My 13 Current Savings Goals And How I’m Splitting My Money

There’s always something I’m saving for, and that’s always been the case. Be it a car, or a holiday, or a trip to Bicester Village. Saving has been part of my financial DNA for a while now. Before I discovered my one true love- Monzo- I used to have about 10 different physical bank accounts. Each one had money in for something different. But pots changed things for me and it’s (mostly) all in one account separated by a pot. It’s made my life a lot easier. My current savings goals are very mixed, from some longer term ones to some this year goals.

I thought I’d share with you some of my different savings goals and where they’re stored. Most of my savings are done on a monthly basis when I get paid. Or on a weekly basis when Luke gets paid. But a lot of my ad-hoc ones or for short term things come by curbing my spending or making extra money. Here are my current savings goals.

My current savings goals stored in ISA’s

For the past three tax years I have opened a new ISA so I can max out my savings goals. I firstly have an ISA through Monzo where I put money every month for my car insurance. I hate paying extra over the year to split the cost of insurance to monthly. So I save money every month and take the money out once a year to pay for it.

Last tax year I opened a new ISA to save towards our wedding. As we’re not planning on getting married for 2-3 years it made sense for us as the money would be sat there for a longer period of time. We’ve been saving money every week towards our wedding. Although it temporarly stopped while Luke wasn’t working. But hopefully we’re back to normal now.

My final ISA is one I have just opened which is a stocks and shares ISA. I’ve been looking at some longer term savings to use for our retirement which is where this ISA comes in. I’m not saving masses but it’s something I won’t touch for at least 20 years. And hopefully the medium level of risk will help get us a lump sum later in life.

Monzo posts for regular savings

These ones are less current savings goals, and more constant savings goals. My regular savings include three things; tax, Christmas and an emergency fund. As I am self-employed alongside my full time job every month I set some money aside to help pay the following years tax bill. It’s something we also do for Luke but more ad-hoc as he does pay CIS through his main income source.

Each week we put aside a little bit of money for Christmas. For us it means we don’t need to stretch ourselves in the final months of the year. And we’ll have the money accessible whenever we want to start buying gifts. The final regular saving I have is an emergency fund. As soon as we got the house we started this fund as we know there’s always going to be something that happens that we can’t prepare for. The boiler might break, or an appliance might malfunction. Having an emergency fund we top up regularly means we shouldn’t be caught short.

Super current savings goals

I have savings pots for four different things which I am almost at my target goals for. The first one is for hen parties. I was due to have two over March/ April this year but it got postponed so I have been saving money and putting some aside to enjoy when they’re rearranged for other things. My other holiday based savings goal is for my trip to Bali. I was due to go in October but it’s been postponed without a new date set. But I’m keen to carry on saving so when I can re-book I have the money aside ready to pay for the tour/ flights etc.

Another savings pot is for our trip to Portugal which was due to happen in March this year. It’s currently moved to October so we’ll see how that goes. But this savings goal is one I have met and the money is waiting for the trip. My final current savings goal is for a trip to Hawskmoor which is a fancy steak restaurant. Me and Luke have been twice before and we want to go again. So I’ve been putting money aside for a fancy meal when we can go.

Ad-hoc saving

Then finally I have two monzo pots which are for ad-hoc savings. One is my general savings which are for nothing in particular. But if I want to be frivilous or treat myself I have a pot of money to do this. Whenever I have money left over which I haven’t assigned to another savings goal it goes here.

Then our final one is for mortgage overpayments. I’m keen to overpay our mortgage bit by bit so we can cut down the number of years we’re paying for it. Currently we’ll be 65 and 66 when we finish paying it off, but I want to bring it to below 60 if I can. As it’s still early days, we don’t know what will happen with COVID going forward and our mortgage is so new I’m not paying anything off. But I am storing some money aside so we can make payments when we want to.

What are your current savings goals?

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