(Closed) What are your savings goals?

posted 7 years ago in Money
Post # 46
Member
340 posts
Helper bee
  • Wedding: August 2015

wow, except for a few exceptions..all of you are richie rich rich! Am I a member in the wrong blog?? no wonder everyone is buying Jimmy choos and louboutins!! My main goal is to finish the house we currently are building….which may be never! I dont even know what savings are! If I save 5k, the next day I get a construction bill of 6k! The other 1k will probably come out from my wedding’s savings! So yeah..my main goal is to pay off the construction bill and pay half of the wedding (the other half is going to be paid generously by my parents thank god).  After that, whenever that happens we can start saving. From Europe – so no 401k plan here or retirement plans or anything.

Post # 47
Member
1333 posts
Bumble bee
  • Wedding: January 2011

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ksn1219:  We had unfortunate life circumstances that helped us financially too. I would much rather my life be how it was, but I am thankful that we are now in a position to help our daughter to live comfortably after we pass away. 

 

Our first goal is to pay off our 30 year mortgage 26 years early. We only have 14 payments to go! Once that is done, all the money we currently put towards our mortgage (about 50%) will go to our savings account. We intend to double it from where it is now which will take about a year. Once we have a huge cushion there, we will max out our 401k which currently gets 13% of our income. I am thankful to be in a position where we are stressing about which bills to pay and which bills to let get cut off. Goodness knows we have been there!!

 

 

Post # 48
Member
4556 posts
Honey bee
  • Wedding: May 2016

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MammaPants:  I would much rather my kids have the opportunity to meet 3/4 of their grandparents than have money. And I would much rather still have my grandfather than to be about to get more money, unlike my greedy cousins. It’s amazing what money can do. But I act like I don’t have it now, so one day I can enjoy it. 

Post # 49
Member
1333 posts
Bumble bee
  • Wedding: January 2011

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ksn1219:  I’m so sorry. I know that doesn’t make it feel any better (at least I know it doesn’t make it feel better when people say it to me), but I am certain that you making wise decisions is exactly what they would want you to do. 

Post # 50
Member
4556 posts
Honey bee
  • Wedding: May 2016

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MammaPants:  Thank you. I think about that everyday! 

Post # 51
Member
404 posts
Helper bee

Fiance and I make a combined $35,000 a year teaching college courses; he has loans from his Masters degree, I do not. We can’t save much monthly but we have long been saving for a vacation. We have been together for 4 years and never taken an overnight vacation together. Our dream location would be the Grand Canyon. We have a three-week break between college sessions in May so fingers crossed we can make a final push to sock away money and go on our trip!

Post # 52
Member
4464 posts
Honey bee
  • Wedding: December 2014

Yeah, these threads generally make me feel like a loser. I’m 26, DH is 31. We are just starting to get to the point where we are not just “getting by.” I’m still in grad school on a grad student’s stipend, so I make peanuts, but when I graduate (hopefully in December) and get a real job, anything that I make over my current stipend will be saved for a house and used toward my massive student loan debt.

Post # 53
Member
4464 posts
Honey bee
  • Wedding: December 2014

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Alpine1994:  I agree. My ex’s parents paid for his school and rent during school, even though he worked a made probably close to $70k per year during school. He had hundreds of thousands of dollars in savings. I sure as hell would have more savings if my parents paid for my school. The threat of my student loans looming over me really makes me jealous of those who had parental help.

Post # 54
Member
4835 posts
Honey bee
  • Wedding: April 2013

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stokesto: 

I’m 30 and my overall goal is financial independance!  

-> My sub-goal along the way is $1M in total assets.  

– >My sub-goal to get there is to save 50% of take home pay each month.  

Loooots of work left to get there, but it’s a good goal.  It’s amazing how it gets easier as time goes on.  My investment portfolio is finally large enough to feel like the returns & dividends each year actually add up to something noticeable!  

Post # 55
Member
4835 posts
Honey bee
  • Wedding: April 2013

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niki2015:  “all of you are richie rich rich! …no wonder everyone is buying Jimmy choos and louboutins!!”

If I were to guess, most of the bees who have money are the ones who aren’t buying the fancy shoes.  One of the secrets to having money is knowing how to NOT spend it 😀 Ha ha!

Also, the people who are very engaged in their personal fiances are probably the ones most likely to be interested in reading & responding to this question, so it’s a pretty skued sample.

Post # 56
Member
787 posts
Busy bee
  • Wedding: May 2014

Our primary savings right now is to our house fund. We want to buy a house within the next year, as long as we find the right one. Our secondary goal is to our furniture fund. We want to buy a new couch, mattress, and bed frame. Of course we also have our emergency fund and vacation savings fund.

We’re 22/21. I’m still in graduate school so we can’t save too much per month. Thankfully I work about 30 hours a week (graduate assistantship and then another good job) and my DH has a good job. We’re also incredibly careful with our finances. We’re frugal with most things (no cable, pre-paid phones, couponing) but splurge on our favorite things (vacations, dinners out). We took a financial literacy workshop which has helped.

Post # 57
Member
4090 posts
Honey bee
  • Wedding: August 2012

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cbgg:  I agree with all of that!

Plus everyone is in different stages of life and such.

A great book I read when I was 22 was “The Millionaire Next Door.”  Your basic “millionaire” drives boring cars, live in modest homes, have regular jobs and probably not buying Jimmy Choos and Louboutins (at least at retail prices, maybe second hand scores perhaps LOL). 

Post # 58
Member
1959 posts
Buzzing bee
  • Wedding: August 2015

We are 24 and 26. I am saving for a downpayment on a house- currently have about $35,000 saved but that is including my emergency $$. I’m not tapping into this for the wedding budget. Fiance doesn’t have nearly as much saved as me but hopefully our combined savings will be enough to get a 20% down payment on a house when we are ready to buy. He is currently in grad school and paying off his car, so his money goes to that mostly. Luckily, we don’t have student loans to pay anymore.

Post # 59
Member
912 posts
Busy bee

We save for travel, mostly. We just bought a used car, plan to continue renting, and already have our wedding/honeymoon paid…and no debt. But we love to travel and plan on doing as much as we can (thus the reason we aren’t saving for a house…we could never stay in one place for long!). 

Post # 60
Member
65 posts
Worker bee
  • Wedding: March 2015

My fiance and I are trying to save for a down payment for a house. I also have to pay my student loans which are KILLING ME! I dont have a ton in debt but even a little is enough! The wedding has put a damper on the plans but after that we will be right back at it!

 

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