2024 Personal Finance Resolutions- Mid Year Update

And just like that, half of 2024 is already over. I feel like life is moving at warp speed.

It’s a good idea to take a pause and see where you are for your goals, even if they are your personal finance goals. As Seinfeld says, “success lies in the work itself”. If you get a little better every day and you accomplish something, you can’t help but feel a little better about yourself.

If I don’t review my goals, I almost forgot that I haven’t contributed to my RRSP yet.

Here are my 2024 Personal Finance Resolutions:


The 2024 TFSA contribution limit is $7000 this year.

YearTFSA Contribution Room

If you have never contributed to a TFSA before and you were of age when the TFSA was first introduced, you will have $95,000 in contribution room. That’s almost six figures, how exciting that 2025 will be the year it will hit over $100,000 in contribution room. If you are still using it as a “savings account” please don’t.

It is a powerful investing tool that can supercharge your retirement plans, and the full market value of your TFSA will be received tax free to your estate or beneficiary upon death.



As with other years, I’m not sure what my RRSP room will be. This goal will be done once I find out what my RRSP contribution room is from the 2023 Notice of Assessment after my taxes are done.

Last year I transferred US dollars into my RRSP account instead of transferring in kind.

My RRSP contribution room is usually low (between $5000 to $10,000) because of my defined benefit pension.

Not completed. I am saving up US dollars to be able to contribute to my RRSP this year. I spent a lot of my US dollars on a big purchase, more on that later.


In 2023 my goal was to reach $35,000 in dividend income annually (projected) but I was about $1000 short of that, at just under $34,000 annually.

This year I am going to make it a more conservative goal, of $36,000 in projected annual dividend income for the year.

I tend to be overweight in Canadian dividend stocks (I try to keep it under 33% of the portfolio).

Since I don’t need the income right now because I am still working part-time, I will focus more on ETFs, exchange traded funds like VXC and VTI and add to my position in Berkshire Hathaway (BRK.B) which doesn’t pay a dividend at all (gasp the horror I know).

I am scaling back on my investment contributions to build cash up.

Work in progress. I am at around $35,500 so far mid-year, it’s looking like this goal of $36,000 should be completed by the end of the year.


I feel uncomfortable with the lack of cash and would like to build my cash reserves back up but at the same time I would like to continue to invest. I’ll start off with aiming to save $25,000 in cash for the year to add to what I currently have.

I planning to reduce my monthly investment contributions by almost 40% compared to last year to facilitate this cash savings.

I also have a target portfolio value by the end of the year but I’ll keep that to myself seeing that it’s hard to predict what the market will do by the end of 2024.

Work in progress. I have surprisingly reached the target portfolio value already but the cash pile is slowly building. I’m about 32% of the target cash pile savings, so I’m behind.


Some of these aren’t personal finance per se but more related to money psychology but seeing that personal finance books pretty much all say the same thing (spend less than you earn, invest your money regularly, choose index investing), hence I’m running out of books to read.

Here are the 5 investing and personal finance books that I hope to read and then write about in 2024:

  • Same as Ever by Morgan Housel (great book)
  • Berkshire Beyond Buffett: The Enduring Values of Value by Lawrence Cunningham (I read this in January but didn’t really like it and didn’t have the energy to write a book review on it)
  • Stop Think and Invest: A Behavioral Finance Framework for Optimizing Investment Portfolios by Michael Bailey
  • Just Keep Buying by Nick Magguilli (from the blog Of Dollars and Data- good book)
  • Pre-suasion: A Revolutionary Way to Influence and Persuade by Robert Cialdini (this was okay not as good as his other book)

If you are looking for reading inspiration, here are other personal finance books and dividend investing books I recommend.

Work in Progress. I’ve read 4 of the 5 books. The book reviews are linked.


Ugh, these are difficult but there are a few on this list that I am determined to make sure I change for this year.

  • Run a marathon. Completed! Don’t think I’ll be doing that again. My toenails have yet to recover.
  • Meditation daily for 10 minutes. Nope!
  • Time managementI used to mindlessly scroll my phone while waiting for my children to fall asleep but now I started to read a chapter or two from a book (trying my best to tune out the noise of them getting another drink of water or coming out of their room repeatedly). Now I read before I mindlessly scroll, so I hope to keep that scrolling time to under 30-45 minutes per day. (Not really. It’s not under 45 minutes of mindless scrolling but maybe an hour)
  • Sleep before 12am I’ll give this a try again but I think it will get worse before it gets better (I am looking at September of 2024 of being the holy grail of ‘more time for myself’ once both kids are in school). (Nope. I have been pretty terrible at this, sometimes sleeping at 01:20am)
  • Weight 120-125lbs. Okay so far! After reducing my running I haven’t been as ravenous for food and have probably lost some muscle mass from not running as much.

How are you doing with your personal finance resolutions or your New Year’s resolutions in general?

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