Ask the Readers: What Are Your Current Savings Goals?

By Ashley Jacobs on 26 July 2016 85 comments

Editor's Note: Congratulations to Susan, Michelle, and Mary for winning this week's contest!

Socking money away when you don't have a plan for it can get pretty boring. That's why savings goals are so important. They keep you motivated and encourage you to find ways to do better, and they give you something to look forward to. They give meaning to the act of saving.

What are your current savings goals? How long will it take to achieve them? What changes have you made to your budget and lifestyle as you work towards your goals?

Tell us about your current savings goals and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

  • Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!

For Extra Entries:

  • You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

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If you're inspired to write a whole blog post OR you have a photo on Flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

  • Contest ends Monday, August 1st at 11:59 p.m. Pacific. Winners will be announced after August 1st on the original post. Winners will also be contacted via email.
     
  • You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
     
  • This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
     
  • You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

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Guest's picture
Amanda

I'm saving for financial independence. My current goal is to max out my IRA ASAP. I've put $1,500 in it so far this year - and that was just in the last month. I've got some catching up to do. I've got some catching up to do with my retirement savings, too. I want to get to $100,000 in investments as soon as possible. That's why maxing out my IRA ASAP is so important.

Guest's picture
Guest

I'm working on building my emergency savings and surviving this year. This should be the last year of grad school for me, so there is a lot of uncertainty coming in terms of jobs, so I'm building savings to deal with that.

Guest's picture
susan

I am saving money to buy land and build a cabin. Its tough as most money I earn is already pegged for expenses and other savings. I use all change and dollar bills and other extra money I have left over. It is very slow going.

Guest's picture
Mami2jcn

We're trying to save to buy a new HVAC unit.

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Mitchell Goldstein

Retirement, Vacations, and College (in that Order). I want to be able to have enough to retire and still enjoy life without being a burden to my children. I want to be able to enjoy life while they are young and then after they are gone. I want to be able to give them a bit of a head start on their lives so that they can become self-sufficient.

Guest's picture
Matt

I'm saving up for a house and for retirement!

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Olivia

We're socking it away for down payment on a home.

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Monique Hubert

I have two savings goals. One is to further pad my emergency fund. By being more conscious of spending and intentionally setting aside money before I have a chance to touch it, I should be able to meet that in 6 months. The other is to start adding more to retirement. It's accomplished in the same way, but is ongoing.

Guest's picture
Gina

My savings goals are to save up an emergency fund which will take a year or two and to save up a vacation fund which will take 4-5 years. I've trimmed my expenses and am taking on more sidegigs to reach my goals.

Guest's picture
Guest

Save money for a down payment on a second rental property while continuing to pay off my student loans.

Guest's picture
Elena

I am saving for a retirement.

Guest's picture
Lisa

As soon as my husband and I turned 45, retirement savings became the priority. We had 401Ks and and IRA, but needed more, and more diverse, savings. We started by putting every spare dime toward our mortgage and paid it off in 13 years instead of 30. Next, we used the equity to finance a rental property. We live in one unit and rent our house and the other rental units. This meant downsizing, which saves us on utilities and we buy much less since we don't have the room to store it. We still contribute to our retirement accounts, but now know we have an income no matter what happens on the stock and bond markets. We don't eat out much, watch Hulu instead of going to the movies or paying for cable and drive older, but reliable, vehicles. Our fire pit is at the center of our summer and fall entertaining and walking the dogs beats a gym membership. Overall, we feel comfortable with our retirement plan and how we spend our money.

Guest's picture
Jenny D

I don't have much in the way of a savings account at this time. Mostly I just try to save money overall in daily living. Many expenses have been eliminated (satellite t.v., etc.) and the money saved from those is being applied to a loan. Once that loan is paid off, the total combined amount will be applied to the mortgage.

Guest's picture
V

One of our goals is to save a year's worth of essential expenses for our emergency fund. We're about 65% of the way there; it'll probably take another year and a half to get it fully funded at the rate we're going.

Another goal is to have a fully funded HSA; We're about 1/3 of the way there; I'm hoping by March 2017 we'll meet our goal. We have automatic deductions and my work contributes about $1,000 a year.

We also have a sinking fund for insurance and auto repairs; that's fully funded.

Guest's picture
Guest

Right now my goal is to start saving towards retirement which is still several years down the road. I am lucky to be enrolled in a 401k plan that is matched by my employer. I give a hefty amount towards it.

Guest's picture
Elle

I am currently saving for a new car.

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Kelli

I'm currently saving for a vacation this fall. That's my smaller, short-term goal. I'm also trying to save to move to a new home and neighborhood. That's the biggie. I'm cutting back on non-necessities, especially dining out and entertainment, to reach my goals.

Guest's picture
Jen

My goal now is to be debt free! I plan to have my car and student loans paid off in the next three years.

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Susan Smith

We are saving for a new car.

