With a few more days before the new year, I would like to start listing our family’s financial targets for 2015.

MORTGAGE – We continue to save for a 10% pre-payment for our mortgage which will bring down the amortization period and will also save us on interest. We have been doing this for the first 4 years of our mortgage and will plan on doing the same on the fifth year before we renew our mortgage. This is our initial plan but I am still working on the math and scenarios (what-ifs) if I invest the mortgage pre-payment to mutual funds that earns at least 5% rather than paying a 2.1% mortgage.

SAVINGS – Maximize savings with a target savings of $17,000 next year.

TRAVEL – We did not have a chance to travel this year so we will make it a point to travel, even if it’s local, next year.

HOUSE RENOVATION – We have been thinking of removing our old carpet and replaced it with wood flooring. We have not yet researched how much this will cost but it’s not a big deal if we have to defer to 2016 in case of budget issues. We also plan on doing it ourselves (after watching Youtube videos and consulting with those who have done it).

PERSONAL DEVELOPMENT – I am a Project Management Professional (PMP) so I need to complete the required 60 PDUs (in a 3-year period). I need to continue to read on Project Management to keep myself marketable and of course to bring value to my team.

By early next year, I hope to have a more realistic and measurable targets.

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