Wednesday, January 5, 2011

2010 Financial Goals Wrap-Up

A year ago I shared our family's financial goals for 2010.  Now it's time to review them to see what we accomplished, and to make new goals for the new year!  So here were our goals for last year and the results:

Redo our Daughters' Bedroom
I didn't mention this when I posted this goal last year, but the reason for spending money to redo GiGi's bedroom and move LuLu in with her was that I had just found out that I was pregnant!  So this goal was a necessity, not a luxury!  In the spring, we made one of our day trips to Ikea, and for less than $500 purchased mini bunk beds, a mattress, and a new bookshelf for their room.  I had dreamed of a special dress up rack for their room, but I was unable to find a really good deal on one, so that I idea was tabled for now.  The girls happily sleep together these days, and this financial goal was checked off.\

Finish My Husband's Dental Work
We finished all the immediate dental work that my husband needs, and I have been good about scheduling both of our regular cleanings.  (I am determined to practice preventative maintenance, since our cleanings are free with our dental insurance!)  We have had to put off the possibility of his braces for now; our extra health savings account money was used up by other factors (see below!).

Rebuild Our Emergency Fund to Three Months of Living Expenses
Well . . . we were so close!  Ever heard the phrase, "We make plans; God laughs." ;-)

At the beginning of last year, after we had already made our financial goals and determined the amount of money to put in our FSA (flexible spending account - for health care expenses) we found out that we were pregnant!  We realized that we would probably have to use the extra FSA money that we had hoped to use for my husband's braces for the delivery costs not covered by insurance, but other than that we anticipated no other major costs.

By the time our precious baby boy was born on August 31, we were within $500 of our emergency fund goal!  Then, we had an emergency.  As you might remember, Baby Gem spent 6 extra nights in the hospital besides the normal stay and received home care as well.  It was such a relief when he finally received a clean bill of health, but we were left with several thousand dollars in medical bills.  (More on that story in an upcoming post!)

So, we did not end the year with our three months of emergency expenses, yet we had an emergency and were able to pay for it.  So in one way, I guess we did accomplish that goal.

In an upcoming post, I'll be sharing our new financial goals for 2011!

How did you do on your financial goals this year?

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