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There are so many things that we want in life.
Sometimes it can be hard to figure out how to save up for them all or what the best things to save up for are.
But don’t worry, there is help out there.
In this post, I share 65 awesome things you should start saving for today.
From a new car to a trip around the world, I have something for everyone.
Some savings goals are splurges, while others will help ensure you don’t break the bank when the need arises.
And in some cases, the ideas will help you to live a happier life.
So what are you waiting for?
Start saving money and achieve your dreams.
Table of Contents
65 Fun And Practical Things To Save Up For
Practical Things To Save For
#1. Financial Security
The first thing on the list is putting money into an emergency fund for unexpected expenses.
You need around 12 months of living expenses in an emergency fund to protect your finances.
If you don’t do this, you risk ruining your finances instantly.
I’ll admit, saving for emergencies isn’t the most exciting thing in the world, but when things happen, and they will, you will be thankful you have the cash on hand to pay for it.
So don’t make the mistake of not building your emergency savings.
At the very least, build up a cushion of six months so you have something when life happens.
#2. A House Down Payment
Another item to save for is a house.
Whether you are renting an apartment or already own a house, chances are you will be moving at some point and with this comes buying a home.
The more cash you can save for a down payment, the more you will save.
For example, if you can put 20% down, you avoid private mortgage insurance, which is an added monthly cost.
You also will get a lower interest rate, saving you thousands of dollars.
Finally, you lower your risk of getting caught underwater should real estate prices drop.
Saving for education could be for your college education, but it doesn’t have to be.
It could be any additional education that improves your life.
So something like learning a new language would qualify, as would learning a new hobby.
The more you learn in life, the more you grow and become a better person.
Improving yourself can not only lead to a more significant income but more happiness as well.
Saving money for retirement ranks up with your emergency fund as not the most exciting thing in the world.
But your financial future depends on what you do today.
More importantly, that you save for your golden years now.
The sooner you start investing in your retirement accounts, the more time it has to grow into more significant amounts.
If you can get past the mental roadblock of thinking you have plenty of time to start saving and do it now, your future self will be grateful.
#5. Early Retirement
Most people will put off saving for retirement.
But more and more people are exploring the possibility of early retirement.
Some call it financially independent, retire early, or FIRE for short.
- Read now: Here is the ultimate guide to retiring early
- Read now: Follow these steps to become financially independent
Don’t let the name fool you.
FIRE isn’t your typical retirement.
What it means to most people is not to be tied to a job.
Instead, they make it a priority to save as much as they can, so a job becomes optional.
Most people still bring in an income, but it is on their terms.
#6. Your Next Car
Buying a new car is getting more expensive every year.
To help lower the impact on your finances, you should be putting money aside for it.
You don’t need to save up 100% of the purchase price, but having a good amount saved, say 25% is a good start.
As with saving for a house down payment, you get a better interest rate if you finance the vehicle by putting more money down on your car.
Or better yet, save up a few thousand dollars so you can buy an older, reliable used car and never have to worry about having a monthly car payment again.
- Read now: Here is how to never have a car payment again
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And as an added benefit, the car insurance will be a lot cheaper too, saving you even more.
#7. Car Repairs
Modern cars with more computer chips and advanced safety features are more expensive to repair.
Just look at the cost of a cracked windshield.
In the past, replacing this would cost you a couple of hundred dollars.
But now that lane departure cameras are mounted on the windshield behind the rearview mirror, the repair cost is closer to $1,000.
Because of this, you need to have some cash saved up to cover these repairs.
#8. Home Maintenance
After you buy a house, you will experience an increase in the monthly cost of owning the home.
These costs could include lawn care, painting the exterior, and other repairs that come up from time to time.
You should have a bank account earmarked for these things, so you don’t have to put them on a credit card and pay interest.
#9. Home Remodel
On the other end of the spectrum is having the cash for a remodel.
As much as you love the look of your house currently, there will be a time when it gets old, and you will want to new look.
Whether a kitchen remodel or painting your bedroom, completing a remodel will cost you thousands of dollars.
#10. Child’s Education
If you have children, their education will be one of the highest costs you will incur.
You should start putting money into their college fund as soon as possible.
There are many ways to save for college, including 529 plans and Coverdell accounts.
