It is hard to believe it but March is already here! I wanted to do a quick February financial review before I set up March’s financial goals. If I remember correctly, in February we wanted to fully fund our baby emergency fund and begin funding the short term savings account. (Read here if you want to learn about our January review and February goals.) So here is how we did.
February Financial Review Goal 1: Fully Funded Baby Emergency Fund.
I am happy to report that that goal was completed! We now have a fully funded baby emergency fund (again). I am hoping that we can hang onto it for a while and maybe get a break from financial emergencies.
Goal 2: Fund Short Term Savings
This goal has not been fully met. We use our short term savings account to pay for large ticket items that are less than six months away. For us the two big expenses that will be coming up are property taxes and tuition for the fall semester for our second oldest. Combined these two bills will come in at around $6,000.00. Ouch, right!? Both bills will be due in the middle of July, so we have about four and a half months to save.
The good news in all of this is that we are actually expecting a tax return! So this unexpected windfall will help to at least fund part of what we need to have saved by July. The rest of what we need we should be able to save as long as we continue to be as thrifty as possible.
New Goals for March
Setting new goals for March was not too hard. Goal 1 is to replace our hot water heater. We were told last summer that it was on it last legs. We are going to use part of our tax return to take care of it. Goal 2 is to pay down $1500.00 in debt. And goal 3 is to work on funding the short term savings account.
Setting goals for a new month is always good. It gives us a focus and allows us to measure our progress. I am hopeful that March will continue to bring us more progress and more financial freedom.