- Saving money for this trip means it does not come out of my emergency funding nor steals from my other financial goals.
- If I decide against the trip, the money can be redistributed or used for other purposes.
The drawback to my savings plans: I have no idea how much I need for the trip. My mother suggested I aim for $500. Starting with that number, I carefully analyzed my spending plan and my current savings amounts. This is what I have decided:
$10 from my monthly cat care allocation (I have only one cat to care for)
$10 from my personal care allocation (my spending has decreased in this category)
$1 from my gift spending account (buying secondhand and making items has given me more breathing room here)
$10 from savings (I reduce the amount to savings by this amount every month)
$10 from house savings (I decrease my contributions by this amount each month)
Since there are 13 months between now and September 2010, I estimate that I can save $533. That does not include money from extra checks (there are three between now and then) or any other sources. This is a good start for my vacation fund and an extra cushion if something else arises. I may change my mind after I see the estimated price tag for the family reunion but more savings will help fund my other financial goals.
What do you think of my changed plans?