Friday, March 03, 2006

Goals Update:

At the end of 2005 I had a post about goals for the new year and beyond. So having just read this post at Free Money Finance I decided to update you on how I have progressed with my goals.

The first goal I listed in that post was to determine how much you spend every week. I have gone a step further and set a spending budget. I give myself $25 dollars between each paycheck for spending (I get paid every two weeks). This may not sound like much, but unless I'm doing anything big, like skiing, I don't spend much money.

The second goal I listed was to put the money you aren't spending into a high interest savings account. I have opened two accounts, one at Emigrant Direct, and one at ING. I am building an emergency fund in the Emigrat Direct account and I am putting together money to open a ROTH IRA in the ING account. I set it up so that each account automatically gets about 7.5% of my paycheck each pay period. With it automatic, I never think about it or worry about it.

The third goal I discussed was a yearly financial goal. My yearly financial goal is to open a ROTH IRA and have $2500 in it by the end of the year. I will be opening the account this month and set it up to be automatically funded through my ING account.

And finally, a long term financial goal. I would like to retire before the age of 51! 51 seems so far away, over 30 years in fact, but with a ROTH IRA I will be taking the first step towards accomplishing it.

What are your goals?

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