Lately my mind is filled with thoughts about the importance of emergency funds. It is partly because of the slow job market (not that I’m looking for a new job) and partly because through the blog world I know many (mostly adoptive family’s with 1 parent) really struggling. A conversation with a friend who is an accountant added to my resolve to get some financial goals together and of course, my new responsibility as a parent means I do worry about the what if’s! It dawned on me a couple of weeks ago, that in down times, when there is only 1 person who can work, you really need to be able to stay afloat for longer than 2-3 months and the reasons those family’s struggled was the money ran out before the new job was found (despite huge effort on their parts!). So, while in this season all this seems nigh on impossible, I know that any dollar or pound saved is 1 step closer, even if at times it feels like it really is only a dollar saved 
Family Related Financial Goals
1. Save $1000 in a mini-emergency fund for car repairs, medical/dental needs etc.
2. Save enough to send my children to 2 weeks of summer camp next summer (so I can work!)
3. Save enough to pay for petrol, food and a hotel (4 – 5 nights) in Pennsylvania next year so my children can meet my extended family (any tips on nice, quaint towns to stay in when visiting PA?)
4. Save for swimming lessons next Spring and Summer (2 sessions) = $135 per child per session.
5. Save for a new snowsuit for my son $75 *this needs to be a priority and purchased really in the next month or so as he needs a winter coat*
6. Open bank accounts and put $100 into each for my children. Aim to put an additional $25 into each account a month.
7. Begin giving both children an allowance and putting a saving, giving, spending system for them.
8. Save $600 for speech therapy for my son
9. Save $500 for occupational therapy for my daughter
Christmas
1. Save $100 per child for Christmas gifts (useful and practical gifts!)
2. Save for day trips over the 2.5 week Christmas break – bowling, a movie, a family art workshop and a reasonable local Christmas carol concert. Plus we will visit the Art Gallery, which is free as we have a membership. $100 should be enough.
Emergency Planning
1. Save 12 months income, which coupled with EI if I was unemployed would last us 18 -21 months (gulp, this feels impossible!)
Retirement
1. Begin paying into a personal retirement plan (it feels impossible, but I’m putting it here for accountability!)
2. Begin paying into work’s pension plan
3. See a financial planner that is realistic and understands the needs of women in my situation (aka my children!)
Adoption
1. Pay off the remaining adoption related debt I have (about $2500)
2. Save $15K towards adopting again
Giving
1. Continue sponsoring a child in Butterfly Children’s Hospice (who I voluntered with 2 years ago now, doesn’t time fly?) $40/month
2. Give to the foodbank each month
3. Have each of my children send a box overseas to a child in need each year
4. Organize and give to the China Kidz Christmas program I started 2 years ago. Must email BCH (Butterfly Children’s Hospice) and see if I can do it again this year!
5. Take my children to volunteer overseas (this is y.e.a.r.s. away!)
I look at this and laugh, it feels like it will take 30 years to make all this a reality. But then each day is still one step closer no matter how long it takes!
What are your financial goals?
Hi FT, I’ve been a faithful reader of your blog for a few years (but have not commented before)–as a mom I have found your posts inspiring and, in general, your attitude and values remind me to keep trying to be a better person. Thank you so much for sharing your thoughts and stories with us. I thought I would suggest (incase you are unaware of the gov’t program in Canada) opening an RESP for each child. If you are in a position to put $25 a month into a bank acct for each you might be better off putting it, instead, into an RESP as the Canadian gov’t will put 20% on top of what you can deposit. Even if you can’t commit to a monthly automatic deposit, I put Christmas money and monetary gifts that my children recieve into their RESP. $100 becomes $120 with no effort on my part! Just an idea. You are such a wonderful mum for your kids, FT, and your courage inspires me so much. I have family supports, a helpful, loving spouse, and yet I stumble as a mother and as a woman. That you remain so grounded and dedicated to your goals and the well being of your kids, on your own, is amazing. I sure wish we were neighbours so I could help you out now and then! Jill
I think writing out goals just to clarify them is great FT – even if you look at them and laugh! At least you’ve identified them – which is a good first step.
My financial goal is to move back to the UK from Canada and get a job in the UK – all in the next year – it’s a bit scary as I’m 49 and will be divorced by the time I’m ready to move … so lots of changes afoot. And although I hope to have some money from the divorce it still feels like walking into the unknown in terms of my financial future.
I’m currently looking around my apartment and trying to figure out what to declutter and what to take with me to the UK – any tips FT? I know you’ve moved several times internationally. I’d like to take as little as possible with me but I worry that I may end up having to rebuy things when I get to the UK – and as I will probably be living on very little this is a worry. For example, is it worth moving cookware? Or should I just buy it again in the UK? So many decisions!
