targeted savings

So along the same lines as my post on auto savings I decided that the time had come to start saving for Bat and Bar Mitzvah's. With 3 and 5 years until these ultra expensive events now is the time. I set up equity accounts for each kid in my Vanguard account. I made the deposits automatic and set it up in the 500 index fund. This is fairly risky and aggressive for money that will be needed in 3 years, but I am rolling the dice. The cost of a Bat Mitzvah can run north of $10,000. At $100 a month for 36 months we are looking at $3600, far short of the expected price tag. That being the case a couple years of 8-10% returns could help to close the gap. In any event, just setting up the account and planning for the future makes me feel more optimistic about things.