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Lisa

I have 3 savings goals right now: save for a cruise for my 50th birthday for my niece and I, max out my Roth IRA each year, and continue building my emergency fund. I'm on track for the Roth IRA this year and I should reach my emergency fund goal next summer. I have 2 years to reach my goal for the cruise and started that fund last month. To get there, I reworked my budget to cut back on some categories (groceries & race entries), gave up a couple of monthly memberships, and reduced my Verizon bill.

Guest's picture
Daniel

My current savings goals are to save every penny possible (always pack a lunch, walk instead of taking the bus when I can) so that I can continue my education while I change careers at middle age. It's not easy, but it's working!

Guest's picture
MELISSA HANSSON

I'm still saving for improvements to my house - first the upstairs bathroom, then the kitchen, then the yard, then the downstairs bathroom. It never ends.

Guest's picture
Emily S.

We are saving for financial independence and to retire early. My partner and I max out our ROTH IRAs and 401Ks and we save about 20% in an investment portfolio. We live lean, but it will pay off!

Guest's picture
Karen Patterson

Retirement and our grandchildren's educations.

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Mary W

My savings goals are to continue on the path I have taken for many decades which is steady savings on a regular basis. Allotments go directly to investments so I never even miss the money. I will move money around to get higher returns but not very often. My rule is to not touch the money if at all possible but to leave money in accounts to accrue profits over the long term.

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Christina

My current savings goal is to pay of my student loans - trying to save as much as possible for this and should have it paid off in a year.

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Liz

Maxing out my retirement savings

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Susan P.

We have had to start using retirement funds a few years earlier than planned so now saving money anyway we can is a priority.

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Kellie

I'm slowly saving for my first DSLR camera. And vacation! It's hard to do when I'm building a tiny house but I'll get there. Little daily sacrifices can really add up!

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pooja nain

I am currently saving for a new car.

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MelodyJ

My goal is to have some savings. I put away my change. After I reach a certain amount I will open up an account.

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Khoa Pham

I am 32 right now and have saved $30,000 so far in my 401K. My goal is to have saved one year's worth of my annual base salary ($67k) by the time I'm 35. I am a late bloomer as I started earning a serious income at the age of 29. So I am making up for the lost years by saving as much as possible.

Guest's picture
Tina in NJ

Right now, we're saving for retirement. And maybe some really nice vacations.

Guest's picture
Donna D

Saving a s much as possible for retirement and keep building the emergency fund.

Guest's picture
Tracy

My husband and I both max out our 401(k) plans and save my entire paycheck in order to be able to retire when we're 55 (soon!).

Guest's picture
edward

First, THANKS! for asking in an encouraging way. I have - for many years - lived very modestly and saved extravagantly through my employer's savings apparatus. Now within 5-7 years of retirement that helps me feel more confident than not about older years. Currently I am saving outside that apparatus to build up a downpayment to own a home in retirement! While I dislike our complicated tax system (so 'rigged' with loopholes for the privileged) I do hope it keeps deductions for mortgage, for health care spending and other necessities of living.

Guest's picture
Julie Wood

I am saving for Retirement and not taking any money early.

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Christina

I just bumped up my 401k to 25%. My savings goal right now is to bulk up retirement accounts and to save up for a new-to-me car so I can be a SAHM in the next year.

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Mary Jane

Saving for financial independence in 9 years. In the early stages of establishing a freelance side hustle that could provide extra discretionary income once I pull the plug on a full-time job.

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An G

saving up for retirement!

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Catseye

I hate to admit that I currently have no savings goals. I'm barely keeping my head above water and it requires every penny to do that.

Guest's picture
KHOA PHAM

Hi! If you have debt you should consider paying them off -- the sooner you clear them the better. As you clear off your debt you'll gain some extra money, which used to be used for debt. Right?

Do you have an emergency fund too? Maybe look over your monthly expenses and calculate how much would it be to have 2 months worth? This is enough to cushion some emergency (hopefully), until you're completely debt free -- except for your mortgage, if you have one.

Once debt and emergency fund are marked off your list, you'll be able to gain some savings over time, provided that you don't incur more debt and you'll stick to a budget.

Guest's picture
Rebecca Ross

We are okay on saving for retirement, but we need to beef up our emergency savings fund and then start saving for things we need to do to our property, like put vinyl siding on our house, etc.

Guest's picture
MarLeigh

I am saving for a small used travel trailer. My husband and I downsized and moved to a small house in a small city with a lower cost of living to save money. Our mortgage is only 500.00. We had dreams of traveling and working on the road a few weeks out of the year. Then I got diagnosed with a chronic illness at 38 and figured all my travel dreams were dead. My husband came up with the solution that, although we can't go about it the same way, we can adjust and adapt to our new circumstances and still see the country, but we will have to do it in a travel trailer so I can have all the stuff I'll need with me on the road. I love the idea. So we are saving for a used fiberglass travel trailer, hopefully under $5000.00. I already have the money in my savings account, but I'd rather keep saving and saving so that when the time comes to buy it, my savings account won't feel like its been half emptied.

