When you set a goal – especially a financial goal – you need to leave some room for the unseen. In November when we had planned to save enough money so Mr. Tucker could retire in 2023 there is no way that we could foresee every disaster. Furnaces fail, cars die, and sometimes dental surgery must be had.
We discovered earlier this month that Mr. Tucker needs $8500 worth of dental surgery which will happen in two appointments next month. Since we both have benefits we submitted a preapproval and it looks like the maximum we will get back is $3000 from both plans. This leaves us on the hook for $5500. The surgery isn’t really optional if he wants to keep his teeth so we are definitely rolling with it. While it’s a (literal?) kick in the teeth, I am grateful that we can at least afford to have the procedure done.
Sunday morning is all about coffee and chats here at The Mullet so we ended up discussing our financial goals this morning (spoiler: we discuss goals a lot – financial and otherwise). In the end, we always have pretty tight goals but we are also flexible enough to change them when the need arises. Some people will encounter a blip in their plans and just throw their hands up and give in but that doesn’t solve the problem. The correct way to look at it is to see goalsetting and your budget as flexible and to adjust when necessary. Even the best saver can’t account for every financial blindside that they will experience but they can just shrug their shoulders, adjust their course, take the detour and then continue on their way.
This surgery will probably set us back from reaching our goals by a month given our current trajectory. Of course, more things will happen as well – both positive and negative: we will get a tax credit from the surgery but we also may have our furnace die (it’s from 2003 so I’d be stupid if I said we didn’t see it coming). Given our timeline of 3 years, a lot can happen between now and then.
So after our chat this morning I took another look at our budget and adjusted our activities and hobbies spending. As depressing as it is to think about, there probably won’t be summer camps, dragon boat paddling, or roller derby next year so I can remove these items temporarily and funnel the money into the dental surgery fund. My hope is that people will be vaccinated by autumn and life may return to some semblance of normal (or new normal – life has changed, that is for sure). But I also have a sneaking suspicion that this is an overly-optimistic view. Still, we can use the money we are saving now on the surgery instead of hoping that activities will happen again soon. Of course, if things do go better than the current outlook, I can be flexible to adjust for that, too.
You can only control so many parameters in your life so you do have to be flexible in order to reach your goals. Sure, it may take longer and cost more than you anticipated. It’s important to realize that we are lucky to be in a position to be able to take a hit like this, and that comes from having good financial planning skills previously. I just keep telling myself that it is a marathon and not a sprint. Even though it may not go 100% as planned, it will eventually happen as long as we stay on the path.