I wish you well with your plans
Setting the goals is half the battle! Remember that you set a goal to adopt and now you’re a mom, so goals do work! A couple of suggestions–can you get a thrifted snowsuit for your son? -Or let folks at church, work, garden, etc, know you’re looking for one? At Christmas, a lot of churches have free concerts and programs, or just take a “free will offering” to cover expenses. We love visiting the Brandywine Valley of Pennsylvania and Delaware. So much to do! A nice science museum with children’s activities, Longwood Gardens has a children’s garden, topiary garden, water fountain show, etc. However, some of these attractions can be pricey, so look before you leap. We used to stay at a Red Roof Inn in Wilmington before they started using high levels of scented products in the rooms. It was very inexpensive. Now we stay at a Homewood Suites. The room is pricier, but has a small kitchen, and they serve a full breakfast daily, as well as a full dinner 4 days a week (included in the room cost). I fix a picnic lunch to take with us. In the US, the schools sometimes pay for day camp for children with special needs as part of their education plan. You have to make a case that this is to prevent them from losing skills over the summer (and of course the other campers have special needs as well, so not an “integrated” setting). I don’t know what Canadian law provides for, but if your children have Individual Education Plans that comply with disability laws, this is an avenue to explore. Also in the US, we have YMCA day camps and health clubs, and they give discounts for individuals with special needs. If this organization exists in Canada, perhaps you can get discounted swimming lessons or camp (or have them take swimming lessons at camp, if their needs can be accommodated). We also have agencies that provide services to families with special needs such as art workshops. In a big city, you may be able to find something free or discounted with a little digging. Also in the US, admission to National Parks and historic sites (Valley Forge, Pennsylvania) are free for the disabled and anyone accompanying them. You sign up for a lifetime pass at the Visitor’s Center. I don’t know what the arrangement is for foreign visitors, but you could probably find out on the website for the National Park Service. I think the best thing is always to ask if there is a discount for your children for any museum or activity. The worst they can say is no, and you may be surprised at what you can get at some places.
I think a session or two with a financial planner is a great idea to help you prioritize the needs of your children and your retirement needs against other needs and wants. I wish you the best with your plans!
I have one big goal…a 6-month emergency fund of $25,000 by my 40th birthday next May. While I’m saving for that, I also have sinking funds I’m saving for that include vet expenses, summer camp for the girls, a home repair fund, a car repair/replacement fund, and Christmas. It is much easier to meet financial goals when they are very specific. I also have a chart on the side of the refridge where I keep track of my emergency fund savings. I cross off each $100 as I pass it, all the way up to $25,000. Each little “x” is thrilling!
Good luck with all your financial goals!
As I was reading your financial goals I kept nodding my head at each, until I reached the personal items such as your adoption costs and the charity work you do. I have a lot of respect for what you are doing. Good luck reaching all your goals.
What part of PA will you be visiting? I live in Pa so maybe I could pass along a few sites to see and stay in. What kind of place would you like to stay in?
If your employer’s pension plan matches contributions (usually up to a certain amount) then make it a priority to contribute enough to take advantage of that. It’s like free money.
Hi FT,
IF you are near a ‘Once upon a child’ in Toronto or in the GTA you get really good snowsuits for cheap.. I got a MEC snowsuit for my daughter in almost new condition for $35 and it lasted her all winter and stil looks new. I have a 20% off coupon, which I wont be using, if you need, I’ll be glad to send it to you.
Freecyle might be great option too. I’ve received and given great stuff from there.
How old is your son? I have some friends who has boys. I can ask around and might be able to find one for him.
If secondhand is not an option, Pleasemum has 40% off on snowsuits before winter and after winter.. If you get one size large.. it should last 2 winters.. Their sizes are generous and you can try it on the store. And those last longer as well.
Sorry I haven’t been able to comment much, I just caught up reading on all your posts. You are such a lovely mom for your children. and I get inspired every time I come here. Thank you for sharing your story and you children’s. You all are such loving, graceful people.
You asked about my financial goals… Frankly speaking, more than financial, I need to work on another goal which is highest priority. I need to find a routine that works for us – my DD is stil lin summer mode and in sleeping late and waking up late.. We started new school, which is a big change, also I have to send lunches.. I can’t seem to handle all these…5 days into school, we are still struggling big time considering we have 3 different dietary needs in this house with only 3 people. This is my highest priority that I need to work on.
You also mentioned about arthritis.. I have that too, and it flares up only when I eat gluten/sugar. I tested negative for celiac, but am intolerant to wheat and other gluten stuff. Thought I’d mention to you.. Also, if you are in gta, I can recommend a really good naturopath who lives in Vaughan (Thornhill) who can help finding food intolerances.. She doesn’t work on weekend but works in the evenings till late. If it wasn’t for her, I’d have never figured this out myself. If you can’t get to your doctor for arthritis right away, maybe cut wheat and gluten out of your diet completely and see if that helps. Majority of gluten sensitivity shows up as arthritis/joints sensitivites or as digestion/stomach sensitivities.
Where are you going in PA? I grew up in western PA. Some cute, quaint places to stay in my neck of the woods would be Cook Forest and the surrounding area. My brother lives right at the edge of Cook Forest. It’s not a “town” really, just a very rural village with nature. There are towns nearby though.
I too smiled at your goal confirming you plan to adopt again! FT I marvel at you! I think it is good that you are thinking about financial goals and what you would do if in a more challenging situation. It shows strength to be able to think about all possibilities and it demonstrates your mother instinct to protect your children.
Your blog always inspires me and makes me smile FT. Keep on being you
Thankyou for your reply yesterday. I cant belive how much it costs you to adopt. Good on you for deciding to go for it again. sending loving thoughts thoughts your way, Dianne.
Hi I’m Lucy and I’m from Devon (connection there I know!). I have been incredibly moved and touched by your blog and what you are doing for your wonderful children. What a kind and selfless person you are! And how lucky you all are to have each other
Do you have an Amazon wishlist like Boxcarkids? I would love to be able to send you some Christmas wishes. Bless you all x
Lucy that is very very kind. I’m not sure if we need as much as others, I’ll have to think about it as I would hate to take from others that need it more. I will admit I’m a tad stressed about the holidays. May I consider for a few days?
Yes of course, I totally understand
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