(Closed) What are your savings goals?

posted 7 years ago in Money
Post # 16
Member
1908 posts
Buzzing bee
  • Wedding: May 2014 - Madison, WI

My current goal is to pay off all my credit card debt (bad bad, I know!!) which I should be able to do this year while then also saving for a down payment. DH makes significantly less than I do, on the plus side he has no debt except his car payment ea month. So he’s just trying to save as much as possible for an emergency fund and our down payment. I’m hoping that once I pay off my debts I will be able to save $1000/month minimum and really build a good savings for us.

My goal for the next few years is to get us to a point where we can pay our basic living expenses on my salary alone and put all DH’s salary into savings. Maybe then we can finally save up for a really nice vacation or something!

We’ve only been married 8 months now, so it’s still new but we’re trying to get our financial goals on track as quickly as possible.

Post # 17
Member
880 posts
Busy bee

View original reply
stokesto:  Canadian here too! This is what we do: We both have an RRSP and 5% of our salaries go into there. We plan on taking $25,000 out each in the next 2 years or so to buy a house through the First Time Home Buyers Plan. 

We both have a TFSA and use this for wedding costs. We’ve been saving for 4ish years for this. We both put 5% of our salaries into this every paycheque. Both our RRSP and TFSA payments are automatic deductions on the days we get paid.

I work for one of the top 5 banks so I participate in the Employee Shared Ownership Program. I put 6% of my salary into shares of my company and then my company contributes 3%. I have over $8000 from that alone in the past year. 

Our financial goals are – 1. Pay for the wedding. 2. Buy a house in the next 2-3 years. 3. Travel to Australia every 4 years (his sister and our nephews live there). 4. Have an emergency fund saved up so I can take a full year off for each child we have (my company tops up my Mat Leve for 18 weeks, but the rest of it will be on 45% of my salary as per the Government). 5. Retire by 65 comfortably. and 6. Pay off student loans by 2018.

We have worked with a Financial Planner (which is free btw – just go visit you bank!) and have a financial plan in place in order to reach our goals. 

Post # 18
Member
1782 posts
Buzzing bee

View original reply
stokesto:  I haven’t spoken with the HR lady here at work, so I am not really working on retirement right now. I just want to recover the $4,500 I paid for residing my house this fall. I put a few hundred dollars a month into my savings. I almost had $20,000 in my bank, which would have been incredible for 26 years old, but sometimes life happens and your 1950s house needs a face lift.

Post # 19
Member
8941 posts
Buzzing Beekeeper
  • Wedding: June 2009

Our goals are to max out our 401ks and Roth IRAs.  We also put a chunk into our investment account every month as well.

I’d love to retire early but with the huge cost of it, I’m not sure if it will actually happen.  I want us to enjoy our lives up to that point as well though.

Post # 20
Member
4556 posts
Honey bee
  • Wedding: May 2016

I’m 22. We graduate in May so once we get into our careers we will start saving for a house together. Both of our cars are paid off and he has very small student debt so that’s not that big of a deal. I max out my Roth IRA every year and he maxes out his 401k. I also have tens of thousands in my savings accounts. 

I have several hundreds of thousands in investments that I will not touch until we retire, which will hopefully be around 50-55. I also want to buy a house in Hawaii. 

Also, when we get into our careers we will save all of my income and prepare to live off of his for when I become a stay at home mom. I want to start my own business during this time as well.

Post # 21
Member
2706 posts
Sugar bee
  • Wedding: January 2013 - Harbourfront Grand Hall

View original reply
stokesto:  I’m 25.  I currently save $200/paycheck (every 2 weeks) that goes into my personal general savings account which I use for tuition, textbooks, insurance premiums, unexpected vet visits and car repairs.  I have a second savings account with my husband where we save tax returns and other random money we get throughout the year.  We just almost emptied it to pay for a vacation rental in D.C. where we’ll be in August but other than that we use it for big house repairs, like I just took out $300 to re-paint our basement and last year we took out $1k to pay for a new garage door.

I need another savings account (or to reconfigure my personal one) to start saving for a new (to me) car.  But that seems to keep getting pushed to the back burner.  If something happens to my current car I would have to empty my personal and joint savings account and still wouldn’t have enough 🙁

Post # 23
Member
296 posts
Helper bee
  • Wedding: May 2015

 

View original reply
stokesto:  Im 28 and my current goals are to save 50k before kids..I cant predict pregnancy but id say the earliest we would be having a baby is 2017.. I have 30k saved so far. I had made a goal last july to save 10k before our May 2015 wedding which im glad to say I have already did. Other than that.. I continue to contribute towards retirement but I started at 22 and kind of slowed down. I have around 40k saved towards that. I just sold my house last spring and thankfully with a VA loan we wouldnt need a downpayment for our future house. He just started residency so we won’t be buying a house anytime soon though so its not something Ive really planned for.

Post # 24
Member
1782 posts
Buzzing bee

View original reply
ksn1219:  If you don’t mind me asking, how did you, at 22, do all that? Like you say yourself, you haven’t entered your career yet. I’m just curious.

Post # 25
Member
3162 posts
Sugar bee

We are 26 and 28. 

Our primary focus right now is paying off student loans (by 2017) and then our mortgage (by 2020). However, we save for retirement, emergency savings and vacation funds.

We end up saving about $500 a month in emergency savings and $250 a month towards vacation savings. Our retirement savings is 18% of my income and 8% of DH’s income.

 

Post # 26
Member
81 posts
Worker bee
  • Wedding: May 2016

I’m 23. My highest priority is my 401k – I put 10% of my income into it and have it set up to increase by 1% annually until I hit 15%. My next priority is my emergency fund, which let’s just say is looking really sad right now :/ but my goal is 6 months of income. Wedding comes next priority-wise, although I’m putting more money per month into it than the emergency fund in the short term. I have direct deposit for a certain amount from each pay check set up into a separate account for the wedding fund.  Any extra small amounts of money in my regular spending account get earmarked for small goals like “new running shoes” “laptop battery” (ugh I haven’t replaced either since 2010).

ETA: Fiance seems to save giant hunks of money without even trying (on a grad student stipend). He could pay for our whole wedding today, but instead is keeping that money aside for his student loans and any emergencies, and contributing gradually to the wedding fund with me. 

  • This reply was modified 6 years, 12 months ago by bicoastalbee.
Post # 27
Member
4556 posts
Honey bee
  • Wedding: May 2016

View original reply
Naticw23:  
View original reply
justwondering2015:  unfortunate life circumstances have put me financially ahead.

Post # 28
Member
1782 posts
Buzzing bee

View original reply
ksn1219:  :/ Sorry to hear that.

You definitely have a good plan for your future.

Post # 29
Member
4556 posts
Honey bee
  • Wedding: May 2016

View original reply
justwondering2015:  I have great a financial advisor and a Fiance in finance that keeps me in line lol. 

Post # 30
Member
498 posts
Helper bee
  • Wedding: September 2017

My only savings goal now is to have a few hundred for my grad school applications and deposit for whatever program Im accepted into.

My main focus is and should be on the 1 private student loan I have

The topic ‘What are your savings goals?’ is closed to new replies.

Find Amazing Vendors