Author Topic: Small Goal Ideas?  (Read 1739 times)

V

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Small Goal Ideas?
« on: June 30, 2014, 12:38:02 PM »
My husband and I are new to saving more and I think we are both finding it hard to adapt.  We sold our house last year and were able to pay off all of our debts.  After we sold the house we went on our honeymoon and had an amazing time.  We got married at the courthouse because I honestly could justify spending all that money for something that only lasts a few hours, so we went to Europe for Two weeks.  It was easier to save then because we had a goal for something that we consider very enjoyable, but when we don't have anything like a trip planned, it almost feels like we are sacrificing a lot.  We were saving to buy a home, but aren't finding anything on the market.  We thought about moving out west, but still aren't sure if that's the right move for us.  I think the biggest thing is the fact that we don't really have anything in the short-term to look forward to.  We see the savings account increase every two weeks, but that's it.  Do you guys have any tips on how we can reward ourselves without breaking the bank?  We love to travel, but we constantly think about the cost.  I think we have put so much pressure on ourselves to save and I'm not sure how we can stop worrying about it.  Even though we don't have any financial issues, we still feel like we are living paycheck to paycheck because we treat savings as an intangible item that cannot be reached/used.

skunkfunk

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Re: Small Goal Ideas?
« Reply #1 on: June 30, 2014, 01:10:35 PM »
Is it really just sitting in a savings account?

Goal 1 - max out retirement accounts. That's a goal, right? Max your 401k (if applicable), then an IRA. Do this every year and you are well on your way there.

Still have money left over? Save up for a rental property. Then another.

New Balance

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Re: Small Goal Ideas?
« Reply #2 on: June 30, 2014, 01:16:25 PM »
Also put a travel line in your budget.  If your budget can't bend, it will break.  Skunkfunk's suggestions are especially true if your company matches your 401k.    Give yourself a challenging ratio like "for every $500 we put in the 401K, 100 goes into the travel pot.  When the travel pot gets to 500, we take a trip."

skunkfunk

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Re: Small Goal Ideas?
« Reply #3 on: June 30, 2014, 01:22:19 PM »
Limit for a 401k is $17500, and roth IRA is $5500 per person. Between the 2 of you, that's $28500 worth of goals already. I like New Balance's idea to match part of your retirement contributions with a travel fund.