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.
When goals are met
March 26th, 2009 at 10:39 pm
March 27th, 2009 at 12:19 am 1238113140
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.
March 27th, 2009 at 12:31 am 1238113869