# What are you saving up to buy?



## Robillard (Apr 11, 2009)

I was looking at my TSFA account balance recently and momentarily I couldn't remember why I had socked away all the money inside. Sometimes I find I have a hard time connecting the cash or investments in an account with something tangible that I might consume at some point. It made me realise that aside from obvious rationales, i.e., retirement and emergency fund, I really should have a purpose for saving, otherwise I'm just needlessly depriving myself in the short term. Now I remember that I'm trying to save up so that I might be able to put down a downpayment on condo and buy a car some day. 

So, what are you saving up for? Now that I think about it some more, I think might need to save up and replace or upgrade my aging desktop computer.


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## Rickson9 (Apr 9, 2009)

My wife and I may move back into the North York (Toronto) area. We would probably look at a 3 bedroom, 2 bathroom detatched bungalow. This is like a 2012 plan, nothing immediate.


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## canabiz (Apr 4, 2009)

We are saving up to pay down our mortgage.

We also may get a car, our 1993 Camry is still running fine but it's a 16 years old car. I am going to drive it to Algonquin Park this summer, we"ll see how that goes.


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## FrugalTrader (Oct 13, 2008)

The list is growing for us, a fence, basement development, shed, replacement car soon etc. It's good to have some cash on hand!


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## Jon_Snow (May 20, 2009)

The two "holy grails" of our savings strategy are paying off the mortage and building a cottage on some recreational property.

Basically, we have a $90000 GIC maturing in 2.5 years, about the same time our mortgage is up for renewal, so the GIC will take care of the mortgage. Then, 2 or 3 more years of saving without a mortgage to worry about should give us a nice cottage building fund.


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## ethos1 (Apr 4, 2009)

Robillard said:


> So, what are you saving up for? Now that I think about it some more, I think might need to save up and replace or upgrade my aging desktop computer.


I'm saving up to buy retirement


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## The_Number (Apr 3, 2009)

In addition to the usual "retirement" and "house (downpayment)," I'm saving for other things:

- Car
- Furniture
- Vacations
- Various expenses for a future child (still years away)


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## stephenheath (Apr 3, 2009)

Like a few others, I'm building up the savings in the TFSAs so that when my mortgage comes due, I can renew for a year, and then I should have enough in the TFSAs to just pay it off.

Theoretically, I could do that and save a bit of interest now by making extra mortgage payments, but this also provides us with an emergency fund, and we aren't sure how long our oldest car will last... it might last five more years, it might last one... by having the cash in the TFSA if the car goes before the mortgage, we can do that instead.


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## markievicz (Apr 11, 2009)

Beyond the regular retirement and home maintenance and vacations and such I'm saving enough so I can take a 6-ish month break from work next year. I want to have enough to pay for some college classes, tennis lessons and travel I intend to do then as well as have the equivalent of my salary for that period socked away in case murphys law strikes and the husband can't cover the bills or my employer doesn't want me back.


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## Alexandra (Apr 3, 2009)

new floor
bathroom reno
deck
attic access and stair construction


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## Elbyron (Apr 3, 2009)

Since I just bought a new house, I no longer have any particular savings goal. At the moment, any income that doesn't go to regular expenses is being spent on landscaping and various costs for our upcoming wedding. Plus it doesn't help that my renter skipped out on two month's rent and it'll take some time before I can drag him through the courts to get what he owes me. But hopefully there will be some savings starting this fall (we now have a new renter). 
Like others, I will probably use 80% of my extra income to pay down the mortgage. In a way it's saving for retirement, because I'll have more equity when I sell the house. The rest will be used for vacations, or eventually a new car. We might have kids in a few years, so the vacation money will probably be reallocated, and some of the extra mortgage payment will be used for an RESP. 
We use our TFSA as an emergency fund, so it doesn't really count as "savings" in my mind. I suppose as the limit increases we might use the TFSA for other purposes too.


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## canadianbanks (Jun 5, 2009)

ethos1 said:


> I'm saving up to buy retirement


Very well said . I'm doing exactly the same.


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## Taxsaver (Jun 7, 2009)

My goal is save up money for a used house. I think I should be able to pay 50% of it when I buy it in 5 years. When it has been paid off, I would like to work only part-time for the rest of my life. I think it's important to live close to friends and family members who are good at fixing things in and around the house.


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## hboy43 (May 10, 2009)

Hi:

We are paying down debt with investment income. Employment and rental surpluses are buying "stuff."

I am putting the finishing touches on the workshop building. Just got the oak flooring a couple weeks back from the local mill. Need stairs and some melamine for bookcases, and a bit of trim wood, and paint.

Then my thoughts will turn to tools. As I recently pimped my saw (table saw that is), a new table saw is no longer highest on my list. That would now be a band saw. Next would probably be a 16 to 20 inch planer.

We have plans to add insulation to the ceiling of the house, and cover over with a vapour barrier and drywall.

I want to develop my approximately 3 acre field, so I want to fence it in and improve the soil. Other than the direct fencing materials, I am looking for a post hole digger and a plow.

