What are you saving for?

**Ima saver** · 08-05-2006, 01:48 PM

Re: What are you saving for?

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** · 08-05-2006, 02:22 PM

Re: What are you saving for?

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** · 08-05-2006, 02:55 PM

Re: What are you saving for?

The big three are:

--Retirement
--Replacement cars
--Vacations

**Fizgig** · 08-05-2006, 03:31 PM

Re: What are you saving for?

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** · 08-05-2006, 03:46 PM

Re: What are you saving for?

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** · 08-05-2006, 06:07 PM

Re: What are you saving for?

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** · 08-05-2006, 11:37 PM

Re: What are you saving for?

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** · 08-06-2006, 02:22 AM

Re: What are you saving for?

CJ's education funds and my retirement.

**cschin4** · 08-06-2006, 04:45 AM

Re: What are you saving for?

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** · 08-06-2006, 05:13 AM

Re: What are you saving for?

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

**Ima saver** · 08-06-2006, 06:45 AM

Re: What are you saving for?

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** · 08-06-2006, 07:32 AM

Re: What are you saving for?

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** · 08-06-2006, 08:00 AM

Re: What are you saving for?

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** · 08-06-2006, 09:11 AM

Re: What are you saving for?

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]

What are you saving for?