309: 9 Things You Should Be Saving For But Probably Aren’t from Be Wealthy & Smart

If you plan to have children, you should start saving for college the day they are born. You have 18 years to compound the money and it’s much easier to save gradually than to try to come up with the money when the kids go to school. Plan for approximately $240,000 per child which is $13,333 per year, about $1,111 per month. If that’s too much, then start with $200 per month and add any raises to the amount.

8) Save for a wedding.

If you have a daughter, you may be footing the entire bill of $50,000+. That’s $200 per month or $2400 per year for 21 years. If they marry later, great! You may get away with just covering the groom’s side like the rehearsal dinner, a tuxedo and you and your husband’s outfits, but likely more than that. Any extra can be redirected to your retirement fund!

9) Save for vacation.

Why not plan to save for your vacation rather than putting it on credit cards, going into debt and then having to pay high interest on it? A vacation savings account makes a lot more sense to me than a veterinarian account!

I will post the article in the show notes and on my website.

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