My main financial goal this year is to pay for Emma’s braces in full this summer. This means I need $5000 cash by then. Rather than just saying that and hoping it happens I figure I need to lay out a plan. Over at Life as Mom Jessica is talking about tackling financial goals and this motivated me to come up with a plan.
First – we were reimbursed a little over $1000 from insurance for Michael’s braces. I stuck it into savings to cover the next kid. Since then I have added interest to this fund and we have almost $1100 to start. This is good, right?
Second – I will be transferring $300 a month from my paycheck to the braces fund.
Third – if we get a tax refund we will use some of it – maybe $500 or so towards braces.
Fourth – Kevin grades papers for IB each spring and whatever we still need for braces at that point will come from there.
Honestly the hard part for me will be transferring the $300 each month. Having a plan though will help us focus on the goal AND achieve the goal. I think I am more excited about this than Emma.
