Goals for October 2008

I’ve been a total slacker on keeping up with goals and tracking them. But it was just so hectic and up in the air the last 2 months that I just let it sliiiiide.

Time to get back to business!

Financial Goals

1. Finish up spending money on the business set up.
$500 has been earmarked towards new hard drives. Anything after that, and I’m just being silly. You can quote me on that (for now).

2. Clear $15,000 in debt.
Will do this before end of October because … October is the last month I’m working (for the foreseeable future). This one should be a nice relief.

3. Save all the rest in Savings/Emergency Fund.

Umm.. what? Y’all want concrete numbers for all of the above?


Assuming last paycheque for $10,000 is a ‘write off’ and will cover:
*Note: Out of that $10,000, $1240.35 was GST/QST tax I collected from the client, and on top of that, the income is still taxable by the corporation and personally.

Anyway, that cheque should cover:
– Living Expenses until the end of October 2008
– Business Expenses (Past and upcoming $500)
– Reimbursing myself and putting the money back into Savings which I raided to pay for Business Expenses.

I am expecting the following paycheques (rough estimate, may be actually more money):

(These are all gross with corporation/personal income tax still pending but net of sales taxes that I had to charge the client and still have to reimburse the government)

+ $14,025 *this is for 3 weeks not 2.
+ $8800
+ $8800
Total: $40,425 (still gross, needs to be taxed)

-$15,000 *Actually it’s around $13,000 but I’m being conservative

Leaves me with $25,425.

-$4000 *Assuming $2000/month, NOV + DEC

Leaves me with $21,425

+$21,425 *not yet taxed

Which will propel me towards a net worth of around $35,000 (give or take a couple thousand) at the end of October/beginning of November.

But I may be taking out some of that in dividends in January so it’ll just stay in the corporation until then.


Personal Goals

1. Get my driver’s license and a car

I may not be able to do this until January because of the license transfer laws, but if I can, I’ll get ‘er done in November.

2. Scan. Scan scan scan.
I’ve been slacking here. I need to scan all my documents and do a proper backup

3. Clean/Organize Hard drives

They’ve been a bit messy lately due to my reorganization of everything. I need to clean up and out songs, videos, documents and information no longer relevant and make sure my backup strategy is kosher.

And that does it for 2008 Goals. But October will be a big month for me. I’mma gonna be DEBT FREE BABY!!!!!!!!!!!!!!!!!!!!!!!

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About the Author

Just a girl trying to find a balance between being a Shopaholic and a Saver. I cleared $60,000 in 18 months earning $65,000 gross/year. Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.