The sooner you begin saving money, the more you will have when it comes time to pay for tuition.
But don’t make the mistake of thinking you must completely pay their tuition costs.
They can take out student loans.
And while this debt will burden them, if used wisely, it won’t significantly negatively impact them financially.
Finally, don’t make the mistake of putting their college education above your own needs.
You must take care of yourself first and then focus on helping them with their education.
While the average wedding cost is $20,300, you don’t have to spend this much.
You should only spend an amount you can afford and are comfortable with.
No matter what this amount is, you should make it a point to start putting money into a wedding fund sooner rather than later.
The reason for this is simple.
The last thing you want to do is go into debt for your wedding.
You start the next chapter of life behind the eight ball when you do.
You have the added stress of paying off this debt.
What if you want to buy a house or start a family?
Because you are in debt, you might have to delay these things.
Instead, save up for your wedding and avoid debt.
Your honeymoon is closely related to the point above.
Don’t go into debt for your honeymoon.
If you don’t have the cash for the trip, you would love to take, take a smaller trip now and save up for your epic honeymoon in a few years.
It’s not the end of the world if you wait a few years.
We took out honeymoon a year after our wedding ceremony.
There were two reasons for this.
First, we wanted to take a two week trip and we didn’t have the vacation days from work that year.
Second, we were collecting credit card rewards and travel miles to offset the costs.
In the end, we flew first class for free and scored major discounts on the rest of our trip.
#13. Medical Expenses
No matter how healthy you are, there will come a time when you need medical attention.
Medical attention could be a simple doctor’s visit or something more serious like surgery.
In either case, you will have to pay for these expenses.
If you don’t have insurance, the costs can be astronomical.
And even if you have insurance, the out-of-pocket costs can put a strain on your finances.
That’s why it’s worth saving money for medical expenses.
- Read now: Here is how to save money on health care
This fund can cover these unexpected medical costs.
Or you can use the cash you save for healthcare costs in future years when you are older.
#14. New Mattress
Getting a good night’s sleep is critical to your long-term health.
And this starts with having a good mattress.
Because the prices of mattresses are so high, it makes sense to save money for this large purchase.
While it can be easy to find the cheapest mattress possible, you should find the one that is perfect for you, even if it is more expensive.
Your health is worth the additional cost.
#15. Christmas Gifts
Many people run into the debt trap when it comes to Christmas gifts.
December rolls around, and they put all the gifts they buy on their credit cards, only to spend the next six months of the year paying them off.
Fast forward to next December, and the cycle repeats.
The problem is that not only do the monthly debt payments put a strain on your monthly finances, but you are also paying interest.
Instead, save a little bit each month all year long.
Then when it comes time to buy gifts, you have the cash.
#16. Pet Expenses
More and more people are adopting pets.
And these members of the family cost money.
Aside from the basics like food, annual vet bills can run up to $1,000 a year.
If you decide to have a couple of dogs, you could spend nearly $2,000 annually on medical checkups.
Most people don’t have this amount of cash lying around, so creating an account where you save for these expenses makes sense.
#17. Cell Phone
In today’s world, it is hard to imagine life without a cell phone.
But these devices don’t come free.
The cost of a new phone can be close to $1,000.
And while cell phone companies will allow you to make interest-free monthly payments, this increases your monthly bills.
A better option is to buy the phone outright and free up more cash each month for savings.
Additionally, don’t forget to factor in the cost of a new phone every two years. This expense can start to add up.
#18. New Wardrobe
If you are like most people, your wardrobe is in a constant state of change.
You might be gaining or losing weight.
Your style might be changing.
Or you might need to replace worn-out clothes with new ones.
Whatever the reason, setting aside money each month for new clothing is a good idea to ensure that you don’t go into debt to buy clothes.
More Practical Things To Save Up For
#19. Lasik Eye Surgery
#20. Home Security System
#21. New HVAC System
#22. Energy Efficient Windows
#23. New Roof
#25. Hot Water Heater
#28. New Furniture
Fun Things To Save For
Here are some cool things you can spend your money on.
Some of these might make you feel guilty only because they are wants or, in some cases, toys.
But as long as you save for them and are not putting your finances in a bad place buying them, there is no reason not to splurge.
