What prize is better than cash? Focusing on the bigger financial picture is creating a much bigger WIN for our household. Much BIGGER than we ever imagined. Continue reading
At first, NOW was all about winning…
and the cash prize. However, two months in, we recognize the steps we are taking & the financial decisions we are creating a much bigger WIN for the Wooton household. Much BIGGER than we ever imagined.
July was all about setting our budget & reigning in our spending habits. We were introduced to the “snowball method”. Putting this into action has helped reduce our debt and it’s starting to really pay off! We’ve eliminated our lowest debt and have used that monthly payment to double up on our next, slightly larger debt – which is expected to be paid off this month. It’s so rewarding to see the “snowball” working in our favor.
August focuses on our retirement & savings goals. (Time to start putting that extra money where we need it most.) We met with our financial advisor, Katelyn, and she helped us to set up a ROTH IRA with a biweekly contribution.
Despite the positive momentum, unforeseen expenses are inevitably a part of life (like when the brakes went out on one of our cars this month). Having “extra money” in a savings account takes a huge weight off our shoulders to cover these costs.
Even the boys (ages 3 and 6) have started putting half of every dollar they earn or are gifted into their youth savings accounts. Hunter was excited to go to PenAir and make his first “in person” deposit this month.
Both boys have been full throttle the past few weeks, as they have been collecting supplies and sorting through items for our Communerosity® event benefitting the Gulf Coast Kids House. They will be setting up their Lemonade stand on Saturday August 21 at Cantonment Mercantile. We would love to see everyone stop by & cool off with a glass of lemonade. All proceeds will be used to buy items to pack pillowcases.