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!

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  • 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 beater economy 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. 

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Frugalflamesfan My parents co-authored on an auto loan for me when I moved out of the house and we all agree now that we made a terrible decision. πŸ˜‚ Your kid will definitely be better off with a beater car!

      I'm watching a house for a couple that is in France right now and I am very very jealous. I would love to visit Europe one day. I hope you make it to France next summer!!

      Thank you so much for sharing!!!

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  • 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...

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Coral Hammerhead It sounds like your big goals are just as important as your small goals which means you're thinking about your money wisely! The big goals are super intimidating to me too. I want to save thousands of dollars now so I can use them in the future for large purchases or trips but thinking about saving all that money leaves me overwhelmed and a desire to lay down.

      Are you scared the bike will get stolen or the basket? I think it is so cool that you want to use your time and energy wisely to get to a grocery store with such great prices. I've been wanting to buy a bike to ride around my little beach town but I would have to start a wish farm for a bike because that costs money uuuughhh.

      Good luck and thank you so much for sharing!!

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      • Coral J Hammerhead
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      • Coral_Hammerhead
      • 2 yrs ago
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      Kate I find the goals function so helpful to help me with the big goals. "Just stay on track with whatever small amount and in 1/2/5 years you'll be able to afford this cool thing" πŸ™‚ I hope you're able to get started on your travel and big purchases goals soon as well! I read your journal and you seem on track πŸ™‚

      I was worried about the basket being too easy to remove and steal. I did end up shuffling money from my Just for Fun category to the bike basket wish and your man at the shop explained to me all there is to know about bike storage, haha. Then he put it in a large enough basket at the back and told me "look, the only way to steal this is to steal the bike" - at least I can lock the bike so I'm not worried anymore πŸ™ƒ I went to Lidl a couple of times since then. Trying to think up a craft project to make a lid for the basket now, so I don't end up with half the groceries missing if I go overboard or cycle on crappy roads...

      Will you post your own answers to the questions you asked? πŸ˜€

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Coral Hammerhead I absolutely love the goals function too. I find it so helpful to have a realistic plan of attack when it comes to my debt and my goals.  Awww thank you! Just a step at a time, right? πŸ˜‚

      That is so cool! I'm so glad you decided to pursue the basket and you're feeling a little bit more confident about having it! I'm sure it felt so nice to buy something from your wish farm that you set aside money for! I have yet to purchase a single thing in my wish farm (which is partly due to my recent unemployment and partly my fault). πŸ˜‘ 

      Oh my gosh! I'll make a separate post with my answers and I'll tag you! Thank you for asking!

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      • Coral J Hammerhead
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      • Coral_Hammerhead
      • 2 yrs ago
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      Kate One step at a time indeed!! It is pretty nice harvesting something from the wish farm, I hope you can get yours in order again soon. It's so difficult to balance all the things though... 😣

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    • 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!

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Maroon Tugboat No this post isn't too long! I love this quick glance into your budget!

      My boyfriend and I are excited to start a family in the future (after we get married) but we both know that having a family is going to be a lot of work! My boyfriend and I are trying to start off on a strong foot by budgeting together and having frank conversations about money since I know this is the subject that makes or breaks marriages.

      I love that your goals are things that could happen at any time and not just for a special occasion. It puts the thought process of only being willing to save for big, exotic things in perspective if you just think about all your future expenses as future bills that will need to be paid one way or another. 

      Thank you so much for sharing! Good luck with your soon-to-be-senior and other children!

      Like 1
  • 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 QuebeΓ§ois from high school.  You'll get there eventually!

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Frugalflamesfan It's okay. He'll get there. We all make mistakes and we're all taught lessons because life is not a kind or merciful teacher. πŸ˜‚

      Absolutely! Uuuugh I'm jealous of you too now Frugal! Good luck. That sounds like going is always a pleasure and obviously AMAZING. So cool...

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    • Kate
    • Joyful Technical Writer 🌴
    • sweet_sunshine
    • 2 yrs ago
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    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 πŸ˜
    • Car Registration in October (not as exciting) πŸ˜‘
    • 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? πŸ˜‚) 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. πŸ˜‚

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      • Coral J Hammerhead
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      • Coral_Hammerhead
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      Kate Aaw πŸ˜€ And yay! Good mix of goals, good luck πŸ™‚ The Christmas one is particularly exciting!!

