On my tracking bars, you have no doubt seen that I would like to save about $1000 to be able to buy shares at my company. They recently changed the minumum share purchase from 25 shares to 20 shares. Which means I now need about $800 Canadian to buy shares. You can buy shares in June/December of each year - I won't have enough funds ready by this month - so I would like to buy shares by December.
I have already saved $286 through the share purchase program at work, so I figure I need approxmately $462 (I will save another $52 bewteen now and July 1) between July 1 and Dec 30 - that gives me 13 pay periods (b/c the new deductions won't take place until July 1st).
I currently tuck away $26/bi weekly.
I would have to increase my deductions to about $35 bi weekly.
I would hate to increase my deducations, and then come december have to wait another 6 months because of currency rates - so I am thinking of increasing my deductions to $40 or $50 bi-weekly.
What do you think?
Should I increase my deductions, or stay the course - and wait a year or two.
6/02/2009
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stay the course
ReplyDeleteAnonymous says eh?....
ReplyDeleteCan you make the increased deduction without decreasing your debt repayment? Can you find the $$ through more careful grocery shopping or selling baby fishies? I would be inclined to bump up my deduction a bit, because, really, you probably won't notice $25 per pay.
ReplyDeleteI am inclined to think that it would be worth it - once I buy the first 20 shares, I can purchase them in increments of 5, so I wouldn't need as much $$ saved up each June/December.
ReplyDeleteI could bump it up to $50/pay and then come December, decrease it to $25/pay again.
I am finding that If my money is committed to somewhere through an automatic debit - i accomplish goals more quickly rather then just trying to allocate 'left over' money.