Aggressive Savings Plan for 2015

Although my financial goals for 2015 may seem a little ambitious, I have decided to create an aggressive savings plan that will ensure my success.

As someone who isn’t very good at tracking expenses and budgeting, I adopt the philosophy of “paying yourself first”. This form of saving will keep me honest in my expenses because I will only spend the money I have left over from my investments.

In short, I intend to save 70% of my work income this year. With this percentage, I am able to accomplish all of the goals that I have set for myself. Here’s a deeper look into how:

Goal #1: Maximize my 2015 TFSA Contribution Limit

As it stands right now, I have contributed 75% ($27,500) of my TFSA limit.

In my aggressive savings plan, I will be contributing $3000 a month until my TFSA is maxed. With $9000 left of contribution room, I will have this goal completed by March 31, 2015.

Goal #2: Maximize RRSP Account

Once my TFSA is optimized, I will begin to make contributions toward my RRSP. For the year 2014, I have $8000 in contribution room.

As for 2015, I have still yet to figure out how much I am able to contribute especially now that I have a defined pension plan. However, I estimate that my contribution room will be around $12,000 to $15,000.

Just like my TFSA, I will also be making a $3000 contribution every month. Assuming that my total RRSP limit is $15,000, I should have this goal completed by August 31, 2015.

Goal #3: Invest in a Property

One of the more exciting goals that I have for 2015 is the venture into the real estate market.

The plan right now is to save up $25,000 down payment for my first property. $15,000 of this amount will be taken out of my RRSP through the Home Buyer’s Plan. I will save up for the remaining $7000 after I have maximized my RRSP.

The deadline that I have set for this endeavour is by December 31, 2015.

Goal #4: Pay off Student Loans (Optional)

The only debt that I have is the dreaded student loan that I have been carrying around for quite some time.

Although it would be nice to be debt free this year, I believe that building my assets is much more important than paying off my 5.5% interest loan. This is why I have made this goal an optional one.

With that being said, once my TFSA and RRSP are maxed I will try my best to repay as much of the loan as I can. If I can knock off 50% of the $18,000 that I owe, I will already be satisfied.

Goal #5: Total Asset Worth – $85,000

This goal is going to be quite challenging but I believe it to be quite feasible. Here is how I plan to have my assets worth of $85,000 allocated:

  • TFSA – $36,500 + $8,000 (Return)
  • RRSP – $15,000 + $2,000 (Return)
  • Property 1 Down Payment – $7,000 + $15,000 (RRSP HBP not included in total)
  • Other – $16,500 (Savings & other methods)
  • Total – $85,000

Although a little vague, the TFSA, RRSP and Down Payment ($7000) should be more than doable. As for the other savings, I have yet to figure out the plan to accomplish that. Perhaps I will be starting up an online business or generate positive cash flow from renting out my property.

That is it for my aggressive savings plan. I hope it works out as expected and I really look forward to seeing how this plays out.

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14 Responses to “Aggressive Savings Plan for 2015”
  1. KingAce January 15, 2015
  2. Jeff January 15, 2015
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  5. No More Waffles January 18, 2015
    • Jeff January 18, 2015
  6. Vivianne February 3, 2015
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  7. Jeff February 11, 2015
    • Jeff February 11, 2015
  8. SJG April 5, 2015
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