      Getting a second job is a tough one... Since you just started the new one, it sounds like it might be better to wait a bit anyway, see how you get used to it and what kind of job would fit best around it maybe...? Maybe I just think that way 'cause I'm so beat after work most days though πŸ™ƒ

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Coral Hammerhead I'm very excited for the Christmas goal. I just have to finish my goal in October now!

      I definitely agree with you. I'm going to take it slow with my new job and I probably won't find another one until after I move later this year. I want to spend as much time with my boyfriend this summer as I can before he goes back to work this fall as an elementary school teacher. I just know he wants to get married next year and it pains me greatly to know I'll be bringing $15k of student loan debt into our relationship. I plan on having the credit card paid off by the end of this year but yeah... that student loan debt is a killer.

      I'm usually beat after work too and sometimes I even have to bring it home with me to finish. I would probably need to find a second job that needs a graveyard shift worker or maybe even work on my own company...

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      • Coral J Hammerhead
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      • Coral_Hammerhead
      • 2 yrs ago
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      Kate Working on one's own business and managing to pay (some of) the bills that way sure sounds like the dream... πŸ™‚ Enjoy summer in the meantime!!

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  • 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. 

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Ruff16965 (05bd62cee897) Hi Mizter Ruff! Good luck with the new apartment! You could always move to Hawaii! It's kind of like California but instead of just having a coast you're surrounded by the Pacific Ocean...

      I would love to build my own computer one day but I'll probably end up buying a pre-made computer from my local gaming computer cafe. I have a huge steam collection I really should be playing. πŸ˜‚

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    • Kate Building a computer is easy, my computer instructor used to tell us that he could train monkeys to build them. It is choosing the right parts that can be hard. The computer I am using now is so overbuilt it is not funny. 10TB of hard drive space, 64GB of RAM. a 4,2Ghz processor.

      No thanks to Hawaii, I hear a gallon of milk is $10, gas is $6.00 a gallon. Besides I am not the beach type. Give me mountains and deserts.  Actually looking at the mid-west, spent 10 months there in 2016-2017 and if I had had time after a breakup I would have stayed, but ended up with family here in CA.

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Ruff16965 (05bd62cee897) I've been told it's really easy but I'm still so so nervous. πŸ˜‚

      Yeah, Hawaii is not for everyone. I just read an article recently that said anyone making less than 93k a year is considered low income. I am very much low income when it comes to Hawaii so I plan on leaving in the next couple of years. 

      Good luck with the move then! Colorado is wonderful if you're considering moving to the state. I'm originally from Colorado and I miss it a lot actually. I loved the mountains.

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    • Kate Any mountains will have to be in the distance, I suffer from migraines and altitude makes them worse. Last year I drove from Oklahoma to California, ended up spending 3 days in Alburqure sick. Then after the 4th last year went to Reno, the higher I got the worse the headache was, luckily I was helping a friend move, I think we spent more time driving there and back that actually loading the truck.

      Been to Hawaii twice, next time I go I hope to get out of the airport. My dad was in the Army growing up and we were heading to and coming back from Japan.

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Ruff16965 (05bd62cee897) Colorado Springs might not be the place for you then. The high altitude always messes with me when I visit home. πŸ˜…

      The airport is wonderful but the rest of the island is great too! I hope you make it back to Oahu sometime!

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  • Unless you plan on being He-Man computers are easy. I have a resource to help to choose the parts, I can consult long distance if you want.

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      • Kate
      • Joyful Technical Writer 🌴
      • sweet_sunshine
      • 2 yrs ago
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      Ruff16965 (05bd62cee897) Thank you so much for the offer! If my computer deal with my local gaming shop falls through I'll message you! Thank you!!!

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    • Kate Any time. I would be interested in what they are offering. Call it professional curiosity.

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    • HappyDance
    • YNABing consistently since 2014
    • HappyDance
    • 2 yrs ago
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    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.

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