Starting to save for the summer too!

Being teachers, summers are outstanding. The problem with all that freedom, however, is that we become poor pretty quickly. I usually teach summer school, but the amount I receive is barely more than two regular paychecks and it never seems to be enough. Over the last few years, we begin saving for the summer with our tax refund and try to add to it over the next several months.

This year I am trying to get a head start on preparing for the summer since I also have this additional debt to pay off, and I don't want to add to it in late August when we are looking around the house thinking what we could sell. I have set a goal of $7,000, which seems like a lot considering that it's not all that far off and we have additional debt goals to worry about.

I've mentioned earlier, though, that we get back a significant refund from the government, and a pretty big chunk will go to Summer Savings, with a little left over for our debt and investments. Also, I receive a stipend of about $900 right at the end of the school year for completing some professional development classes throughout the year and the wife gets around the same amount for opting out of her health care, and those checks go right into our savings.

As an added bonus this year, we've just found out, the government is contemplating jump-starting the economy with tax rebates around June or July, with individuals receiving along the lines of $500-$800, married couples twice as much, and families with kids some additional money. If this passes (and it looks like its getting bipartisan support), it would come at the perfect time as we start our summer.