Using ING Sub-Accounts to Help Achieve My Goals

Posted by Forest on November 10, 2008

Work has been really slow lately, so I took some time last week to create some financial goals/funds.  First, I created a bunch of sub-accounts within my ING Savings account.  The process is incredibly slick.  I named each sub-account after a specific goal and I got the ball rolling by adding some money to them from my other accounts.

I’m not entirely sure how I’m going to go about fulfilling these specific goals but it’s nice to finally have some and it’s fun to see the tiny amounts of money start to trickle in and add up.  At the moment, there is really no rhyme or reason to them; I have yet to prioritize them, though I’m sure I will in time.  At this point, it was good just to come up with some specific funds/goals and I will worry about how and when I’m going to fulfill them a little later.

Check out the updated sidebar for my new ongoing goals.
Here is a rundown if you’re reading this in a reader and you’re too lazy to click through:

1. Emergency Fund - All good PF bloggers should have one, so I do. Actually, who am I kidding, everyone should have one! I’m considering $5,000 to be good for the time being.  Goal complete!

2. Vanguard Fund - I’m trying to save up the $3,000 it takes to get started over at Vanguard.  So far I have $1,108 saved.  Only $1,892 to go!

3. General Savings - The name gives it away. This is just a general slush fund that I can take money out of for all those miscellaneous expenses I seem to rack up.  I will also take my Christmas gift money out of this fund.  This fund will not have a cap or end goal - I’m just going to add to it whenever I want and take from it in the same manner.

4. Car Fund - My car is doing fine, but it will turn 10 next year, so it can’t hurt to start saving up towards a new one.  I also will pay other automotive-related things from this fund.  For example, I just took $30 from it on Saturday to pay for an oil change. It stands at $55.02.

5. Travel Fund - For travel.  This goal will not have a specific amount to reach.  I will continue to add to it until I use it.  It currently has $110 in it.

6. Tax Fund - This fund will be used only to pay my property taxes so the goal is about $1,500.  It currently has $110 in it.

7. House Downpayment - I’m saving towards my next house (If I can ever get rid of this one).  The goal for this fund will be $40,000 and it currently has $160.  This one might take a while.

I think that’s a healthy list and I’m sure it will keep me busy.  Especially that last one!

2008 Roth IRA Goal - Complete!

Posted by Forest on October 8, 2008

I couldn’t find the patience to wait and I just went ahead and deposited $200 into the Roth IRA yesterday and completed my goal for the year!  I’ve contributed the maximum $5,000 and it feels really good to reach the goal.  So what if my IRA is down 27% over it’s lifetime.  Call me crazy, but I think it might go back up in the next 40 years!  Yikes…does anyone else ever see numbers like that and think: Wow, I have to work for 40 more years?!?!

Now I need to work on developing some more goals. Any suggestions?

Roth IRA Goal: Near Completion

Posted by Forest on October 3, 2008

I added $250 to my Roth IRA during the month of September which leaves me just $200 shy of hitting the maximum allowed for a year which is $5,000.  It will be nice to be able to spread that remaining $200 out over the next three months and I’m absolutely positive that I will be able to accomplish this goal.  I will probably just put $200 in during October and then not have to worry about it at all during December when I’ll have other money issues to focus on such as holiday shopping.

There is still a tiny part of me that thinks I might be crazy for pumping my cash into the IRA which is down 21% from when I started it last year, but I have to just keep telling myself that hopefully I’m buying on sale, the market will recover and that I’m not going to need this money for a very long time.

Anyways, I’m still pretty excited to be so near the finish line for the one and only goal I have highlighted in the sidebar (which is now updated).  Next year (or sooner) I will add a few more financial goals to be tracked on this blog.

I Scrapped Some of My Goals

Posted by Forest on June 17, 2008

I took some of the goals off my sidebar when I transferred over from blogger.  I’ve just been thinking a lot about priorities lately and I’m reevaluating my goals.  Not a major deal, I tend to do this all the time, that is analyze and reanalyze, prioritize and then re-prioritize.  It’s typical. So I’ll spend some time thinking about them and then I will repost new charts in the sidebar.  The only goal I’m still certain of at this point is the fact that I want to max out my Roth IRA this year.  So I’ve kept that goal in the sidebar. I’m still saving for a house and adding to my emergency fund, but I’m just not sure I’m ready to set a goal for them and make them a priority.

Sidebar Goals Updated

Posted by Forest on June 4, 2008

Updated Goals

Posted by Forest on May 17, 2008

I spent part of today learning some HTML* and creating some charts in my sidebar to track my savings goals. Some goals are more longterm than others, but I will be updating each of them on a monthly basis so that you guys can track my progress along with me.

*Special thanks to GradGirl of ThisWritersWallet for the HTML help!

Goal #1

Posted by Forest on

My top financial goal is saving for a down payment on a house. I’ve set my goal at $50,000 which is equal to a 20% down payment on a $250,000 house. Currently, I’ve saved about $10,000 so I have quite a ways to go….but slow and steady is my life’s mantra.