What are you saving FOR?

[InMincePieRehabBackSoon]

Inspired by another thread!

For those who save regularly, what are you saving for?

For me, it's partly to pay off the mortgage (one day, a long, long way into the future!) and partly for my DS' first car and driving lessons in a couple of years.

main savings account - flat/house deposit

DCs savings accounts - driving lessons and uni costs

Short term: New bathroom and a new fridge.
Probably also a new kitchen because the current kitchen was built around the fridge.

Long term: Higher-education for DS and enough money to get him started in life.

Rear Extension

36mm day date gold rolex

I have one long term savings account which will hopefully help my early retirement plans. The others are for short and medium term goals like holidays, trips away, Christmas etc.

@Totalwasteofpaper

Rear Extension 36mm day date gold rolex

To the house not my arse....

Early retirement from NHS/ to top up my pension, will defo be going at 55.
Inheritance invested for the same reason.

Habit.
Security.
Now, for retirement.

One savings pot is purely for my kids. No idea what for exactly, but it’s earmarked for them when they’re adults and have adult problems, requiring a bit more cash than I have floating around normally. I’ve been saving this since they were born (they’re only 3).

The rest of my savings are a mix to cover breakdowns, replacement white goods, car insurance, next Christmas, holidays, birthdays and generally shit hitting the fan emergencies!

For maternity leave at the moment!

Hoping by the end of it we'll still have some savings left over and can then try and save again on my return for work but I think all of our disposable income will be wiped out by nursery costs... at that point savings will be a rainy day fund and then for holidays... and then probably for another maternity leave all being well...

Early retirement for sure…!

1. Saving for a mortgage... not going very well due to lockdowns/furlough/mat leave 😭

1. Just savings for something like a holiday etc

1. The kids accounts for their future

I'm not, but I want to.
Just to have a buffer. So I can have choices and security. So I'm not lurching from one situation to another.
I have simple needs and no ambitions to improve my status though, and don't actually mind working past retirement age.

I finish my (paid) training in 6 months. After that I go fully freelance and it can take up to 5-6 years to find a permanent job. I'm saving so I have a back up plan for rent and bills, during the months I don't get any work after summer...

Retirement, obviously, same as everyone else.

But in addition to that since the start of the pandemic I have simply had very little to spend money on (no holidays, no nights out etc etc) so money just accumulates in my accounts. Also, I’m now WFH permanently so I’m saving £££ per month in commuting costs, which adds to the pile of money which isn’t being spent.,

Savings have been wiped out my renovations so I need to save three months salary - I feel pretty exposed with only £300 quid in the bank at the moment.

Long term- kids for university/adult life; plus we make mortgage overpayments which I guess is a type of saving too
Next few years - house extension plus a new car
General- holidays, house repairs etc

I don't really think of my pension contributions as savings but they are v high (DH and I both have public sector, senior roles) so feel like retirement is well covered

Retirement, boringly. I’d love to say a racehorse or something.

A house deposit currently. It’s been put on hold due to DP being self-employed and not being allowed to work during lockdowns so we’ve struggled to get a mortgage but fingers crossed this year we’ll get there.
We’ve basically got our deposit, fees and stamp duty saved so everything now is a bonus and will go on furniture.

Short term savings are earmarked for holidays and a hardwood floor downstairs.

Long term investments for retirement at 55 and any big post retirement expenses (travel, weddings, kids house deposit, medical expenses).

Pot 1: house refurb
Pot 2: kids either for car/house deposit etc
Pot 3: mortgage payoff/early retirement
Pot 4: pension

Mostly just for a sense of security

An emergency fund (I already have £5k but ideally I’d like £6-7k).

I also invest in a Vanguard S&S ISA that I plan to use as a second pension pot when I retire.

I also save towards Christmas and birthdays in separate Monzo pots.

Standard Christmas and home stuff, about to have some decorating done and need a new hall carpet.
Slightly longer term, a big trip to Australia to catch up with my long lost cousin, hopefully in 2023/24.

Christmas and birthdays
Annual bills
Emergency fund ( trying to get this to a years when at least)
Holidays and leisure

I have savings in an account I can’t withdraw from without a penalty which is for a house deposit.

I have an easy access saver which is more for short term things, weekends away, holidays, any broken appliances which need replacing etc