8 Savings Goals for Newlyweds Who Want to Double Their Money

Saving your money is the key to growing financially. Saving helps you grow because it stops you from falling into debt and also frees up money that can propel you forward (e.g. investing). And, when it comes to saving, there’s no better time to start than when things are fresh and new as newlyweds.
 
As important as saving is, most couples just simply don’t do it. The truth is, without the encouragement and focus to stay motivated; giving up on your savings goals can become way too easy. So, how do newlyweds overcome this financial hurdle?
 
Here’s a little secret to success: couples that are specific with their savings goals have a higher chance of actually achieving them. Tell me this: would you be more motivated to save just to see the numbers in your account climb higher, or to be able to take that trip to Hawaii happening next spring? Being able to see the benefit of you saving can help you say “no” to some of the right-now purchases so that you can say “yes” to the larger reward that you’re saving for. In order to be motivated to reach your goal, the goal must be clearly defined and a goal you are actually motivated to achieve.
 
 
 
So, here are 8 really good and (really specific!) savings goals for newlyweds who want to rock their money, meet their goals, and start off strong!
 
#1 Emergency Stash
Probably the most important of them all: the emergency fund. Nothing sets you back more quickly than a very large surprise-expense. You can’t predict every cost that will pop up, but you can set aside a generic amount to protect your budget, off-set the unexpected cost, and make sure you don’t have to dip into your funds for other things, such as that trip to Hawaii!
Generally, most couples try to save at least 3-6 months of their living expenses; some do more and some do less, but general you want to keep a base of at least $1,000-$2,000. The amount should be based upon your specific situation and what works for your family.
 
 
#2 Credit Card Debt
Was your wedding over budget? Are you still paying on those spending sprees from college? Credit card balances have a bad habit of lingering. But, paying them off can free up money for some of the more fun savings goals that are important for your future. And, when you pay them off, you aren’t throwing away money towards interest rates.
Hint: paying more than your minimum payment will help you quickly pay off this debt (but you have stop using the card first).
 
 
#3 Student Loan Debt
I’m not just calling this out because I’m paying off $180,000 in 3 years . I truly believe that all debt should be paid off because we have so much more that we can do with our money. I mean, I thought of 8 things just for this post! I also believe that no matter how high your debt, when you can commit to paying more than your minimum payment consistently, you can do some serious damage to your student loans.
 
 
#4 Getaways / Family Trips
One mistake many couples make is being all work and no play. We have to start to making time and setting aside money for fun. We need those trips to revitalize us!  So, make sure you start planning for these trips now so you can make them happen. It may be expensive to travel, but if you plan a year or even two years out, you can go anywhere. Plus, planning them together is a lot of fun!
Also, it’s really easy to price -out a trip beforehand, even if it’s just an estimate. And, if you work with a free travel agent, it’s even easier. You can check out how we went to Costa Rica on a budget here.
 
 
#5 Baby Fund
We don’t have kids yet, but we want to be as prepared as possible when we’re ready for them. I know, I know, you can never be fully ready for kids, but that doesn’t mean we can’t try our best to be prepared as much as possible ahead of time!
There are so many mommy bloggers who have spoken in detail about their expenses, along with other great resources and mommy-tips. This article seems to list every possible thing you can buy for baby. It’s a great resource to pick and choose what you’ll need, and get a good sense of cost.
My philosophy is to always pick a goal that works for your situation. If you’re not yet pregnant and have a year or two to save, you may want to shoot for the higher amount. If you’re 4 months away from baby arriving, put away what you can. Any amount you save will be more than if you saved nothing at all!
 
 
#6 New Car/House
I’m about that cash life. So, when hubby and I buy a car within the next year or so, we plan to buy with cash. I can’t pay off this student loan debt only to go back into debt for a car. I believe if you plan for any purchase early enough, you can save for it. If you know you’ll need a car within the next 1-2 years, don’t let anything stop you from prioritizing this as a savings goal. If a house is in your future, don’t just bank on getting the largest home loan (sorry, pun intended).
Save for the entire purchase (yes, that includes a house!), or save as much as you can to reduce the amount you have to borrow. It all depends on how long you’re able to save, and how consistent you are with putting money away.
 
 
#7 Kid’s college fund
If baby is already here and you want him or her to go to college without the massive student loans, one way is to start saving for their education now.
There are savings/investment plans that I recommend you discuss with a certified Financial Professional (e.g. the 529 College Savings Plan is extremely popular…you can read more on it here).
 
 
#8 Early retirement
Most people don’t want to work forever, but few put extra money toward early retirement (or even regular retirement). I want to work as few years as possible, or at least have the freedom to quit and travel the world. Yep, I’m talking the type of financial freedom where you can never work another day in your life because your money makes money (in interest).
Investing is really the only way to get here. If you invest a certain amount over the course of 20-30 years, you can have a serious nest egg depending on how the market performs. Again, I recommend you speak with a trusted Certified Financial Planner for your options, your risk, and what it will take to reach your goals.
 
 
 
At the end of the day, you can’t go wrong with any of the above savings goals.  But, it can be overwhelming if you try to tackle them all at once. I like to use the simple rule of 1-3 money goals at a time.  Depending on the amount, you may just want to go hard on one. Focusing your money on fewer goals helps you see greater progress; and this is important for building momentum and keeping at it. Most importantly, get started! If you don’t ever start saving, you can’t ever reap the benefits of saving!
 
So, what savings goal/s is your household focusing on?