(Closed) What are your savings goals?

posted 7 years ago in Money
Post # 31
Member
661 posts
Busy bee
  • Wedding: October 2017

Canadian here! I’m 22, turn 23 this year. My primary goal is to pay off both my credit cards, secondary is catch up with my student loan (seriously, I’ve been awful), and tertiary goal is to start saving for a wedding. =) 

Post # 32
Member
323 posts
Helper bee
  • Wedding: January 2015

I want to save 1000 a month towards a down payment for a house or townhome. We have easily been doing that, but are having a baby in june, so I dont know how that will affect our savings plan.

 

 

Post # 33
Member
4090 posts
Honey bee
  • Wedding: August 2012

We’re in our mid/late 30s and our main goal is early retirement!  We are looking at retirement in 7 years.  I’ll be 45, H 43.  Eep!

We have no student loans, no car payments, no consumer debt.  We do have a mortgage which we refinanced this month.  That will be paid off in 13 years.  We just upped our retirement contributions for 2015 (after assessing our expenses vs. income, which we assess often) and now we’re putting away 50+% of our salaries into retirement accounts.  Then work contributes 14+% on top of that (to an account we cannot contribute to).  Most of it goes to pre-tax accounts so our taxable income is lowered.

 

We do have a few big ticket items we’d like to save for:

1) a hot tub – maybe in the next 3 years we’ll get one

2) a hut to hut hiking trip in the Italian Dolomites – which will be in the next 5 years

 

With paying attention to our spending, we can slowly amass extra savings to pay for those things without having to change our retirement contributions.  I can wait for it!

 

#1 suggestion is to track evey single expense.  Put it in Excel, categorize it and analyze it!

  • This reply was modified 6 years, 12 months ago by sienna76.
  • This reply was modified 6 years, 12 months ago by sienna76.
Post # 34
Member
766 posts
Busy bee
  • Wedding: June 2015

Hi all! We are both full-swing in our careers, Fiance just finished a masters and that will change our income for the better in a big way. We’re both starting new jobs in the next 6 weeks and moving back home to DC, but our goal this year is to live off of one paycheck and just BANK mine. so our goal is approx. $95,000 (over the next 18 months) then we’ll be adjusted to living on one income by the time a baby comes because we are TTC in the fall and I’ll stay home one a baby comes. 

  • This reply was modified 6 years, 12 months ago by EL2101.
Post # 35
Hostess
9777 posts
Buzzing Beekeeper
  • Wedding: March 2014 - Chicago, IL

I’m rather surprised by the amount of people that can put $50k-$100k in their savings each year. Especially the bees in their 20s… Apparently, I’m doing something wrong. 

My current goal: pay off my credit card. Save $500/mo. Make my minimum student loan payments. Afford groceries.

Post # 36
Member
514 posts
Busy bee
  • Wedding: February 2016

 

View original reply
FutureDrAtkins:  I’m so with you. Honestly I think the difference lies with those of us who pay for college on our own and those whose parents pay. My parents couldn’t contribute at all but I really wanted a Master’s degree, so I am paying insane student loans each month but I’m a CPA with a great job. Still, there’s barely anything left for savings after the bills are paid. I feel you!

Post # 38
Member
638 posts
Busy bee
  • Wedding: June 2015

FutureDrAtkins and Alpine1994 I hear you! I’m in my early 30’s and Fiance is almost 40. We live in NYC and I am paying off grad school loans. We are trying to save for a wedding, contributing to 401K and Roth IRA accounts as well as saving for a downpayment on a house. Realistically, we won’t have the downpayment for at least another 2 years. Plus we want to have kids before we are too old. I’m not sure how other people do it, but rent, groceries and daily living expenses eat up most of our income!

Post # 39
Member
4090 posts
Honey bee
  • Wedding: August 2012

I also paid for my own college and had $13k in loans for undergrad when it was all done.  I worked about 30 hours a week.  Then 8 years after graduation, I went for a master’s and had $6k in loans for that 5 year endeaver while working FT.  During those 8 years between school, I was married and paid all cash for my ex’s tuition and just the minimum on my loans sadly.  When I started grad school, this time newly single, I still had 8k left before I took out the other 6k. It was probably the hardest thing I’ve done to date. 

So an amazing blog that I started to follow recently is called http://www.Frugalwoods.com.  They live in Cambridge, MA, own a home and manage to spend on average $1300* in non-mortgage spending every month.  Their mortgage is high ($2,741.01).  They do acknowldge they were very fortunate to not have student loans.  HOWEVER, look at their expenses.  They really buy very few things (as in no clothes for a whole year!).  Every month they report their expenses.  I thought I was frugal but they really make you open your eyes, but my line item list looks a mile long compared to theirs.

