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Savings Goals

Tuesday, March 22nd, 2005 · 2 Comments

After reaching two major financial achievements in the past year — buying our first house and paying off all credit card debt — it’s a great feeling to be able to focus wholly on other financial and savings goals. The first goal goes without saying, and the others, listed in order of importance, are being accomplished in various sub-accounts with ING Orange Savings, a most excellent cash savings vehicle currently paying 2.80% interest — up from 2.60% just this morning (no fees, no minimums, and $25 free when you have me refer you):

  1. Retirement
  2. Travel
  3. Emergency Fund
  4. Annual Insurance Escrow (not terribly exciting, but a must-do)

Another goal I should probably add to the list and begin saving for monthly is Next Car Purchase. Although I bought my WRX new, I won’t do that again. And, ideally, I won’t have to finance my next car purchase. The WRX is in great mechanical shape and, with only about 54,000 miles on it, should last us a good number of years. Hopefully when the time comes to buy another car, we’ll have enough saved up to do so sans financing.

Even though we currently don’t have any kids, we hope to some day. When that time comes, Saving for College (529) will surely become a high goal on the list.

What are your savings goals?

Tags: money

2 responses so far ↓

  • 1 Jane // Mar 22, 2005 at 11:40 am

    We’re in a similar spot (and we love ING Direct!):
    1) retirement (mostly through work-based plans)
    2) emergency fund
    3) doing stuff to the house
    We committed to putting all tax refunds, bonuses, etc. into the emergency fund until we have a good reserve, then we’ll work on other goals.

  • 2 seth // Mar 22, 2005 at 12:48 pm

    It makes sense on one level not to finance your next car. However, if you can find 0% or exceptionally low financing – why use your money when you can “use” someone elses. BUT, exceptionally low financing or 0% financing IS hard to find on used vehicles, which is what you will be looking for. So I guess I’ll stop wasting your time!
    On another note, isn’t it crazy that any half- decent, new car will set you back 20k plus! The moment it leaves the lot it’s worth only like 75% of that – BAD “INVESTMENT”. What a rip!
    On ANOTHER note, good for you for shopping used. Besides the $$, think of all the raw materials and shipping energy you will conserve by doing so.