Are you saving for a reason?

**Joan.of.the.Arch** · 08-09-2007, 05:38 PM

No, I don't plan to blow it. I plan to live off of it. What I save today will pay my way in the future. I do plan to live in a house, eat, have heat and AC, water, and electricity, clothes, medical care, etc.

**Adambnn** · 08-09-2007, 06:06 PM

Saving is good of course, but do not put all your attentions on it. To make some reasonable investment is the proper way to make ourselves richer.

**Joan.of.the.Arch** · 08-09-2007, 06:43 PM

No problem, Adambnn. Our investments are saved in that they are not spent now. Someday, they will be spent, most likely, but not before they are needed.

**Broken Arrow** · 08-09-2007, 07:32 PM

I'm saving because I'm tired of being broke-n arrow. I wanna be living-comfortably arrow.

**Like2Plan** · 08-10-2007, 03:44 AM

vizion,
We have short term savings goals. For example: Christmas, vacation, property taxes, etc. For these goals, it is less than 12 months from the time we start saving 'til we start spending.

We have intermediate savings goals. For example: kitchen rennovation, new car, et'c. This could be up to 4 or 5 years from saving 'til spending.

We have long term goals: college savings for DS, retirement, et'c. Emergency fund (we only break into this piggy bank for something big--otherwise it will go to other retirement goals if we don't need to use it before retirement).

Funny thing about the savings mindset. DS started college last year. All of our focus had been on saving money. It was really strange to be spending the money. I wonder if it will feel just as strange to spend retirement savings (once we retire).

**disneysteve** · 08-10-2007, 08:42 AM

Ditto what Like2Plan wrote. We save for a variety of reasons. We have a 529 for college. We have a stash of money to pay for DD's Bat Mitzvah next fall. We have IRA, Roth, 401K and taxable accounts to fund retirement. We have money set aside for car maintenance, home repairs, etc. We have money to pay for the vacation we are taking tomorrow. Etc, etc. All saving has a purpose.

**Ima saver** · 08-10-2007, 11:30 AM

I have always been a saver cause I don't want to be a bag lady!!

**ginene** · 08-10-2007, 11:59 AM

I dont want to be in a predicament if I lose my job that I wont have any money saved up. I do get to a point and spend some but I think everyone should always have emergency money.

**Ima saver** · 08-12-2007, 12:21 PM

Besides, I have this nasty habit I support, it is called "eating"!! I don't want to eat cat food either.

**crazyliblady** · 08-12-2007, 01:20 PM

Are you Saving for a Reason?

Yes, I have a reason for saving. I have a short term savings account which I opened in early July this year. The funds in it are mainly for legitimate unexpected expenses, not new shoes, etc. Other irregular expenses like car licensing and property tax come out of regular funds, as they are not really that much in my state for an older vehicle. I need to save $1000 in my short term account and then I will start really hitting my debt hard. I am up to $604. I will still continue to contribute to the savings, as not all emergencies are less than $1000 and I do not want to continue digging myself in. I do regular transfers to the short term savings from checking when I get paid and also during the in between weeks. I also put in rebates, survey checks, and rolled coins that were rolling around in my pocket or purse. I will also put in tax refunds and Christmas money when it comes to me. I am also contributing to my retirement plan at work. When my debt is paid off, I will increase how much I am putting into that. Also, once my debt is paid, I will create another savings account for things like a newer vehicle and a house. This one I will call my dream account. In July, I happened on Dave Ramsey's website and found the "baby steps" and since then, I have been on fire about saving this $1000 and paying off the debt. If I keep saving at my current rate, it will be about early or mid-November when I cross the $1000 mark.

**Ima saver** · 08-12-2007, 01:51 PM

Good for you, keep up the hard work!!

**humandraydel** · 08-13-2007, 01:43 PM

I'm saving for a reason.....I just don't know what that reason is yet! In the future I will be buying a house, appliances, a car, vacations, etc. Basically I save as much as I can, knowing that I can always find a way to spend it if I find I have too much money

**n_vizion** · 08-13-2007, 04:18 PM

Do you guys think that we are driven to save out of fear? Does that cause us to avoid spending on things we enjoy?

**disneysteve** · 08-13-2007, 04:52 PM

As my wife, daughter and I were hiking in the mountains of New Hampshire this morning, I thought, "This is what we save for, for moments like this." As we stood at the summit and marveled at the view off in the distance, or the swarm of dragonflies nearby or the snake my daughter discovered in the grass, I was reminded of why I go to work each day and set money aside each paycheck.

Are you saving for a reason?