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.

2 pots for the dc- university/house deposit
Retirement
Holidays
Whatever else I suppose

Early retirement, with spare for lots of lovely holidays during said retirement.

A buy to let so that I have some income for retirement. I get no pension until I'm 68 and even then it's not going to be a lot more than the state pension as I've only ever had the workplace one the govt brought in and and I do not wish to work that long. I work my socks off and save now while I can knowing every grand is a month retired.

Joint account pot 1. Buffer - has the remains of a 65k inheritance after we paid for a car and part of the extension. We've not added to it for ages though

Joint account pot 2. DS' savings. We stick 30 quid a month in at the minute but will up it at some point

My account pot 1. My savings - mainly the money I saved to take dh away for his big birthday last year. Couldn't go due to covod but we will at some point. I put whatever is left in my account the day before payday in it

My account pot 2. Holiday savings - we both put money in each month

Before covid we had very little. We were lucky that we worked throughout and saved a lot through not paying for commutes / holidays / nights out etc

@Kite22

Habit. Security. Now, for retirement.

This.

Retirement

1. Loft conversion
2. Possible private school fees
3. Early retirement

There are, however, mumurs of potential changes in my work so might need savings in case I have to look for another job.

I like to have £5k in available savings just in case the boiler breaks or bathroom starts leaking or something.

Then my savings have been used for:
House deposit
Wedding
Mat leave 1
New bigger car to accommodate baby stuff
New bathroom after it started leaking
Mat leave 2

Suspect the other bathroom will go soon so want savings for that. Plus we want to replace the carpets and sofas when the dc get a bit older.

We also like to overpay the mortgage as much as we can, plus go on some nice holidays.

1. Because it's good practice to live within my means (no debt aside from mortgage). 2) It's a comfort to know I can manage if I lose my job or have some big financial crisis. 3) Hopefully so I can enjoy it during retirement!

DC university, pay off mortgage, retirement.
And to finally go abroad.

I have many accounts for savings, that get paid into on the first of each month.
Smaller savings - just a dip-into pot for when larger costs occur.
Larger savings - to upgrade my car then pay for home upgrades.
Holiday - does what it says on the tin.
DD1 and DD2 - driving lessons/test costs. Anything else towards uni costs.
Premium bonds - longer term savings and to hopefully win as wll as save!

House deposit...we had to start again tho as we wiped it out before Christmas paying for my dental implants.

Adventures.

Home improvements.

@Kite22

Habit. Security. Now, for retirement.

I didn’t really understand the question. I’m not a great saver, but the idea that you save for something, not as a default is strange for me.

Deposit for a house.

Holidays, when I can go again.

Retirement and fuck-off-fund. Will never be in a position where if it's necessary for me to tell either my job or my husband to fuck off, that I don't because I can't afford it. Luckily I adore them both, but how much is knowing I could go any time contributes to that, who knows?

£50 a month household emergency fund
£25 a month lifetime ISA
£25 a month premium bonds
£30 a month honeymoon fund
£20 a month kids trust funds
£25 a month Christmas savings

Pension 13.5% of my salary for retirement

I also overpay my mortgage as I want to retire at 60 at the latest by which time my mortgage will hopefully be paid off.

I should save more but I'm paying off 0% credit cards which I used to pay for an extension. When they are paid off I'll try to use the money to pay off the mortgage a bit more.

I'm skint every month but I save this money religiously.

So I have money available when I happen to see something I like and want and I can have it there and then. Basically. Anything from a really nice coat to perhaps one day a racehorse.

I gave up saving for retirement a while ago. I have a pretty decent pension and beyond that, it’s equity release all the way - I’m childfree so absolutely no point having a valuable house and not using its value.

One savings account is for the house maintenance costs. This year it’ll pay for a drop kerb, next year we’re planning a new fireplace, etc.
Another savings account pays annual bills like insurance, etc.
Another is saving for the next car.
And the last is just sensible everyday saving for a rainy day/unplanned costs/old age!

Some into savings for DC - for a car/house deposit, it's not to be relied upon or known about, if and when DC needs it, I will be able to help.
School trips and unexpected expenses.
Savings got me through when I was made redundant and then set up my business.
For a couple of big holidays I want to take my DC on.
For a house extension.
For comfort - if I can just save £5 at the end of the month, it all helps.

we try to have 1 years worth of money as a backup (rent, living, school fees, etc). We are contractors both, so we plan for the worst case scenario of neither of us having a contract for a prolonged time. We work in the software industry in expert/senior levels and have never been without a contract for more than 2 months (apart when we wanted to - eg. mat or sick leave) so hopefully it will also be a pension fund.

We have that, so now it's:

• 2-3 months trip to Japan in a few years. Absolutely not working through this time in any shape or form
• short term: £2000 bass guitar (have to learn first to be good enough for it)
• pension

I'm a bit undecided as to: live well with the money or squirrel it away. I don't see the point of having a lot of money when I keep my teeth in the glass and the walking sticks next to my bed. I'd rather see the world, live and enjoy whilst I can.
It's like a tightrope balancing act to save up enough for financial security in the future and to live in the present.

We have separate savings accounts for each of the following:
Emergency fund
Home repairs/improvements
Holidays
Christmas
Maternity leave

I also make extra contributions to my pension but don't really count that as savings as it's taken from my pay before I see it.

Retirement - but I'm at the age where it is right around the corner, so every penny saved I can see funding part of the next bit, if you see what I mean. I had hoped for early retirement, but that ship sailed, so now it is to fund the gap between official retirement age and full pension, and when I do stop work. Once our mortgage was paid off, we committed the same amount to retirement savings each month, so have never missed it.

i also save 300 a month each for my two DGS's. I wish I'd started when the eldest was born, but I still had a mortgage then, so it has only been for the past 7 or so years. Still, they'll each have something from me specifically, when I go. I know that sounds morbid, but I expect my DH to outlast me, and so everything will go to him when I go, except this wee pot. Saving this bit makes my haert happy.