Then there is the assorted projects like chicken coop, back woods shacks, decks and gazebos ...

hboy43


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## michika (Apr 20, 2009)

- carry-over funds for the end of my contract in August, in case it doesn't get renewed
- paying off my debt
- tuition for September


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## paulkoshy (Apr 6, 2009)

*Short term* - which i just realized a few days ago - I was saving for a Lens for my camera Sigma 17-70mm f2.8 and I'm very happy with it.

*Long term* - saving for a property - still havent decided what or where specifically - but im thinking summer 2010 is looking realistic.


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## purplesnow (Apr 3, 2009)

- Vacation
- Trying to put $5000 extra into mortgage every year


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## msimms (Apr 17, 2009)

I'm saving up to buy more stocks.


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## ashby corner (Jun 15, 2009)

new guitar. 52 Telecaster Ri hotrod.


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## Bullseye (Apr 5, 2009)

We don't ever save up to buy anything. We just pour every dollar into our mortgage, and then borrow back what we need, when we need it. It's the exact same effect as saving up for something, just more efficient, leaving more money in my pocket. Instead of earning piddling interest (and maybe getting taxed on it) in a savings account, we are saving mortgage interest, which is 'tax free' and a higher return.

We're 'saving' to buy or start a business, though, which also gives us the added benefit of having a tax-deductible loan. 

Smaller 'savings' items are a new camera lens, and a tent trailer.

Smarter savings strategy


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## Phalene (Apr 3, 2009)

DH and I are saving to buy a car and to finish furnishing our house.


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## PMREdmonton (Apr 6, 2009)

Like some others I save in reverse: a habit sort of brought on by med school I borrowed the downpayment on my house and then "saved" up for it after graduating residency. Last year I borrowed from LOC to finish off the new house: detached garage, landscaping, fence and low-maintenance deck and then spent this spring "saving" for it. Now I borrowed from LOC to finish off the basement which was started in April. I am now finally beginning to "save" for that now.

Hopefully later this year I'll buy myself a new used car - maybe I'll actually finally save up for something in advance of buying it. I do actually remember a time in my life when I saved up for things but sometimes going to professional schools you dig yourself so deep into debt that you really can't be bothered with the fiction of saving up for anything.


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## LauraLap (Jun 24, 2009)

Vacation

Vacation

Vacation


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## samorchard (Jul 3, 2009)

Saving up for a new car, house payments, holiday then next year I will be saving for a new bigger house. The goal posts move all the time but I like setting them.


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## SavingMaster (Aug 1, 2009)

Short term - Buying a house. Nothing extravagent, I just want to own my own home.

Long term - Retirement. Unfortunately I spent much of the last decade in the proverbial wilderness so I'm having to make up for lost time.


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## domanb (Aug 5, 2009)

I'm saving up for my freedom from consumer debt.


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## mesaana14 (Apr 4, 2009)

Aside from retirement, I have a travel savings account, which will fund my next large trip (Europe, most likely).


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## kayo (Apr 5, 2009)

I am currently saving to pay down on my car loan first, and then hoping I will save enough for a down payment for a condo. It's like getting rid of one debt, and quickly bringing in another.


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## Rickson9 (Apr 9, 2009)

My wife and I don't worry about retirement. We have enough for that. We are saving to buy another property.


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## briant (Jun 23, 2009)

Short Term (<1 year) - a vacation
Medium Term (3+ years) - wedding, house down payment
Long Term (35+ years) - retirement


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## millionaireacts (Sep 12, 2009)

Robillard said:


> I was looking at my TSFA account balance recently and momentarily I couldn't remember why I had socked away all the money inside. Sometimes I find I have a hard time connecting the cash or investments in an account with something tangible that I might consume at some point. It made me realise that aside from obvious rationales, i.e., retirement and emergency fund, I really should have a purpose for saving, otherwise I'm just needlessly depriving myself in the short term. Now I remember that I'm trying to save up so that I might be able to put down a downpayment on condo and buy a car some day.
> 
> So, what are you saving up for? Now that I think about it some more, I think might need to save up and replace or upgrade my aging desktop computer.


I'm saving up to buy my future. I agree with you though that sometimes, I feel I am depriving myself in the short term. I think that's the principle of delayed gratification. Sacrificing your short term needs for a greater future benefit.


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## Berubeland (Sep 6, 2009)

I'm saving up for another baby. Last time I was very ill during my pregnancy so I think it is better to plan that I will have to take 6 months before and one year after the baby and I'm self employed so i don't get maternity leave through EI

It's a lot of $$$


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## Rickson9 (Apr 9, 2009)

Berubeland said:


> I'm saving up for another baby.


Congrats!


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## Murph (Sep 9, 2009)

Early retirement!!


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## Saniokca (Sep 5, 2009)

Ring... then downpayment (and meanwhile filling up the TFSA and RRSP)
The more I think about buying a house the further away it seems... Originaly I was planning 20% down to avoid the insurance and have some equity in the home if things go south. Now, after I looked more into all aditional costs (maintenance fees, repairs, etc.). Also I would much rather pay rent than interest... It gives me mobility. Now I'm thinking about 40-50% down.


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