6 Goals to Inspire You to Save

At the start of each new year, one of the most popular resolutions is to save money. But what should you save for?

Sometimes all you need is a little inspiration to help you imagine what your savings can do for you. The ideas below can get your creative and financial gears turning to help you set your own savings goals and save for each with gusto.

Your Dream Vacation

Maybe it's a big family reunion in a faraway country or a cross-country trek through the national parks. A little web searching can help you establish a total budget for your trip. Don't forget to include expenses like gas, airfare, food, and other in-trip spending when you budget. A cash cushion can also help you take advantage of discounted airfares and hotel rates when they come up without racking up credit card debt.

A New Pet

If you envision a furry friend in your future, some savings can help cushion the impact a new pet will have on your finances. The average annual cost ownership for a dog can range anywhere between $1,000 to $5,2251 and between $500 and $1,000 for a cat,4 so make sure you establish a savings goal that goes beyond just the adoption fees. It's imperative to work the cost of pet care into your monthly budget.

Upgrading Your Phone

There's always a new bell or whistle in the world of phones. Creating a savings fund to upgrade yours can open up several options. First, you could pay cash to avoid lengthy contracts and move easily from carrier to carrier. Next, you can take advantage of sales on major sale days and save even more. To help set a goal, keep this in mind: In 2023, the typical cellphone plan cost an average of $144 per month. The global average smartphone price stood at $286 in 2024, and premium smartphone models can cost $1,000 or more.2

A House Down Payment

It's never too early to start saving for a house down payment. To help create a savings goal, aim for 10% the amount you intend to spend on a home purchase. That's the minimum down payment most banks will accept for a conventional mortgages.

If you qualify, there are other mortgage programs — such as USDA, FHA, and VA loans — which offer lower down payment options (anywhere from 0% to 5%). But even with a lower down payment you'll still need savings to cover closing costs. The exact amount of closing costs will depend on the purchase price of your home, the type of mortgage you get and where you buy your home.

Do a little research in your housing market, and then set up a recurring deposit to your savings account to keep you moving toward your dreams of home.

Padding Your Emergency Fund

Whether you already have one in place or want to start an emergency fund, there's no such thing as too small an amount to seed your goals. To set your first goal, most experts recommend three to six months of expenses3 as a starting point. From there, carve out a bit each payday to get you on your way. Just think of what your emergency fund will look like a year from now and rest easy knowing you'll have the cash on hand if the unthinkable happens.

Home Decor Makeover

It doesn't have to cost a lot to give your favorite room a makeover. Whatever room you want to spruce-up, make a list of your dream upgrades like throw pillows, shower curtains, or even a fun chair, and then set a savings goal so you can indulge in a shopping spree without the buyer's remorse.

Now you've got some inspiration to help you set savings goals unique to you. There's no goal too small or big; all it takes is a dream to motivate your first step toward saving.