What Are You Saving For?
Hi everyone! Sometimes it helps when you've been saving for a while or you're trying to get the motivation to save to actually talk about what you're saving for. I would love to hear all about it!
What are you saving for? Are you close to being done or did you just start? How much do you try to save or are saving daily/weekly/monthly? Do you have any advice for people looking to start saving? What's been your biggest challenge and biggest success that has happened since you started saving? If you haven't started saving then what are your saving goals and dreams?
I want to know!
Hi Kate, I put a Vehicle Replacement goal in my budget this month. My little 2014 Subaru is great, but I was thinking of gifting/selling it to one of the kids when they leave for university.
I put a starter goal of $5000 in the budget and $50/month towards it. Not sure why my brain didn't compute this, but I laughed when I realized it would take 100 months to save only $5000. Either the kid gets a beater car or I need to put away 10X that amount! I love the reality-check that YNAB gives me.
I think the kid will a safe and reliable
beatereconomy vehicle and I still need to have a savings goal so that I can replace my vehicle when required.
I also have a travel savings goal set up. Would love to go back to France next summer.
The biggest saving goal in my budget is probably for the boiler replacement in ~5 years, and it's also the goal that makes me feel the most responsible. It might break down before then but at least I won't need to raid my entire emergency fund to replace it then.
...Having said that I only started saving for it about 3 months ago so if it needed replacing tomorrow, the emergency fund would still be in trouble anyway. Oops. I plan to keep it serviced yearly so hopefully it holds on longer.
I have a couple of trips planned for next year, some of them are nearly half-funded now so I leave them alone. I found budgeting for big items depressing when I started YNAB (~6 months ago) but now seeing that goals are actually making good progress, even with a small amount every month is really encouraging. Can't wait to hang out with these friends and family members next year.
The saving goal I'm thinking the most about at the moment is in the smallest item in my wish farm: buying a rack and panniers/basket for my bike. I'm tempted to raid other goals to get it done faster. I'd like to start shopping at Lidl/Aldi but it's too far a walk, and a heavy backpack full of groceries always ends up with a bottle of orange juice digging into my back and some of the groceries crushed. From past experience I know I won't keep it up so I'm really keen on getting proper storage that hopefully won't get stolen while I'm inside the shop...
- We just found out that my 10 year old will be needing braces. We'll be saving for that now.
- HVAC system is 12 years old - There's a bucket for that. It'll need to replaced in the next 5 years
- Beater Car for my soon-to-be-senior-in-high-school
- Senior expenses - pictures, senior gift, etc
- Annual camps - band, church, etc
We have 10 categories just for kids activities and associated expenses.
Also, we have a "weekend getaways" category that we try to have filled with $500-$600 for spur of the moment outings. Christmas fund. Emergency fund (fully funded, never touch it)
We have been using YNAB for over 4 years. Before that? Dave Ramsey's Total Money Makeover. YNAB changed our lives. Changed our marriage. Opened up avenues of communication we didn't have before.
We have learned to view "future expenses" or savings categories as future "bills". If you start saving now, you won't be "surprised" by the 15 year old HVAC system going out. Sorry this post is so long!
Thanks for your perspective! My kids have been coddled too much and I need to let them rough it a bit more. Although my son in university told me the other day "Really Mom, there is nothing to learn through my suffering!" This was after I told him he didn't need an Xbox One and 40 inch TV. He has no idea what the word suffer means.
Yes, looking forward to another trip to France. Lots of friends to stay with, which makes it much more affordable and I love hanging out in the countryside and eating cheese and bread. Get to use some of my Quebeçois from high school. You'll get there eventually!
Posting my own answers to my questions because the ever sweet Coral Hammerhead asked! 😘
I'm saving for:
- A Christmas Ticket to Colorado to see my parents and introduce them to my boyfriend 😍
- Car Registration in October (not as exciting) 😑
- Moving Expenses to move into an apartment later this year
Every goal is on track except the moving expenses one but I have a few more months before that one is actually going to happen. I enjoy using the goals feature in YNAB and I usually save the monthly amount since that is the easiest for my brain.
Another huge goal is to have all my credit card debt paid off this year. I'm even thinking about taking a second job to pay it off faster and then start paying off my student loan with whatever I make. (You know, the Dave Ramsey way? 😂) We shall see though I have a feeling my boyfriend will not be crazy about this idea.
Now it's just keeping the money in my account while I save instead of taking it out and spending it on a Friday night in Waikiki. 😂
Morning Miz Kate,
Goals besides the Emergency Fund and Car Emergency Funds, got $30.00 and $25.00 a month going in there a month. I have amount by date goals for a camera, new computer build.
The biggie that I am saving money for, or spending it as fast as it comes in it seems. I a move to my own place. Currently accumulating everything that you need for an apartment/house, from a bed to pots and pans. Also putting some away for deposits, rental of trailer, gas and hotel as I hope that my new place is not in California.
The categories in my budget that have zero or very little in them, and which will be my next priority:
- new furnishings - need a new bed in the 2-4 years, want new/different living room furniture
- replacement electronics - need a replacement computer yesterday (I've been whining about my 8.5-year old computer for a couple of years now), want a smart phone (this one is tricky because it increases my monthly costs as well)
- vacation - to anywhere (ahem....clearly this need to be more specific in my planning)
I struggle with prioritizing and consistently budgeting to medium-term savings for immediate spending when the goal is achieved. I have trouble spending bigger amounts on discretionary items. I give myself top marks for short-term and long-term budget categories. I suppose it's just the natural outcome of my journey to date. My priorities over the last four years have been: (1) debt smackdown, (2) true expenses, (3) emergency funds, and (4) long-term savings (retirement & next car). I am now ready to take on saving and then SPENDING some funds on some medium-term items and dealing with my negative feelings on spending. These are all things that have been on the back burner and the categories at a zero balance for so long that it feels strange to consider saving for and/or spending on them.