2010 is here, and it’s time to think about financial goals for the next twelve months. And this year, I am inviting you to join me in the 2010 Savings Challenge.
I am challenging each of you to save this year alongside my family. Pick one goal to save for throughout the year. Whatever floats your boat. But think big, and get creative.
You might consider saving money each month to pay down credit card debt- or pay it off entirely. Or save in some area to give more to church or charity. Save to buy a loan-free car or for your kids’ college educations. Save for an emergency fund, or a debt-free 2010 Christmas. But ask yourself, what’s important and necessary to your family this year? Does it stretch you to further financial responsibility in 2010? Is it both challenging and possible? (If you need some motivation, check out Crystal’s saving story- a paid in-full home!)
After you decide what you’ll be saving for, set a savings goal- either for each month or the full year.
How will Ryan and I participate in the 2010 Savings Challenge? You should feel pretty special. ;) I’m about to share something with you that we haven’t even shared with close family yet. (Oops. Sorry Dad…)
Ryan and I are looking into adoption as a possible option for the third Adams family child. At this point, we’re absolutely still in the research and consideration stages, but if we do decide to adopt, we’ll need quite a bit of money set aside. (We’ve quickly learned that the financial price of adoption is shockingly high…) We’ll be saving for this possibility throughout 2010, since we’d prefer money not be a deciding factor. This adoption savings goal will be in addition to our other usual savings and investments.
If we decide adoption isn’t the best option for our family for one reason or another, we’ll put the money saved at year’s end toward the principal on our house.
We’ve set a pretty aggressive savings goal for this purpose in 2010 (though I won’t be disclosing the actual dollar amount, for obvious reasons). It’s going to be tough. And I’m not sure we’ll be able to make it. But I’m willing to give it my best effort. And each month, I’ll update you on our progress.
As of now, we plan to save toward this goal primarily from my blogging income (which I am hoping to increase each month), a little bit of reallocated savings, and budget cuts.
So that’s our plan for 2010. What’s yours?
I would love to have you join me in the 2010 Savings Challenge. Are you in?
If you want join me in this challenge, I would love to hear about your savings goal and plan of action. If you’re a blogger, feel free to write a 2010 Savings Challenge blog post and link to it below. Not a blogger? I still want to hear your plan for the Challenge.
Bloggers- If you would like to include the 2010 Savings Challenge image in your post or sidebar, here’s the code you can copy and paste:
<a href=”http://www.mrsmoneysaver.com/category/2010-savings-challenge/”><img src=”http://www.mrsmoneysaver.com/wp-content/uploads/2009/12/2010-savings-challenge-final.jpg”/></a>
Stay tuned tomorrow as I share the two (free!) tools we will use in 2010 to track our spending and saving in order to reach our goal.
(Thanks to Money Saving Mom for this series’ inspiration!)
Original photo credit: Carly Jane1’s (with my own editting)
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Hey, we’re planning to adopt too! We have no children (even after several rounds of IVF) and after having pondered for over six months which agency to use, we have settled on one and know that this is the year for us to do it. As much as we’d love to save money this year (we just bought a house too), the international adoption will cost $50,000 (Russia is the only country that fits our specific situation and preferences). We have some saved but we’ll have a lot of debt for a long time to come. The 50 big ones is so gigantic it makes me really scared, but the idea of living our lives without a child is not really an option. I have always dreamed of having a family and we’re about to start the path there — while clipping all the coupons I can find!! Happy New Year and may all your dreams come true!
I hope you save enough to adopt, if you decide to do so. I don’t have any specific financial goals. I just want to spend less and save more. Happy New Year!
I read about your desire to save for the possible adoption of your 3rd child and I wanted to let you know about an adoption possibility that I’ve learned of recently that is—–FREE!
I know for a fact it is done in Arkansas and South Carolina because I know people that have done so or are in the process. So, I’m guessing it may be a possibility in your state. Anyway, it is done through the state and does NOT involve being a foster parent first. You have to attend a workshop where you get tons of paperwork to fill out; have physicals for the entire family; have a home visit, etc. You can state perimeters for the age, race, gender of your child, etc. and when one comes up within your perimeters they will notify you and give you the opportunity to say “yes” or “no”. That’s all free–no cost. You may already know about this option, but I wanted to let you know about it just in case.
The first I learned about this possibility was 2 months ago when a college friend of mine showed me pictures of his 2 adopted daughters and they were absolutely the MOST BEAUTIFUL girls I have ever seen in my life (besides my girls of course!).
Good luck on your savings goal and figuring out what direction you should go in this adventure!
Kara M
We’re having the goal to pay down credit card debt.
.-= Candi´s last blog ..Why We Coupon: Part 1 =-.
Thanks Dana for sharing your 2010 savings goals and it is great to hear about the desire that the Lord has placed on your heart (and your husband’s) to adopt a child. My husband’s cousin lost one of her 4 children in a tragic accident last year, and after a mission’s trip to an orphanage in China a few months later, she said her eye’s were opened to the needs of orphans in other parts of the world. She and her husband have decided to adopt a child from Rwanda and are very excited.
Best wishes with all your 2010 goals! I plan to participate in your 2010 Savings Challenge on my blog as well.
.-= Laura – Frugal Friends in Northern VA´s last blog ..DC Shoppers Now Pay $0.05 Per Plastic Grocery Bag =-.
Wow! That is a fantastic. What a wonderful goal to have. I told my hubby that I would love to adopt as an option, now that I am a Mother of my first child, I wish I could adopt all of the kids that don’t have homes and aren’t loved like I love my daughter. God Bless! You WILL reach your goals!
.-= Holly’s Savings´s last blog ..Scotties Tissue FREE at Shoppers Food Warehouse 1/2/10-1/6/10 =-.
That’s a beautiful goal! I’m excited to see you save for this one. Thanks for sharing your goals and motivation.
.-= Gina´s last blog ..Starting the Year Off With a Splash =-.
We adopted through the State of CT DCF. We got our son when he was only 10 weeks old and now he is almost 5. An absolute blessing. And there was no cost involved. An added benefit in CT is that they cover his medical until he is 18 or 22 if he goes to college. They also cover tuition to any state college not over the amount that UCONN is charging at the time he attends.