It may not work for everyone, but certainly it was very inspiring for me and made me think about little purchases and what is possible.  Maybe it will inspired someone else!

 

*We’re at ~$3731 in non-mortgage monthly expenses to compared to them.

  • This reply was modified 6 years, 12 months ago by sienna76.
Post # 40
Member
1286 posts
Bumble bee
  • Wedding: March 2015

View original reply
stokesto:  No savings goals right now, but maybe to try and pay off my school loans before we have a baby, hopefully in 2016. Then maybe save a down payment for our forever home (we plan on keeping our current condo as investment property). We already max out the 401k and IRA and also have a few brokerage accounts where Fiance plays around with trading. I’m able to pay for our wedding costs from my regular income without really dipping into savings. And technically we have enough cash savings where I could pay off my entire school loans right now and still have money left over but I think we’re going to figure out what to do after we’re married in a few months. Btw we are early 30s.

Post # 41
Member
1894 posts
Buzzing bee
  • Wedding: Cathedral of the Immaculate Conception/The Gallery

View original reply
FutureDrAtkins:  Me too, girl. Me too. 

Paying for my own college + two masters degrees (I’m a masochist/idiot), choosing a career in public service (see previous comment) and having expensive taste (that I’ve made huge progress on wrangling lately), means that savings = Savings? What savings?

Well, that’s not entirely true. Wedding savings is putting the fire under me a bit, so savings has become more of a priority. I do also contribute to my 401(k) with employer match, but I am in no position to max that out. I wish! 

Currently my goals are: my ridiculous student loans, the last bit of consumer debt, deferred maintenence on my car (oops), wedding/future. And oh yeah, you know, rent, groceries, gas, and having a life. Not necessarily in that order.

Welp, this is the most depressing bee post I’ve ever read. Off to go regret my choices and secretly harbor resentment towards my parents for not being rich and/or paying for university. (I kid. Mostly.)

 

ETA: I’m 27, and feeling like an old, poor, over-educated slacker. 

  • This reply was modified 6 years, 12 months ago by DrunkInLove.
Post # 42
Hostess
9777 posts
Buzzing Beekeeper
  • Wedding: March 2014 - Chicago, IL

View original reply
DrunkInLove:  I’m 27 too. Still in grad school so on a lowly grad stipend. Also feeling like a poor overeducated slacker, lol! Me and my colleagues were just talking about what it will be like to buy name brand ketchup when we graduate, haha. I’m not THAT bad off as some of them, luckily DH has a great job and 401(k). With me being still in school, I don’t have an option for a retirement plan unless I open my own Roth IRA, which is pretty pointless seeing as how my stipend isn’t much anyways.

Post # 43
Member
1695 posts
Bumble bee

Apparently everyone on the Bee is a beellionaire.

My saving goals include: saving for our wedding and our honeymoon and paying down school loans.

Post # 44
Member
1894 posts
Buzzing bee
  • Wedding: Cathedral of the Immaculate Conception/The Gallery

View original reply
FutureDrAtkins:  Ahh yes. The elusive namebrand household items. A true luxury!

+1 for having a supportive SO. I’m so lucky that SO was generous and patient enough to help me out while I was finishing grad school (read: tired, stressed, and broke). Luckily he does pretty well and we agree very much on our priorities for the future, etc. which makes planning and saving less stressful but it’s so hard to know my student loans will be a huge burden (until the end of time) and that I’ll never be able to contribute equally in a financial sense. 

OH WELL. 

ETA: No, no. It’s ok PinkPearls, you can come hang out with us over here in the slightly less extravagent, student loan corner. 

  • This reply was modified 6 years, 12 months ago by DrunkInLove.
Post # 45
Member
1575 posts
Bumble bee
  • Wedding: September 2014 - Dallas, TX

I got into some credit card debt from the wedding and DH going to school full-time. I was spending like I was when we were a dual income family. Bad I know. I am now on a super not fun but worthwhile budget. I have $3.5k of credit card debt that I will pay off this year, which is my priority. Concurrently, I am putting a little into savings to boost my emergency savings to 5k (although 10k would be ideal). Once the debt is paid off, we’ll start saving for a 40k down payment. We unfortunately are still having to take out loans for DH’s school, because my salary just isn’t enough for tuition and his living expenses. We are trying to spend as wisely as possible to keep the loans to a minimum, but after he completes his PhD we will probably have about 30k in student loans thanks to undergrad, a masters, and a PhD that will need to be addressed once he gets good paying job. It never seems to end 🙁

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