What are you saving for?

[Jewelfine]

Not sure if this has been done before but what is everyone saving for?

DH and I are working our way to financial freedom. We want to pay of our mortgage (will have done that by end of next week we hope) and reduce our expenses and increase our investments so that we can be financially free. We have no debt (other than one car and the mortgage) and we love the idea of not worrying about paying bills! We love to travel and try to a few times a year. My dream is to wake up in the morning and say "hmmm what would we like to do today?" and not have anything we HAVE to do!

What are you saving for?

Thanx
Melanie

I may be on a frugal living board, but there are lots of things I want, lol.

1) Retirement - that I am actively saving for
2) Trip
3) Car
4) Fixing up the house

I should actually start setting up separate accounts for these other things, because I just have a chunk in checking and feel guilty for spending it on anything over $100. I also need to increase the retirement savings.

But to do that, I think I need to cut down elsewhere.

[Ima saver]

I am saving for retirement because my husband has always been self employed. All we will have to live on besides a small social security check, will be the interest on our savings and withdrawing our own investments.

[Lori63]

Retirement is the main saving right now-approx. 20 years from now.
Have one son starting college, then one in 4 years and another 4 years after that. We are helping them, but they are also responsible for some.

[pearlieq]

The big three are:

--Retirement
--Replacement cars
--Vacations

[Fizgig]

My six month emergency fund... I'm over halfway there. (Just started funding it at the beginning of the year.) I should be done by the end of the year, barring any problems. My budget has been seriously cut to the bone to accomplish this, so when I'm done I'll up the discretionary parts of my budget and live it up a little.

Once that's done, I'll up my budget like I said, start funding a Roth IRA, and start a savings account for a kitchen remodel.

[Dido]

Short term goals: My first is getting more liquidity. My net worth is respectable since I've been busy socking money away into retirement for the past several years, but I'm cash poor at the moment--I just had to borrow $1200 from my mom to pay my August bills, since I'm without a paycheck from May to September. I've drained away the emergency fund, so the first priority is making sure I have reasonable cash flow again. I have a full time AND a part-time job lined up for Sept thru December so should have the debt paid off by the beginning of the year and the emergency fund built back up to 5 months of living expenses by this time next year (more if I continue the part time job after December--we'll see).

3-5 goals: (1) I turn 50 in 4 years. I've always wanted to travel to Europe, so I'd like to set aside some money for that (or a wedding. My BF and I talk around this a lot and have for years, so having a small wedding and using the money for a honeymoon (not to Europe, that's my preference more than his) would also be a possible use. (Of course, he'd be helping pay too, then!)

(2) Also in about that same time frame I might need a replacement car. The current car is 8 years old and has 96K miles on it. I'm pretty sure it will last another 4 years but not sure how much beyond that.

~10 year goals: possible home remodeling.

Long-term goals: retirement. Achieving financial freedom ASAP--once you have enough saved in investments that you can live off the interest without touching the principal, you have the freedom to decide to retire, or not. Getting there would be nice.

[Broken Arrow]

Short answer? Peace of Mind!

Having had a taste of what it's like to feel helpless against crushing debt, I don't ever want to be like that again. Sure, I'd love to retire in comfort, own a house, and travel someday. However, when it comes down to it, it's all about being able to sleep well at night.

[rusty@saving]

i am saving to never again have to live paycheck to paycheck, a good honeymoon, i like "peace of mind"....
a corvette would be the one thing i have longed for my whole life, maybe someday.

[Bluezy]

CJ's education funds and my retirement.

[cschin4]

Retirement - Don't want to end up eating dog food.

College Funds - Have 3 kids so I doubt I could ever save enough for all three. They will have to take out loans and work as well.

[simpleselu]

We are saving to move in the spring. I'd like to have about $5-$7K for it.

[Ima saver]

Rusty, I know what you mean. Both my dh and I always wanted to buy a corvette. We bought one when i was 33 and I still have it!! I can't imagine driving anything else. I have a car fund and I feel pretty sure we will buy a new corvette with that money someday!

[ummabdullah]

lol Ima saver that was my first car at the age of 19. I loved that car.. because I would just press the little switch and down came the top. People at university always used to stare at me when I would get into it. I would never allow my husband or I to buy a car like that now. I think its just a waste of money.. but I am glad of the experience.

I am saving money to pay for a bigger house.. one day pay off that mortgage and to have a second home in dubai paid off entirely before my children start university. I am also saving up for the kids education at cambridge or harvard LOL .. its dads choice..
To build a Mosque (which is like a church) before we pass away..

I would say retirement.. but we plan on the children taking care of us.. LOL..

[aurielle]

AFTER I pay off my credit cards, I will start saving again for:

(1) 3 month's living expenses EF

(2) replacement car

(3) house down payment

(4) IRA

[Ima saver]

Jewelfine, did you say your house will be paid off next week?? That is great!! You need to have a mortgage burning party. They use to do that back in the "old days" [Automated by GetSmile]

[rob62521]

I am saving for these things:

1. Retirement
2. Vacation next summer
3. An island for my kitchen. We have new cabinets and a new stove. Now I would like to have a matching island to the cabinets.

[Kirbycruiser]

I am w/ Broken Arrow on this one. Peace of Mind!

[disneysteve]

Originally Posted by pearlieq

The big three are:

--Retirement
--Replacement cars
--Vacations

Those 3 plus my daughter's Bat Mitzvah celebration in 9/08 and braces.

[Ima saver]

I am really saving hard to pay off a piece of property that we own. I thought we might build a new house on it, but now we are thinking of moving someplace new and building a brand new house.