Saturday, January 4, 2014

Saving For The Dream

We have a lot of financial goals this year as this is the kick-start of many years of travelling in our future.  In April we are going to Portugal and Holland for a total of 11 nights.  The air tickets and travel insurance have been bought and hotel reservations made.  The hotel and spending money have already been saved.

How do we afford this?  Well, we live to travel and last year, even when we were carrying two homes as our Alberta home had not yet sold we were saving for travel.  Little bits and bobs and sometimes big bits like tax refunds.  I worked an election (15 hours of pure hell) and tucked all the money into the travel fund.  I sold items at a flea market (I enjoyed this!) and $75 went into the fund.  When I started to work my second part-time job (first is with our Company doing the administration) every pay check I would put a little something into the travel fund.  We returned deposit bottles and $30 went into the fund.

This year, I hope to save even more.  Even if you have bills to pay from the past I highly recommend you start tucking away some money for your dream.  It may not be travel but could be buying a big screen TV or antique piece of furniture.  If you don't start saving it will never happen and I don't believe in using credit for dream items.  Start today, even if it means digging the change out from the couch.

Last year I opened a second saving account for this purpose.  In this second account we put the main travel fund, our big bill fund (things like house taxes and car insurance which we contribute something to every month) and our Christmas fund/gift fund.  The money is transferred on payday online into that account and it is simply not touched.  Any money that is found/contributed like change around the house goes into a small pot and is deposited every few months.

This year I also have a sealed pot for weekends away.  My goal is to save a bit of money for a weekend jaunt to the USA or Tofino, or maybe both if enough is saved.  See SFT's Sealed Pot Challenge if you wish to join.  I rolled $17 in change yesterday and that went into our weekends away Sealed Pot.

I know of someone who dreams of doing things but never has the money to do them and then thinks nothing of buying a $10 bag of specialty tea.  She can't see past today in terms of financial goals.  If she tucked that same $10 away into a fund for her dreams, eventually they would take shape.

How do you save for your dreams and what are you saving for?

22 comments:

  1. Great post! We're right now planning to put all of our travel fund for 2014 towards a trip for M to go to Dubai to visit his father. His parents live in Iran, & he is absolutely not going there. Dubai is one of the only countries that allows Iranians & US citizens to visit, so that will be the meeting point. He'll also take our oldest son, as he does better on long trips. His father is ailing, & it's critical that we fund the trip now.

    As a result, all of the more leisurely trips we had planned are on hold, & needed to be funded in a different way (or, just postponed). I'd really still like to do three other trips this year: my annual girls trip, a family trip to visit my parents/sister/nephews, and a weekend away with M. Likely to Napa, since we can drive.

    Those will be my goals for the year. Like you, we'll tuck away small bits here & there, any remaining funds once I get my bonus (primarily to be used for a birthday trip for the kids + my son's soccer league). I also got a very tiny pay raise, so I'll redirect that money. I'm hoping to make money on eBay again to pay for my girls trip.

    Happy Saturday!

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    1. So hard when family is so far away but the trip sounds absolutely necessary. California is such a wonderful place that you should just consider exploring your new home state for a start - Napa sounds fabulous and I have never been. Cheers!

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  2. I pay myself first. A chunk of each paycheque gets automatically deposited into longterm savings. Live on the rest. Stop spending when the money is gone each month. If you don't see it you won't spend it.

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    1. You have done so well with our savings - you are so right. I immediately transfer the funds and then what remains in the chequing account is what I have to spend.

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  3. My only goal for this year is to sell this house. However I would love to go away on vacation in September.

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    1. You never know, both could occur. Selling homes is so stressful you will need the vacation afterwards.

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  4. Yes! I love to travel! I don't have to go far, I just love to GO! I did finally get another passport though. I love your travel fund, I think I'll start one.

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    1. Absolutely but also keep up all the great Florida photos - I love that you explore your home State!

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  5. I always save for travel, no matter what, no matter how. It is my life dream. We went to England and are planning a trip to Amsterdam for a couple of days then on to Ireland for a week or more. How? By making it a monthly allotment in the budget, then by taking a small amount from any bonuses or extra money (think birthdays or refunds). It all adds up over time, so we give ourselves years to save.

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    1. You are so right. Right now I am planning a garage sale for late Spring which will occur after our trip. Any funds from that will go straight back into the budget, even if it means a trip several years down the road.

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  6. We used to have a travel fund. We saved up to go to Florida every year. Well, we moved south and now Florida is within driving distance. We still have to pay for hotel and expenses, but no more airfare, no more airport parking and all that. Just pack and drive!

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    1. You live in such a neat area of the States, I agree, Florida is so large and beautiful and so nice that you can now just drive there!

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  7. I've worked several elections and agree with your assessment. It is nice to have the extra cash but the hourly rate is a joke. Putting something away for weekend breaks is worthwhile. A couple of days away can be very restorative.

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    1. If I was in desperate need of cash I would do the election again, but unless in that circumstance probably will pass next time. It is funny how two days away from home - anywhere - makes your perspective different upon your return.

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  8. We are still saving to go to Paris (2015 or 2016). This year we need to save for an air conditionner, a new mattress, a new bed and new armchairs. Every little bit helps. I opened a new savings account that automatically transfers money from my main account on payday.

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    1. The new account is a great idea. Paris! Still on my list of places yet to travel.

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  9. It's taken me two years to save up the down payment for the house I'm building right now, and then after that ... I need a new goal! I just can't talk myself into putting money into travel, I know travel is fun but...when I have to save for a long time, I like to put it into an investment. I need to force myself to spend on "fun" . sigh then again I'm not really at the stage of life to travel anyway.

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    1. Your new beach house is definitely an awesome goal and I am so happy it is finally happening for you!

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  10. Sadly, I live with someone who doesn't know how to save... although we both know how to dream. However, we retired with decent pensions that at least make it possible for us to go on living. I truly admire your skill (and self-control).

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    1. The pensions sure help, and your store is great (I was admiring the penguin cup!). Definitely tougher when your spouse is not a saver though.

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  11. Good post - good ideas and suggestions.
    I don't 'do' travel, I live in a fantastically beautiful part of the world, and never feel the need to look elsewhere - just days out.
    But I am saving for a big move this year, little bits and bobs here and there certainly mount up
    There's a lot to be said for the old saying 'look after the pennies and the pounds will look after themselves.

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    1. You definitely live in a fabulous spot in the world. Looking forward to hearing of your moving plans. Cheers!

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