First Quarter Financial Update For 2014 – Pass Or Fail?

dairy-queen-gluten-free-menuWith the first 3 months of the year almost gone and the snow finally starting to melt it is time for an update of the first quarter’s finances.

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.

Blog Update

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.

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16 Responses to First Quarter Financial Update For 2014 – Pass Or Fail?

  1. Alicia says:

    You’re killing it Jane. You’re so on track… the only reason it didn’t fall in this Q1 is because of the miscalc on your paydays. No biggie. Like you said you’ll make it up in May.

    You’re getting a spoiler for my Monday post next week, but I was able to increase my ne worth by $6,000 in this first quarter. I’m quite pleased with that. It would have been a couple thousand more if I had been saving for retirement with my job, but that hasn’t come through in those three months. I’m pretty pumped to keep going. It’s all about momentum :)

    • janesavers says:

      I can’t wait until I am paying myself instead of paying debt. That will keep me enthused. It is hard to stay focused.

      Great progress for you during the first quarter. You will reach financial independence at a very young age and the miracle that is compound interest will work miracles for you.

  2. Daisy says:

    I love ice cream, so I can see why you’d give in here and there for ice cream’s sake, but you still did really well. I can be pretty lazy too – we all can – but you’re making progress and that’s what counts. I’ve been failing on the “sticking to a budget” front lately too. Especially with respect to travel!

    • janesavers says:

      I am hopeful that some melting snow and sunshine will improve my mood. It was such a long winter and that can drain all your energy.

      Travel would be great. I can’t wait and see a trip to FinCon in 2015 as my first big adventure.

  3. debT debS says:

    My you are hard on yourself so I’m going to be your cheerleader!
    You are so close to (not) owning that debt!!
    Let the countdown begin!

    • janesavers says:

      Thank you Deb. I can only reach my target if I pinch every penny so I have to be hard on myself to stay on track.

  4. Malcolm says:

    Honestly, I think your doing fine.

    Sometimes I read your blog and I can really have empathy for the unfortunate low-reward drag it is to get out of debt. It really requires some intensity and continuously delaying gratification. Nonetheless, you are succeeding.


    • janesavers says:

      I am trying to stay positive Malcolm but some days it seems like the debt will never end. I am not a patient person. Can’t wait until I am paying myself instead of servicing my debt.

  5. You’re rockin’ it, Jane!!!! Keep up the good work. Remember, every step in the right direction is a WIN. :-)

  6. You’re on the right track, which is what really matters. Congrats- keep it up!

  7. Pauline says:

    That is a pretty tight goal on the HELOC, but I am sure you can pull it off. I just made homemade burgers today and they were much better than Burger King’s, you should try homemade the next time you crave junk food, it’s cheaper and healthier.

    • janesavers says:

      I often go to the drive through after a long day at work because it means I don’t have to cook and clean up. I would love to eat a healthy homemade burger if someone made it for me. Sometimes after work I am exhausted and I just don’t have the energy to prepare anything more than toast or popcorn.

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