What all do you save for?

[velochic]

As I've mentioned here in the past, we're savers and not spenders. I like to be very proactive about looking to the future and being prepared financially for it. Especially with things like large appliances, I try to evaluate when I will probably need to replace them and we save up.

For example, a couple of years ago my stove/oven did a couple of odd things and I realized it was time to start saving for a new one. We now have the money saved for that, accumulated little by little, but my stove is still plugging along... much to my chagrin, as it's very, very quirky now and sometimes hard to use.

So, as I do every summer, I'm looking at our financial big picture and trying to come up with things that I should consider saving for. I don't mean the big ones like retirement, college for dd, etc. I mean the little things like appliances, vehicles, vacations, etc.

I wonder if I'm overlooking anything I should consider and thought I'd get some ideas here. TIA!!

[A&A]

we're trying to save for new (energy-efficient) windows.

[velochic]

Ah, yes, windows. That's a good one. We did that 3 years ago. Made a huge difference!

[VisionaryMom]

We also are saving for windows. We should be getting the first ones in October.

Other than that, we're saving 2 years out for vacation. I'm also saving for a new laptop because mine's on its last leg. We're saving for DH a new car. We also are going to be sending DS to a new school in 2 years, and the initial fees will be $2,650, so we are saving a little every month for that.

For furniture & things, I have a certain amount every month I budget for it, and I let that accumulate over time until we need to use it for something. So it's not necessarily "for a new couch," but "home decor."

I see "new roof" on a lot of people's lists, but it's not something we have savings for specifically. Our roof isn't very old (5 years), so I don't think it's a huge deal for us right now. The only big project we will save for after the windows get in is that DH wants to put in a shed, which will be $2,000 or so.

I do keep a list of things we want in various price ranges so that we can plan for them in shorter bursts.

[velochic]

Originally Posted by VisionaryMom

I do keep a list of things we want in various price ranges so that we can plan for them in shorter bursts.

We do that, too.

I'm going to need a new laptop in the near future, too. We planned to use our AmEx points to do that (we're debt-free, but charge almost everything, then pay off each month, so we rack up points pretty fast). Still, it wouldn't hurt to put some back just in case. I'll add that to the list. Thank you!

The mini barn (this year) and roof (last year) have *thankfully* been marked off the list, but those are good ones, too.

One we added this spring... braces for dd(8). My uncle, who is a retired orthodontist will *not* be providing free orthodontia, unfortunately, and dd, with her kooky extra teeth (both baby and permanent) will need some pulling and shifting in a few year, according to Uncle and pediatric dentist.

[HeatherAtHome]

We're saving for some renovation work, mainly to INSULATE the small, poorly built addition. Then the cosmetic work, flooring etc. We'll put in a patio door that will lead to a deck someday.

New septic system. (I can't even think about that price tag right now or I'll start to hyperventilate. )

Need to add more insulation to the rest of the house and put on new siding. (Has asphalt shingles at the moment on 3 sides!)

"New" car someday.

Ok, we're not saving for all these right now, just saving in general and have a list of what needs to be done in what order.

[zebra15]

saving to move. my living situation goes from nasty to toxic on a daily basis. so i need to find verifable employment and put aside some $ for a couch, tv, things like that which we currently do not have. remind me never to do a roommate again.

once i obtain steady employment i will need a new car and i also have a small student loan coming due at the end of the year i want to pay off asap...

so needless to say... mama needs a job FAST....

[dealic]

We save for DH's tuition and books at college, but that's more a standard one, where we put 400 a month into an account for it. But currently, any "extra" money over the budget goes into our bed fund. We are saving for a luxurious new king size bed to replace the 14 year old double we are currently using.

Next is a trip to visit his family before he starts school in September and we don't have time for 2 years (no summers off).

[Ruthiegirl]

Lots of home repairs.

Needed:
Our roof is in bad shape. We did the worst sections and made a repair this year out of pocket. We'll do the main roof section next year and would like to pay cash again.



Wanted:
Gas insert for the fireplace. We would need to run the gas line from the basement to the first floor.

A new fence. Ours is 15 years old and starting to look shoddy. Will need a new one 3-4 years from now.



And totally unnecessary, but fun...

Someday I would love a beautiful bed for dh and me. We still have one babe with us, but when our co-sleeping days are over I am buying a lovely new bed.

[WTHamI?]

We are saving for a new RV (not a luxury item for us, we are fulltimers and our current one will not work with a baby) and a bigger truck. We are working towards being completely debt-free and have decided no matter how tempting it may be to get something nicer we will NOT finance. We will save and pay cash for both even if it means we can't get exactly what we want. We are also setting money aside for baby stuff and a midwife if our insurance decides it won't pay for a homebirth. Of course this is assuming I can actually get pregnant which hasn't happened yet.

