Just a quick update today. S and I are thick in the process of merging our finances in preparation for the babies’ arrival this summer. I’m viewing this year in terms of phases. Phase One is the months preceding the babies arrival or me going on bed rest, i.e. both salaries coming in. Phase Two is me potentially on bed rest, the babies’ arrival, maternity/ paternity leaves, and S potentially transitioning to a new job. Phase Three is me going back to work and S potentially working part-time evenings and weekends.
Right now we’re in Phase One, which will hopefully be until mid-June when the babies will be considered full term. Obviously we can’t predict when they might arrive or if I’ll end up on bed rest at some point and ultimately we don’t have much control over that so the best we can do is continue shoveling money into savings. We’ve already set up our joint accounts and come up with a pretty stringent budget for the next four months or so (until the babies come) that cuts back to the bare essentials/ minimum debt payments and allows us to stockpile as much into savings as possible. During the coming months we’ll be:
- Selling our second car (which is a whole story in itself that I’ll have to write about another day)
- Going through the house room by room and selling as much of our “extra” stuff as possible
- Taking on more side jobs (I’ve already got two sewing jobs lined up)
- Researching and getting life insurance by mid-May
- Researching our health insurance options (a complicated issue that I’ll have to write about another day)
- Examining our student loans (another complicated issue that needs more space for explaining)
- Exploring all options for acquiring free or cheap baby items. I’ve joined a couple local twin mom groups and people frequently list free stuff. Also, keeping our eyes open on Craigslist, at yard sales, and for curbside pickup items.
- Get our taxes done (crossing fingers for a refund)
- Getting a plan together for Phase Two and Three!
We’ve got a lot to do but right now I’m just feeling relieved that our plans are starting to come together. Even more than that, S and I have really pulled together and are communicating about finances in a way I never thought possible. This is going to be a bumpy year but I’m feeling hopeful that we can get through it without accruing any new debt.