Do you Save for the things you Want?


We all want things whether it is to travel, a home, a car, etc. How many people do you know who actually save to buy the things that they want?


A couple of weeks ago I wrote about a couple who is now selling their home after owning it for just one year.  I’m really not sure if they saved or not to purchase the home but I know they only put 5% down to purchase it.  In the end, that couple started to hate their high mortgage payment and ended up with buyer’s remorse.  I know it’s hard to give up a lump sum of cash when buying a home.  It was hard for me to see that 20% come out of my bank account when I bought my house.  But that was the purpose of that money and I knew it was the best decision financially for me.


I recently helped a friend with the purchase of a car.  Unfortunately, the car broke down and was really not worth repairing it.  After owning it for 12 years her mechanic told her she would be better off buying a new car.  She freaked out a bit and then we put our thinking heads together to figure out her next steps.  Unfortunately, she had not saved for this emergency.  Sure, she could finance it.  I’ve done that before and I don’t see anything wrong with it especially if you can get a low interest rate and many dealers are offering excellent rates right now (0.9 to 1.9%).  My other requirement if I’m financing a car is to keep it at 3 years or less.  My friend wanted an SUV because that’s what she was driving before and she was used to it.  But because she had not saved any money to put down the only way she could afford it would be to take out a 6 year loan.  Now that is crazy to me. Who wants a $400 car payment for 6 years?  In the end, she settled for a small sedan which is much more in tune with what she could afford.


It’s crazy how expensive weddings are getting.  I don’t know how people can afford them any more but some how they are hosting lavish weddings.  I know that when I was planning my wedding over 10 years ago I used to receive targeted bank loan offers in the mail where they would offer me $25k to finance the wedding of my dreams.   Is this how some people are financing their weddings?  I hope not. Who want’s to be in debt after getting married?  I didn’t have much money when I got married but I also never dreamed of a lavish wedding.  I was very happy with a small wedding at the cost of $10k including my honeymoon.


Who doesn’t love to travel?  I know people who are always dreaming of traveling but I don’t see them saving to make those dreams come true.  The minute I mention I’m going on vacation they start getting nostalgic about how they wish they could travel too.  I love to travel and I’ve done quite a bit of it but this year we’re taking a little break.  We have a few home projects to work on and we still have some home renovation debt to pay off.   In the meantime, we’re planning and saving for some travel next year. Now that I’ve learned more about travel hacking I’m planning ahead to save some money.

Are you saving for the things that you want?  

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Do you Save for the things you Want? — 30 Comments

  1. I think having targeted savings goals is one of the best things you can do for your finances. It helps to be prepared, like in the case of needing a new car. For me, having dedicated savings buckets also makes it easier to spend. I hate parting with money, but there are times when it’s necessary, and knowing the money is serving its purpose once I’ve reached my goal is nice.
    E.M. recently posted…Being Grateful: Twenty-Third EditionMy Profile

    • That’s how I felt about the money I saved for my home but I knew it was saved for that purpose so it was time to let it go.

  2. With sizable student loan debt it can be difficult to save for some of these big things. I know that if we didn’t have any student loans it would be easy to stash away money each month for some things on our list, but I took the approach of increasing income to offset my debt payments and then exceed them. If you want to be able to save more money I think the key is to work on making more money.
    DC @ Young Adult Money recently posted…How I Plan on Fast-Tracking Financial IndependenceMy Profile

    • Making more money can help if you can direct that money toward savings. I know people that the more money they make the less they have. I guess they just keep spending.

  3. My wife and I have been saving for a downpayment for years…though a 20% downpayment in NYC is much higher than in lower cost of living areas. It’s frustrating that all that money is wasting away in a “high interest” savings account…high interest meaning around 1%! That money would have done so much better invested. I did pay cash for a used car a few years back and it was a great feeling not to take on a car payment.
    Andrew@LivingRichCheaply recently posted…My Journey to Financial LiteracyMy Profile

    • Yeah, I know. I remember when the online banks were offering 5% interest back when I started saving for my house. It’s a shame I didn’t have much money saved back then.

  4. I did not used to practice this restraint as much; however, now I am much better at planning and saving for the things I want BEFORE I get them. We are definitely an instant gratification society and taking the time to plan is not always “fun” but it saves us so much stress down the road.
    Shannon @ Financially Blonde recently posted…Music Mondays – Beer MoneyMy Profile

    • I would say that for smaller purchases I would not plan and save as much before we bought the house. But now we include those in our plans as well.