#30. Family Vacation
You should always have a vacation fund.
Whether a weekend getaway or a two-week trip to Europe, you should have money set aside for your next trip.
- Read now: Use these tricks to travel cheaply
That way, when the opportunity arises, you can take advantage of it without worrying about the cost.
One of the best things you can spend your money on is experiences.
Experiences could be anything from concert tickets to a skydiving trip.
The point is that these are memories that will last a lifetime.
And unlike material things, they can’t be taken away from you.
Taking care of yourself now is vital in the long run.
The better your health, the lower your risk of developing issues later in life.
And many of these issues are costly.
So by prioritizing your health today, you can save a lot of money tomorrow.
Having a smartwatch is an easy way to do this.
#33. Opportunity Fund
An opportunity fund is my favorite thing to save up for.
I call it an opportunity fund because it is for times when an opportunity comes knocking.
We’ve all been there before when we see a fantastic deal on something we’ve wanted to buy for a long time.
The problem is, most times we don’t have the money saved to buy it.
But if you have an opportunity fund, you do.
And this fund goes way beyond this example.
Maybe you build this fund up, and one day, your spouse decides to stay home with your new baby for a couple of years.
You probably can’t afford this financially.
But if you have an opportunity fund, you can.
Or maybe the stock market tanked, and some great companies are selling at a steep discount.
Use the cash in this fund to buy them and grow your wealth.
Having this type of fund is priceless, in my opinion, and you should work hard to build one.
#34. New Business
While many people might never think about starting their own business, more and more people are.
They want to take control of their financial situation and lives by working for themselves, not someone else.
But starting a business is not cheap.
You must pay for inventory, marketing, office space, and more.
These costs are why it is crucial to start saving for a new business as soon as possible.
The sooner you start saving, the sooner you can quit your day job and become your own boss.
You might even include this in with the idea above.
#35. Bucket List Items
We all have dreams of doing things in life before we pass.
But many of us never experience these things because of the cost.
Cost isn’t an issue if you have some cash set aside for them.
Start a bucket list, and then start saving for the items on it.
You might be surprised at how quickly you can check things off your list when money isn’t an issue.
#36. Investment Property
Investing in the stock market is a great way to build long-term wealth.
But so is investment real estate.
I encourage everyone to invest in this asset class as it provides long-term growth and the potential for a passive income stream.
And there are plenty of ways to get started.
You could buy a house and manage it yourself or hire a company.
On the other hand, you could invest in crowdfunded real estate.
This option is where a company pools your investment dollars and other investors and buys a property.
The company manages the day-to-day business, and you earn a monthly check based on your percentage of the profits.
Looking for an easy way to get started investing in real estate without a lot of money? Look into Arrived Homes. Pick the single family houses in the parts of the country you want to invest in and earn passive income.
More Fun Things To save Up For
#37. Swimming Pool
#38. Couples Only Vacation
#39. Anniversary Trip
#40. Special Occasions
#41. See The Northern Lights
#42. Jet Ski
#43. Outdoor Oasis
#44. Family Reunion Trip
#46. Hot Tub
#48. Season Tickets
#49. Video Game System
#50. Super Bowl Tickets
#51. MLB All-Star Game Tickets
#52. World Series Tickets
#53. The Olympics
#54. World Cup Tickets
#56. Private Island
#60. Digital Camera
#62. Vacation House
#64. Exercise Equipment
How To Start Saving Money
Now you know the best things to save up for.
But you might be wondering what the best ways to save money in the first place are.
There are three main options, and you can use a combination of both if you like.
#1. Save A Portion Of Your Income
The first step to saving money is to save a percentage of your current income.
In most cases, you should be able to save 5% of your income.
If you can save more, then increase this amount.
Then each year, increase the amount you save.
By saving consistently, you will be able to fund the majority of your money goals.
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#2. Save Windfalls
If you get a large tax refund, make it a point to save most of it.
Take 10% and spend it however you like, no questions asked.
Then take the other 90% and fund your goals.
If you have debt, like student loans or credit card debt, split your windfall three ways.
Spend 10% however you like, put 20% towards savings, and the remaining 70% towards your debt.