Other than that we are pretty much putting money towards paying off our one remaining credit card. Once we are done with the things I mentioned above we'll start putting money aside for a newer car for me and to buy some land when we are able to settle in one place again. Our house back home will also need a major kitchen and bathroom renovation before we rent it out, which we are not ready to do now even though we aren't living there because it still has all our stuff in it. Sigh. So we are totally not saving for anything fun right now, it's all practical. I am hoping we can take a really amazing vacation for our 10th anniversary (in five years). Our 5th is in a week and a half and I'll be lucky if DH gets off work before 9pm since he's on storm right now.

[BMG580]

Travel, absolutely. I don't need fancy "toys" I just want the ability to be able to go and see all the amazing places in the world that I have not yet had the chance to see. I've got a few very small children at this point so serious travel is not on the immediate horizon but I've been intensely saving for when it is a possibility again - Petra, Ayers Rock, Machu Picchu, Brague, Santorini, Rome, Bora Bora - I've got you in my sites and can't wait to see you in person!

[lactivistmama]

I am saving for a vacation, a new car and a new camera lens oh and I am thinking about getting new nice bedding

[StephandOwen]

Lots of things. LOL! Our wedding/honeymoon (in 2 years), new appliances for the kitchen and new washer/dryer (within the next few years), braces for ds (just found out yesterday at the dentist that he will need them... the question is now when), new flooring (we'll replace the carpet before we move in 5-6 years, and the ability for me to stay home for at least a year if we have a baby when I finish school in 3 years.

ETA- and a newer car for dp, probably within the next year but definitely before we have another bayb

[mtm]

Christmas
vacation
dishwasher replacement
dental

[A&A]

Originally Posted by velochic

and dd, with her kooky extra teeth (both baby and permanent) will need some pulling and shifting in a few year, according to Uncle and pediatric dentist.

OT, but please look into the Damon method of orthodontics:

http://www.damonbraces.com/

[EFmom]

We have an account for general savings that isn't earmarked for anything in particular.

We are always doing home improvement, and it's a never ending list. This summer, dh is replacing half the back fence (he did the other half last summer) and a big picture window. Next summer, he'll probably gut and renovate the master bath.

[sunnysandiegan]

We save on several different levels and it is hard to answer your question directly.

Long-term - retirement

Mid-term - several accounts and various purposes (not all neatly lined up by purpose, but rather arranged by percentage and risk) - in the event of unemployment, but also is DD's college fund and our additional retirement (we're limited with Roths). We skim off the top of this aggregate category when we need it for big things (cars, unexpected home repairs, appliances, re-fi fees, etc)....this is where 90% of our "extra" money goes (along with a consistent amount each month); we will splurge with 10% of any "extra".

Short-term - vacation one year, followed by a specific, planned home improvement project the next year, repeat. 2010 is a vacation year; 2011 will either be windows or a bathroom or parts of all bathrooms, like new toilets or new sinks/faucets/cabinets or new tub/showers. A certain dollar amount goes into this account every single month automatically and I will be changing that amount once we decide exactly which home improvement project is next and price it out.

We also budget for specific expenses and just leave that dollar amount in our checking account until it is needed (within one year)....furniture, home repairs, car maintenance/repairs/service, etc.

[AllyRae]

We have a new house with new appliances, so we don't really need to save for that. We do save for homeschooling expenses, another trip to Vietnam in about 4ish years, and car repairs (and another car in a few years as DH's car is over 100k miles now).

[enkmom]

We are saving for a new bed, a used pop-up, a paint job and new gutters for our house. We tend to live on my husbands pay and use mine for smaller things. In years past we have used my saved up paychecks to buy a snow blower, a dryer, and our All-Clad cookware. I have the money now and am watching for a good deal on a Le Crueset dutch oven and another 2qt All-Clad saucepan.

[annethcz]

As hard as I try not to be, I'm more of a spender than a saver. I was very proud of the way that we built up our savings in the last couple of years, but we're now at the place where we're starting to spend the savings. On one hand, I'm so glad the money is there to spend. OTOH, it's hard to watch our savings dwindle, even though we're using it for the purpose we intended.

2010: the year of the basement. We're (mostly) DIY finishing our basement. We're trying to cash flow most of it, but we'll also dip into savings to cover the cost of a new air conditioner/air-source heat pump, the installation of a new egress window, and carpet.

2011: the year of the bathroom. We don't have the money to complete the bathroom in the basement this year, so it will happen next year.

2012: the year of the landscaping.

2013: ?

2014: new car for DH