Daily Archives: January 6, 2012

5 Year Plan – Financial and Not

Because coins want to feel pretty too...

I’ve been trying to get more and more things knocked off my to do list lately. If I had gotten my coin jar made up earlier in the week, it would have saved about $5 worth of coins from my needless frittering.


Score -1 for procrastination.

Niki over at Debt Free By 30 posted about her 5 year plan the other day, and it got me thinking. Why haven’t I updated my 5 year plan?

Well, to be honest, I’ve never formally written a 5 year plan. I’ve written short/medium/long term plans, but I don’t know that I’ve ever actually assigned exact years to them before. Maybe this would be a way to make sure I get things done?


Well, like Niki pointed out, life isn’t static. You can’t predict exactly where you’ll be 5 years from now. Hell, I can’t even predict where I’ll be tomorrow. I have plans, sure, but who knows what will happen?

The good thing about having a plan is that, no matter what happens, you have something to work towards. I know when I’m working towards something I tend to behave differently than I would otherwise.

For example, I’m meeting a friend for coffee at noon. In order to do that, I need to get out of bed by 11 in order to shower and be on my way. If I didn’t have to do that, I might just lay in bed and read for a while…

Maybe until The Boy got off work….

See what I mean?

So, in the interest of preventing moss growth moving forward, here is my 5 year plan (financial and otherwise).


  • Pay off every last cent of my consumer debt! Once and for all!!
  • Build a cash emergency fund equivalent to 1 month’s net pay.
  • Increase my income by a minimum of $1000.
  • Finish painting my walls.
  • Grout my kitchen floor.
  • Finish renovating my staircase and landing.
  • Add more insulation to my attic.
  • Have all clothes that need alterations tailored, donate the rest.
  • Build a kitchen table.
  • Finish building the herb garden beside my front walkway.
  • Complete an Olympic length triathlon.


  • Open and fund an online discount trading account.
  • Build a cash emergency fund equivalent to 3 month’s net pay.
  • Repay $5000 to my RRSPs from the New Home Buyer’s Plan.
  • Make additional payments to my mortgage equivalent to my annual interest.
  • Renovate my downstairs bathroom.
  • Renovate my front entry way.
  • Save up for a really nice purse.


  • Build my net worth to $100,000 by June. Hellooooooooo 30!
  • Build a cash emergency fund equivalent to 6 month’s net pay.
  • Have my mortgage balance under $200,000 when I have to renew at the end of November.
  • Climb Mount Kilimanjaro.


  • Fully fund my RRSP/RPP for the year. (~$11,000?)
  • Fully fund my TFSA for the year. (~$5,500 by that year?)
  • Visit Machu Picchu.


  • Fully fund my RRSP/RPP, including unused contribution room.
  • Fully fund my TFSA, including unused contribution room.
  • Meet up with other former exchange students in Denmark for a vacation. It’s been 15 years already!


Obviously this is a list of goals to work towards, as none of this is set in stone. I may decide in a couple years that I want to sell my home, and downsize to a fully paid for 1 bedroom condo. I may sell my home, buy a small condo to rent out, and  look for another small home to purchase. I may end up getting married and moving in with my future husband. I may have kids. I may decide to quit my job, give everything away, and become a yoga instructor in Belize.

Who knows ;)

What’s on your 5 year plan?

Recommended Reading: Irresponsible Parents.