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
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.
1. Save 12 months income, which coupled with EI if I was unemployed would last us 18 -21 months (gulp, this feels impossible!)
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!)
1. Pay off the remaining adoption related debt I have (about $2500)
2. Save $15K towards adopting again
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?