  5. We seem to live by saving for targets. What I mean by that is that we pay our bills and then break up the extra in target accounts to use as we want in the future. Some pure savings, investments, and funds for new-to-us cars and vacations.

    Specifically for cars, we paid ourselves the payments that we were paying for our cars when we paid them off in 2007 and 2009. Then we emptied out that account in September 2012 to help with the 20% down payment for our current house (we paid off our rental property in full and needed some cash). But it’s been building back up again. If our cars can last a couple more years (2005 Aveo and 2007 Prius), we should be able to replace one of them with cash. As it stands, we have a solid down payment ready. That may happen since my car is developing some issues (the Aveo).

    Saving for what we want is the only way to go for us. Living any other way stresses us out a lot.
    Crystal recently posted…Wealth Is a Choice.My Profile

    • Your Prius should last a while longer. I have a 2007 camry and I hope to keep it for a loooong time. I keep getting offers from local dealers who want to buy it. I guess they’re really desperate to get me in the door to buy a new one. I never had that happen to me before when I owned a Saturn.

    • Yeah I’d rather have the cash than take out a loan. I understand sometimes it is not possible to pay cash like for a house or a car but I like to have a least a large portion saved.

    • That’s what I did with my last two cars. I financed one only for 1 year then paid it off. The other I paid cash.

  6. I would love to be saving for a vacation right now. However, debt is the priority at the moment. This summer we really would like to do a mini vacation though but we haven’t set up a budget for it yet. It’s definitely a struggle. I don’t want to deprive myself, but I also don’t want our student loan debt hanging over our heads forever!
    Liz recently posted…Frugal Ways to Make Your Spouse Feel Like Million BucksMy Profile

    • Yeah, I feel the same way about the debt we incurred from our home renovations. We paid half off last year but still have another chunk left and I’d rather pay that off before vacationing. It’s at zero % for now but I don’t want to keep dealing with it for years to come.

  7. I totally agree with you on weddings and what you said is so spot on! My daughter got married 9 months ago and I am grateful that she listened to me when I said not to spend too much on a wedding that is lavish because they’d need the money more for starting a family. Soon after, she got pregnant and will give birth in early July and she is just glad that they have enough money saved. They were not expecting to have a child this soon because her OB-GYN said she’ll have difficulty conceiving while on medication for her polycystic ovary syndrome but what a surprise – she is ‘infanticipating’!
    Jen @Sprout Wealth recently posted…How to Start a Side Hustle While in a Day JobMy Profile

    • Congrats on your grandchild to be. I’m glad she listened to you. Now a days even a simple wedding can be very expensive if you have a large family.

  8. At first, saving for a need can be a HUGE hassle as well as a boring process, but once you get used to it, it actually feels really good because you know it is for a good cause.However, saving for something that happens to be a want is exciting, but also I feel guilty for not trying to save for paying off a car, house, school…
    Anyways, great post!
    David recently posted…Is Global Warming truly happening?My Profile

    • Yeah, it can get boring at times to always be saving but it pays off to have that money ready for a nice vacation.

  9. Before we moved, we had an old neighbor who we always talked to whilst walking the dogs. He would hear our travel stories and said he wished they could travel and want to visit Rome. Nothing about saving, and he ended up buying a new silver Hyundai Genesis, loaded..with payments of only $349 per month he said , of course in addition to the big Yukon and wondered how we could afford to travel so much. We said our 2002 & 2004 BMW (bought used) were fine and paid off and travel was our priority. The man is 78 this year. If he hasn’t traveled by now, it’s probably not going to happen.
    Kemkem recently posted…Madrid: Loving it like a Madrileno – Part 2My Profile

    • It’s so interesting how many people do this. They want to travel but they tie themselves down with expensive monthly payments and then wonder why they can’t travel more. I had to remind my friend recently about this when she was buying her car. I’m glad she listened and didn’t go for the expensive SUV.

  10. In the past we never saved for our purchases. We just put them on credit card. What a mistake that was. Now we only buy big ticket items after we’ve saved up for them. It might delay our purchase a bit but we feel much better about it in the long run!
    Thomas @ i need money ASAP! recently posted…How To Find Temp JobsMy Profile