Financial Goals for 2009

1. TFSA - Open a Tax Free Saving Account (TFSA) - I've put $5000 in BMO's TFSA which provides 3.00% interest with no transfer fees attached. The main purpose of this saving account is for my first home purchase down payment in next two years when the real estate market settles down. Canadian Capitalist talks about some great ideas about how to use the TFSA.

2. Emergency Fund - Build myself an emergency fund of $3600 by end of the year 2009 - this is to prepare for potential job loss, medical expenses, and/or auto repairs. Basically, I would like to be prepared when emergencies happen. My goal is to save $300 to BMO Smart Saver Account with 2.75% interest rate at present. You can read about How and Why to Start an Emergency Fund on Get Rich Slowly

3. Charity - My goal is set to donate $500 and plus 10% of stock trading profits by end of year 2009

4. RRSP - Maximize the reduction on my taxable income, and take advantage Home Buyers Plan when I decide to enter the real estate market in near future. You can find tons of RRSP Tips & Strategies on this website.

5. Saving - Save money aggressively, and take advantage of compound interest as early as possible. My goal is to put away $2000 per month including $300 monthly emergency fund contribution to my BMO Smart Saver Account which currently has 2.75% interest rate.

6. Alternative Income - Build up alternative income streams so that I am less dependent on my salary from my job. My goal for each source is,

• Part-time referee: $2000 (~ 40 games)
• Online survey sites: $200 (~ 100 surveys)
• Credit card arbitrage: $1600
• Dividend Income: $900
• Stock trading: $5000

Moolanomy had 40+ alternative income ideas and resources to share with us if you are currently looking for alternative income.

7. Net Worth - As I mentioned in my initial net worth update, my target for this year is net worth of $90000 by end of 2009.