You want to put so much towards debt because getting rid of it will increase your monthly cash flow, allowing you to save more.
Plus, you stop paying high-interest charges, saving you money.
#3. Reduce Expenses
Another option is to review your spending habits and reduce some expenses.
Maybe you spend a lot dining out.
If you can cut back a little, say stop buying lunch a few times a month, you can save more money.
- Read now: Here are the best places to eat out for cheap
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Or maybe you shop around for auto insurance and save $500 a year by switching.
There are many ways to save money when looking at your monthly budget.
You just have to spend a little time to find this extra money.
Take the money you save and use it to fund your financial goals.
Combine this with the point above to speed up the process.
#4. Bring In More Income
The final option is to bring in additional income.
There are a few options here.
First, you can work to earn a raise or get a promotion at work.
- Read now: Here is how to earn a bigger raise
Take the difference between what you were making and what you are making now and save it.
Or, you might consider switching jobs to earn a higher salary.
If you do this, save the difference.
Another option is to get a side hustle.
If you do this route, I encourage you to save 100% of the money you make.
Doing this will supercharge your savings rate.
Years ago, when I had my website as a side hustle, I earned $10,000 a year.
I didn’t budget any of this money. It all went into savings.
I quickly funded many savings goals I had.
These savings were in addition to the 15% I was saving from my regular job.
Where To Save Your Money
There are a handful of places to save money.
But depending on when you need the cash will determine the best place to save for you.
Whichever option you choose, don’t leave the money in a checking account.
Having it in your daily spending account makes you more likely to treat it as spending money and not save it.
Short Term Savings
A bank account makes the most sense for short-term savings, which would include things like your emergency fund and Christmas gifts.
You should shop around for the one that pays the most interest without charging fees.
The reason you want accounts paying interest is this is how your money will grow faster.
So check out your local credit union, bank, and even online banks.
With one of the highest paying interest rates in the U.S. CIT Bank stands out as the best high yield savings account. Add in ease of use and great customer service, and you have a clear winner.
Medium Term Savings
Saving for the medium term is tricky because you must balance risk and return.
In most cases, putting your money into savings accounts is best.
But some other options don’t carry a lot of risk.
One option is Worthy Bonds.
This investment offers a 5% return on your money.
I bonds are another option as well.
The catch is that you cannot sell for one year, and if you sell in five years, you give up three months of interest.
However, this penalty is a small price if you are earning a decent interest rate.
Long Term Savings
The stock market is an excellent option for longer-term financial goals, where you won’t need the money for ten years or more.
Make sure you invest in a way that makes the most sense for you.
What I mean by this is, don’t invest aggressively just to double your money if you aren’t comfortable with that level of risk.
Invest in a way that makes sense for you, and in the long run, you will be fine.
Frequently Asked Questions
Should I have one savings account or multiple accounts?
You should have separate savings account for each savings goal.
The reason is that it will make it easier to keep track of your progress.
Plus, there is motivation in seeing how much you have been able to save.
If you lump everything into one savings account, you must manually keep track of the balances for every goal.
And you might overspend on one goal and then not have enough money for others.
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How do I prioritize my savings plan?
The easiest way to prioritize the things to save up for is to take time, think about what matters most to you, and create a list.
The most important things should be at the top and the least at the bottom.
Then wait a week or two, revisit the list and edit it.
Now you have your priority list.
The only caution I would give here is to ensure you don’t ignore long-term goals.
For example, while retirement might be decades away, you can get away with saving a smaller amount now and allowing time to grow your account balance.
But if you wait to start saving, you will need to save a lot more.
So make sure you don’t ignore anything meaningful that will happen in the future.
Why should I save money for goals?
There are two main reasons to save money for goals and future needs.
First, having the cash on hand will allow you to avoid expenses impacting your monthly budget.
The cost for many of these things is more than most people earn in a month, so spending money on them could destroy your finances.
Second, when you save money and invest it, you get free money thanks to interest.
Over time, your money grows and compounds, and this interest can add up to a significant amount of money.
- Read now: Learn more about compound interest
There are the best things to save up for, both practical things and fun things.
Some will take years to accomplish, while others are much shorter term.
No matter what you decide, make sure you begin saving money now.
The sooner you start, the better off you will be financially.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.