We talk a lot about saving here at MyBankTracker, so this week we wanted the team to talk about their own savings goals.
Amy: I’m saving up to travel. Travel is one of those things I’ve always wanted to do more of, and now that I have a steadier income, I would love to go to some of the places that I’ve had listed for forever. Since I do it so little, when I do travel, I want to not have to pinch every penny. That’s why I want to save up more now, so that when I go travel, I can be a little less OCD with my money and just not worry as much.
Claire: Yeah, saving up for travel is totally worth it. The last time I traveled, I went on a road trip down the east coast, and it was great to be able to have some money set aside for it, and the best thing is when you have money left over, because it feels like a bonus!
Amy: Yes! I would love for that to happen. Simon?
Simon: I have nothing short-term I’m saving up for, but I do want to save up to buy a house, as rental property.
Bishoy: I’ve also been aggressively saving up for a house. I want to be able to buy a house and then earn money off of it.
Amy: Big ambitions! You guys are all onto the big stuff already, and I’m still only on the littler things. I guess it’s because I have no idea what I’m going to be doing in ten years, or where I’ll even be, so I think it’s a little too early for me to be planning for far-off investments like a house, though it’s definitely down the pipeline.
Simon: For me, I know I’ll be in the area. And more importantly, since this will solely be investment property, I feel like there are ways for me to manage it without having to be directly on hand.
You won’t be able to make a lot of money off of it at once, but over time you can earn some money. Especially if I can build a bigger portfolio, then that will be even better. Also attractive is that it’ll be completely passive income, you don’t really have to do much to earn it other than the upfront costs of fixing up the house.
Claire: I’m saving up for a house myself. Not sure where I’ll be, but I know the prices are very similar along the East and West Coasts, though you may be able to get a little bit more square footage out in the West Coast.
Amy: No short-term goals for anybody but myself?!
Claire: I did set up another travel fund, but over time, I realized that it might be better to build an emergency fund, since I don’t have one, and what if I have an emergency? What if my car dies? So I just changed it into an emergency fund.
MyBankTrackers, what are YOU saving for? Do you have long and short-term goals? Take a look at the highest savings rates available right now.