I’ve created a new goal for myself. (I’m NCN) As part of walking through the “baby steps” towards financial freedom and peace, I want to provide a quality education for my children. So, I have opened ESA’s for both of my children. I will be saving 4000 dollars for my 2006 contributions in their ESA accounts. Here’s my initial chart.
My goal date is rather aggressive, but it needs to be. In order for my contributions to count as 2006 annual contributions, they must be received by my ESA company before April 15, 2007. I will need to save roughly 1333 dollars per month, for the next 3 months, to achieve my latest goal. I have not decided if I will save this money in my ING Direct account and then transfer it in one lump sum, or simply send smaller amounts to my ESA company on a monthly basis. More to come.
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January 8th, 2007 at 3:03 pm
[...] NCN at the No Credit Needed family of blogs has been following Dave Ramsey’s “baby steps” in his quest to get his financial house in order. He reports that he’s done with the first three and is ready for the next baby step. (He shares part of that next step here.) NCN also notes that the next episode of his podcast is available. I find NCN’s story inspiring — he’s one of my personal finance heroes. Seriously. (For the record: I’m only on the second baby step, which I aim to have completed by March 2008.) [...]