worth statement. But, I use net worth as a ‘if I cashed in everything, how much would I have’ measure. Since the car values do diminish, I do use the online Kelley Blue Book estimator and take a chunk down from that, so that I’m never overstating the estimated value.

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