A Little HELOC Fail
On January 1, 2014 my HELOC balance was $11,250. My goal was to pay off $4,350 of that debt but as of today I have only paid off $3,721. My HELOC balance is $7,529 and not the $6,900 that I was shooting for. Failure because I thought I would get 3 pay cheques in March and not 2. A small failure but I am on track and will catch up in May when I actually get 3 pay cheques in 1 month.
With $7,529 left on the HELOC and only 8 cheques ($1,350 per cheque) left before my target HELOC free date of July 4,2014 I better get 1 big tax refund cheque and my son better come up with some of the $1,900 loan that he owes me or I will miss that target too.
My older son owes me $1,900 and I am sure he will repay it but he doesn’t finish university and begin full time work until May and he has to move at the end of April. First and last month’s rent will eat his April part time work pay cheques.
Car Loan On Track
The car loan was $11,750 on January 1, 2014. I am required to pay $250 per month and it is now down to $10, 675. I am paying $125 from each pay cheque so I will get ahead of it. A pass just because I haven’t missed any payments.
First Quarter No Spend Update
My goal was to spend as little as possible in the first 3 months of 2014. I skipped spending in many areas but I consider it a fail because there was too much ice cream and fast food that still made it in to the house and sabotaged the budget. Fail for sure and my pants are tighter too.
My goal has been to pass the 6,500 views in a single month. I passed 7,000 views this month. Too bad so many of them are people trying to sell my Miley Cyrus’s sex tape. This one is a tie between pass and fail.
Save $10,000 During 2014
This is my second biggest goal for 2014. Paying off the HELOC is number 1 so I really haven’t started on this goal yet. I will pay off the HELOC with my tax return, some money one of my son owes me and with the first 14 of my 26 pay cheques this year. That will mean that I have to save $833 of each of my remaining 12 pay cheques to meet this goal. My net pay is $1,350 and I will have to save 62% of each of those 12 pay cheques to meet this goal. Pass or fail? Yikes. I have no idea what I was thinking when I set this goal for myself. I may have set myself up for a year end fail or I was thinking that I might win the lottery.
Some passes and some fails for the first quarter. Trips up were all my own cravings and sloth like behaviour. Conquering your own laziness is a massive goal and I only put a half-hearted effort in to most of my goals which is not unexpected from a lazy person.
Coming Wednesday - The financial plan to meet most of the goals to make the second quarter more successful than the first quarter.