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When goals are met

March 26th, 2009 at 03:39 pm

What do you do next?

I have decided, with regards to the money I will be getting for referring my friend, I will spend no more than $60 and save the rest.

But my question is, when you guys meet your savings goal, what is your next step? Do you take a small break from saving and buy yourself something (nothing outrageous, just a small treat)? Do set a new savings goal and work on that or do you set a different goal (maybe a CD, stock, etc)?

I'm thinking that once I meet my savings goal I will concentrate on my IRA until I meet that goal. And once both are complete, I'm not sure what to do. I could just continue saving, but I would like to "diversify". I was considering getting into the stock market. I would save another $1,500-2,500 and then buy some stocks (not sure which ones, still researching). Does this make sense?

For the most part I want my money to be safe. But I am willing to take a risk with a small amount (under $3,000), which is why I was considering the stock market.

2 Responses to “When goals are met”

  1. disneysteve Says:

    We never meet all of our savings goals, because we have multiple goals. We have short-term, medium-term and long-term goals. And new short-term goals are always coming along. Those might be taking a vacation, buying something for the house, etc. A medium-term goal for us right now is college. Our daughter is 13 so that's less than 6 years away. We also both drive older cars which will need replacing in the next few years. Then there is the big long-term goal of retirement and we can never save enough for that.

    So what do you do when one particular goal is met. Congratulate yourself. And sure, take some money and treat yourself to something special. When we paid off one loan, we took a small part of that monthly payment and hired someone to mow the lawn. When we paid off another debt, we took a little of that money and got basic cable TV. The rest went to additional savings. We adjusted our other goals upward to account for the higher contributions we were then able to make.

    One suggestion: I see that you list an IRA goal of $3,000. The maximum contribution is $5,000. Why not raise your goal to maxing out your IRA?

    As for buying stocks, that's a broad question. I'd want to know how your current money is invested. Where is the IRA money? If you want to explore that question, I'd post a question to the Investing forum for input.

  2. cassandra Says:

    Thanks, Disneysteve! I think I will raise my IRA goal to max out this year. It is certainly doable. My IRA is currently in an MMA. I think I will post this on the forum though.

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