Your first savings goal

[Martha]

This is pretty pitiful, but I never have had any real savings goals until it looked like we might be able to retire soon. Fortunately, DH had plenty of goals.

 

[BigMoneyJim]

I can't think of a single savings goal I've ever had. But neither did I conspire to spend every spare penny. And my ace was starting the 401(k) early unsure why but figuring I'd be happy later.

If you want to call them goals, I've been saving for retirement and recently for an income loss/drop, but I don't have dollar targets in mind and frequently consider using the money for other reasons. (401(k)/IRA for home purchase, after-tax money for car or other things.)

 

[P.S.]

DH and I are expecting our first child in April (if all goes well) and we are 35 and 33.  I expect that kids WILL delay retirement but that they are well worth it in the end. 

Congratulations, very exciting!

 

[LiveWell]

My first savings goal was to buy a stereo for my room. I did it by delivering papers and flyers and saving any allowance or birthday money people gave me. It was $100 and I loved that stereo.. kept it until I moved out of my parent's house.

My second savings goal was a GIC (Canada equiv. of a CD) that I later used for tuition. This was back in the late 80s and I got 12.5% interest rate Such a high return is what sealed my desire to invest as much as possible. It truly opened my eyes that you could "make money" while sleeping.

 

[CyclingInvestor]

My first goal was just to see how much I could save. I had a paper route
(and substituted on several others) from age 9-17. I saved virtually all
of my earnings (of course I mooched off of my parents for expenses).
When I graduated high school, I had over $11K. This formed the bulk
of my down payment on my first house 5 years later.

 

[yelnad]

My first goal (that I remember) was to save for an optional school trip for my AP Biology class in 11th grade. We spend a week snorkling in Key Largo.

 

[Martha]

My first goal (that I remember) was to save for an optional school trip for my AP Biology class in 11th grade. We spend a week snorkling in Key Largo.

Careful, the boys here are going to be asking for pictures.

 

[Jay_Gatsby]

First savings goals are great motivators for additional saving in the future. Going forward, kids also need to learn to ask themselves the question "do I really want this?" when considering whether to spend their hard earned money. They may find that after having spent a month or two saving weekly allowances and doing odd jobs around the neighborhood they may find that parting with such "sweat equity" (slight misuse, I know) isn't really worth having the object of their heart's desire.

 

[Nords]

Careful, the boys here are going to be asking for pictures.   

Naaaah, thanks anyway but I've already seen Key Largo...

 

[deserat]

First major savings goal was when ex-husband and I knew that I would go to graduate school and we wanted to be able to let me go to an Ivy League school if I was accepted and pay for the first year's tuition in cash. We also wanted to pay off our cars. We did it in one year - was amazing to both of us how much we'd been wasting of our salaries - we started bringing our lunches to school, stopped cruising the mall on weekends, used the library a lot more, stopped eating for dinners, bought furniture and clothes either only on sale or second-hand, negotiated for prices to things - it all added up and quickly.

I actually ended up going to a school that paid me to go there, but that money saved gave us a cushion when a few years later we both were out of jobs. I still practice those frugal habits today towards my early retirement goal.

Bridget

 

[justin]

... stopped eating for dinners...

A savings plan or a diet plan?

 

[deserat]

Good catch! Stopped eating out for dinners - although as one gets older stopping eating of dinner can help prevent the older age 'spread.'

Bridet