Saving money is important but how do you know where to start or what to save up for next? Here are 64 ideas on things to save up for that may take you further in life or bring you joy.
Saving money may or may not come naturally to you but it is undeniable that it is an important factor to financial well being. Learning to be disciplined and setting aside money for future needs and wants can help you avoid debt, appreciate what you have and be happier. In fact, although money can’t buy happiness several studies show that saving it can. A survey by Harvard Business Review showed that having as little as $500 in savings correlated to a 15% higher life satisfaction.
Beyond being happier, who wouldn’t want that?, savings can bring added security because you will be prepared for whatever life throws at you. Making a few simple changes can save you more than you think.
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What to Save Up for First
The first thing you should save up for is an emergency savings account. A sum of money that can cover unexpected expenses like a flat tire or flights for a funeral. We try to have at least $1,000 in this account. Later, increase this savings account to contain a minimum of 3-6 months expenses worth of funds. This way you have a safety net if you lose your job, become unable to work for a period of time or even if a larger expense appears.
Life can be unpredictable but you can still be prepared.
- Emergency Savings
Save to Travel
As a travel blogger I could not let this list go without mentioning travel. Travel does not have to cost an arm and a leg and with intentional saving you can afford it too! Start saving for your dream vacation now!
- Couple’s Trip
- Family Trip
- Honeymoon
- Gifting a Trip
- Humanitarian Trip
Practical Things to Save Up For
Saving for practical purposes can be just as rewarding as saving up for the fun items.
- Retirement
- Health Savings Account (HSA)
- Taxes
- Annual Fees and Memberships
- Pet Emergencies
- Doctor Copays
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Saving for the Home
Houses aren’t cheap to buy but the big secret is that they aren’t that cheap to upkeep either!
- House Down Payment
- Home Repairs
- Home renovations
- New Appliances
- Furniture
- A Pool
- Outdoor Improvements
Saving Up for Big Events!
Time passes so quickly it is easy to get caught off guard by big events and holidays even though many of them happen EVERY YEAR. Make sure you’re prepared by saving up for big events.
- Birthdays
- Christmas
- Easter
- New Baby
- College
- Weddings
- Other Holidays
Family Savings
There may be things that you wish to save up for within your family. These may be practical or fun but remember to include your kids so that they can learn the value of saving up for things.
- A New Pet
- Back to School
- Season Passes
- Community Center/Gym Membership
- Family Dates
Saving Up for Fun
Saving up for fun things can make saving money less of a chore. If you struggle to save because it feels restrictive try saving 10% of your paycheck but put 2% towards a reward for yourself!
- Team Sports
- Hobbies (ski passes, collectibles, website hosting, shopping, etc.)
- “Toys” (ATV’s, Boat, etc.)
- Bucket List Activity
- Sporting Events
- Concerts
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Car Related Things to Save Up For
Cars aren’t cheap and like houses, neither is the upkeep.
- New Car
- Car Maintenance
- Car Repairs
- Tags and Registration
- New Sound System
Saving for New Technology
Technology is constantly changing and updating. I do not recommend “keeping up with the Joneses” and constantly buying the newest shiny thing. However I do recommend occasionally updating your devices to keep out of the dark ages. Or maybe you will accidentally drop your phone in the toilet and unexpectedly need a new one. Having money set aside for such occasions is smart.
- A Laptop
- New Phone
- Home Automation
- Security System
- Gaming Console
- TV
Saving Up for Cosmetic or Self Care
There is nothing wrong with wanting to look your best and feel confident in yourself. Sometimes that means spending some extra money in cosmetic procedures which do not come cheap. It is also important to know when a little self care is needed. Not all self care takes a lot of money but it can sometimes. Don’t be afraid to invest in yourself
- Cosmetic Surgery
- Laser Hair Removal
- Braces
- Hair Extensions
- Massages
- Spa Treatments
- Quality Clothing
- Therapy
Saving to Invest
Investing is another important financial pillar. Some investments need a large sum of money to start up. Sometimes you need to invest in yourself and not outside sources. That can be scary but it can also bring you new joy and growth. Investing in yourself can lead to extra income and more financial freedom to do what you really want with your life.
- New Degree
- Extra Training
- Side Hustle
- Traditional Investing
- Investment Property
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Saving for the Extravagant
If you have set yourself up for financial success and reached your other financial goals in life, why not go all out?
- Plane
- Island
- Yacht
Savings Account Goals
Set goals for yourself and find a fun way to track your progress towards the things you save up for. That way you are motivated to actually make the changes you need in life to succeed financially. It is important to make “paying yourself” a priority. A great way to do this is to set up your paycheck to auto deposit a set percentage of your paycheck into your savings account.
It hurts less mentally if it happens automatically and you don’t have to go into your bank accounts and move the money manually.
What things are you saving up for next? And how do you plan on getting there?
