Funding My Savings for 2012 — Our March Financial Impact and Vacation Savings Update!!
I’m so glad it’s April ya’ll!!
I love the start of new months. At the start of every month Mr. P and I sit down and tally up our finances, make monthly goals and talk about the vision for our family.
During the process we make sure to include the kids. This allows us to teach them about managing finances and also allows them to have a role in helping our family reach it’s financial goals.
My oldest son (11 years old), is in charge of tracking our NYC vacation fund. After Mr. P and I tally up what we’ve added to the vacation savings account my son calculates the percentage saved to date. We track it on a spending goals sheet I printed off the internet. The sheet is kept on the refrigerator and helps remind us of why we have put other family activities on hold until the vacation is fully funded. It also makes us joyful to see our progress.
My daughter (9 years old), is my little artist. She’s the child who colors inside the lines, so we have her fill in our vacation challenge sheet at the end of each month.
My youngest son (8 years old), is in charge of counting up all the coins saved for the month. Every time I spend a bill at the store, all change in the form of coins are saved. At the end of each month, my son adds it up and feeds it to the pig (our piggy bank). The two youngest kids love feeding the pig.
I am really happy with how we did with our saving in March. There were several times during the month when I saw some great deals and wrestled with the idea of spending money. We desperately need more storage in our bedroom and found many great deals on Craigslist, but because we have a clear savings goals, I was able to resist the urge. It was especially hard when I saw a 8 seat oak dining table for $150 just two interstate exits from my house. While there is a valid need for furniture, we are sacrificing our smaller goals for a little while in order to achieve our larger goals.
Our Larger/Long Term Goals:
- Save 6 month of expenses
- Save 15% of our income for retirement
- Save for a family vacation to New York City
- Remodel lower level with 100% cash
So with our goals in view, we were able to stay on track.
What We Saved For March 2012
Change Saved — $5.03
Way To Save — $26 (Bank automatically deposits $1 to our saving for certain bank transactions)
We were able to save an extra $31 toward our vacation in addition to our monthly vacation savings goal.
What a blessing!!
We already have some goals in place for April and I am excited to see how God will guide our actions in the management of our finances this month. This month will be a little tricky since one of my husbands work contracts ended. That basically means that his income was decreased by a couple hundred dollars, nevertheless I am faithful that God will provide as he has always done.
Be sure to check back the first week of May to see how things turned out for April.
More about me and this series
Right now I am completely debt free except for my mortgage and I want to help you get there too.
I hope I can get you one step closer to being debt free and achieving your savings goals with this new monthly series.
This year I’m breaking my savings and survey earnings down into small task that anyone can do and then encouraging you to share your results.
In a sense I’ll be your accountability partner and you’ll be mine.
At the beginning of each month I will share a post highlighting how much I was able to save using my save the change technique.
You can do the same by posting your results on your blog and leaving a link in the comment section of my result post, or you can just stop be each month to check out everyone else’s progress.
Here’s how I fund savings by keeping the change.
Each time I receive change in the form of coins it goes into my piggy bank.
I’ve been adding extra funds to my savings account using this method for the last 4 years and one month last year was able to deposit $35 worth of coins into my savings account by saving my change.
In addition to tabulating the change left over from purchases, I’ll also add found change to my piggy bank total as well.
Each month I will share a tally of how much I was able to save.
If you’d like to share your results each month feel free to do so in the comments section.
I really looking forward to seeing the impact this challenge makes in my family’s finances this year.
Have you set any financial goals this year?
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