Guest's picture
Ivonne

I'm saving up for when I transfer to a 4 year university. I'm newly divorced, and in my second year and a community college, and on my own so it'll be very slow but I figure something is better than nothing when the time comes.

Guest's picture
Lisa Puckett, @MykidsMylife72

We are currently saving to pay off our credit cards. Hoping to be able to do this before the holidays. We are saving all we can and eating at home more, using coupons and getting the best deals we can when shopping.

Guest's picture
Guest

We have a goal of saving our first $1,000 as a couple. Hopefully some of it can be used on our honeymoon after our wedding this coming March!

Guest's picture
Guest

I will be married in 4 months. My fiance and I have done well saving as singles, but now we are focusing on saving for a home. We project it will take 4 years. We also have created a list of repairs and their priority for any fixer-upper house we purchase in the future.

Guest's picture
Jeff

save to the federal max on all accounts for an early retirement.

Guest's picture
Sheryl

I'm getting close to retirement and I want to be able to feel secure. Home is paid off, new car paid off, putting extra money in emergency savings, laddering cd's and continuing to fund my retirement savings to the max.

Guest's picture
Renee

I'm saving/investing for retirement. My goal is 25% of my income into savings each month.

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Michelle D.

I am saving up for an investment property

Guest's picture
SKB

Right now I am saving for 2 new recliners and a vacation in Hawaii. I have opened an account at a different bank than my usual one and I am putting extra money there.

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Liz N. Nangendo

I am currently working on my emergency fund and I believe that I have one thousand in my piggy bank..at the same time I am also saving for my down payment on a townhouse

Guest's picture
Christie

Saving currently for vacations with my family. My daughter is set to finish high school soon and family vacations will never be the same. Trying to cram as many memories in while we can! Then we'll be on to more college saving, eventual wedding savings, and somewhere waaaay down the line, grandbabies!

Guest's picture
Raina

Not something necessarily attainable... I'm just saving in general for the future, such as the cost of raising kids.

Guest's picture
Guest

I want to save 25% of my income for retirement, donate 10% of my income, and save for a vacation next year!

Guest's picture
Patrick

I want to max out my 401k and IRA this year, continue to pay down a little extra on the mortgage and save a little more in our daughters' college funds. Beyond that, make sure the emergency savings cushion remains well padded and that we have a little for a vacation.

Guest's picture
J. Pario

Paying of the mortgage --> Financial Independence

Guest's picture
Dave

$25,000

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Ernest S.

I want to build my emergency savings to cover 6 months of living expenses. It will require me to be diligent with my budget, but I'm hoping I can get there this year!

Guest's picture
pam

I'm saving for retirement and my kids college.

Guest's picture
Betty D

My current goal is a comfortable retirement. I think I'll be okay, but wish I had started saving at a younger age.

Guest's picture
Linda

Saving for retirement!!!

Guest's picture
C Hui

To help my grandkids college fund and also just set aside money for a rainy day.

Guest's picture
Trish

I am saving for retirement by contributing to my company's matching 401k program. Its a lifelong process that will always require a commitment!

Guest's picture
Miss Kim

I'm saving it for a house.

Guest's picture
CF

My goal is to pay off some debt and then save as much as possible for retirement and traveling.

Guest's picture
Maura

Retirement!!!

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natasha

My main focus right now is saving for my children's college fund.

Guest's picture
Happy Love

I'm saving for an airplane trip to visit the grandparents.

Guest's picture
Suz_Glo

We just moved and I am overwhelmed by how much stuff we have! My savings goals will be to buy absolutely nothing, design wise, for our home. We need to use what we have and I have had some very good ideas for repurposing things. This ban on new stuff should help us save for some needed repairs/updates our new home needs.

Guest's picture
marlene

I had to take out $2500 to pay a hospital bill and I'm working to replace the money in my savings account

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Jamie

I'm building up my savings to cover six months of living expenses and paying off my credit card. :)

Guest's picture
Louly

My goal is to have enough savings that I feel comfortable to start investing some money and making it work for me.

Guest's picture
marlene

I don't see the comment I left yesterday. My goal to replace the $2500 from my savings account that I used to pay a hospital bill.

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Bethany M

We're saving for stucco repair and exterior paint job.

Guest's picture
Lynda

emergency fund + college fund for child + down payment for house

Guest's picture
Gues

My goal is to pay off some credit card loans and then save for a new car.

Guest's picture
Michael

My savings goals are for college (for my kids) and retirement (for myself).

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Kat

I'm saving for retirement.

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Jean

I've been saving for my retirement fund!

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Ana

My goal is to save 15% of my earnings from everything I make this year.

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Ashley Park

I'm not saving for anything concrete at the moment, just as much as I possibly can!

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Thomas Murphy

I want to save up for a house.