How far ahead are you planning?

A few of us at Dozens were in a car together the other day and we were chatting about our hobbies and interests, and it occurred to me that we all have different timelines for our plans. Some are saving for stuff in the next few months, while others are planning years ahead.

Other than maybe for buying a house - a laudable, but definitely long-term ambition - what are you thinking of putting money aside for? How far ahead is that? Do you plan for money you need this summer or Christmas, or do you have an idea that will take you longer to make it a reality, like a wedding, or maybe your dream kitchen?

I’d love to know your plans and how long you think these will take you

Saving for retirement and realise I should have started 30 years ago. All you 20 somethings pay heed, most wont of course :grinning:


I’m saving for retirement and for financial security. I’m lucky to be working in a job that I enjoy but it isn’t one you would find easy to find elsewhere so if for some reason it had to come to an end I want to have money set aside so that I don’t have to rush in to another job and so I can take my time finding a job I like.


I’m the 20 somethings.

I’m saving. I used to overspend when I started uni, but now I changed my spending habit, and have saved up quite a good sum to not worry about most of any kind of things. (savings already reach 5 figures for some time, hopefully in coming ten years can reach 6 figures)

I’m curious about “SAVING FOR RETIREMENT”.
I’m saving and I do think about the future, but what does saving for retirement mean?
Is it a formula, Is it an absolute value?

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Have been lingering on your post since you posted but I don’t know how to answer your question…

I do plan ahead, because I save up, but
I don’t plan ahead because I don’t simply think of a ‘thing’ that is bigger than what I can afford right now.

I guess many people have a holiday pot, so it starts from zero and work till a goal and run it down.
I think, in the way of, keep saving with no specific intention. And then whenever I want a holiday (at most £1k) I can simply run it down on the saving. The savings is big enough to cover most of ‘wish’.

This describes me better. Since I know on average how much is my income, and average how much is outgoings. I know (on average) how much I can save a month. Say if one month I did spend an extra £50-£100, next month I will cut it down, so the average monthly savings can be met.
With this, I know how much my balance is today, and I project into the future. I will use 12 months’ goal to say that is the minimum I need to reach.
Example: today I have 1k, every month I save 100, so exactly in 1 year, I need to see 2.2k in my savings. If coming close to the one year time I am short, I will tighten up a lot. If I run over, say I can now easily reach 2.4k, I will readjust my goal for the same date. So only move the goalpost further instead of closer.

So I have this goalpost, roughly for 1 year date and 2 year date. Any longer time frame becomes very unrealistic.

Hi @Robert :wave:

Been a while since I last dropped onto the forum but thought I’d put my 2p in.

Currently doing this one, and I’ve put around a 5-6year time frame on it - with the income I have projected and what I can save into my LISA I should have about enough by that time to buy something… somewhere…

I graduated around 2 years ago and so am not saving for retirement just yet (although I put some into my work place pension) so that isn’t really a goal at the moment.

For the most part I think about what I’d like to buy and start putting some away for it, whether that’s a payment daily to accrue a kitty in enough time for a holiday or a little every month with the timeline to hit the amount needed just before I need to buy the thing.

But mainly its the saving for house which is where the majority of my savings lies atm :frowning_face:

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At the moment nothing more advanced than about 9 months, I’ve been using IFTTT with monzo and paid the remainder for my summer holiday today…‘trigger saving’ is really great.
However there are a few plans that’s going to require long term saving which we haven’t properly discussed how yet

I’m saving for a nice little holiday chalet by a beach somewhere.

I reckon by next summer I will have it. Especially in the current financial climate, things are reasonably priced, and I can’t see that changing anytime soon.

The value is up to you to decide, based on the income you’d like to maintain after retirement, how much you expect to receive from existing pensions and investments, and how much you’d like to ‘boost’ this amount by saving and investing wisely.

I’m 28 and my retirement planning currently consists of my workplace pension (with employer contributions) and my LISA, which I’ll be contributing to until I’m 50.

I save for short-term goals (to be spent within the year), and invest for longer term goals. My time horizon is 15 years to achieve FIRE and have a custom home built.

Thank you all for contributing to this topic. It is fascinating to see what decisions people take (and when, and why) as these vary so much.

We cover a lot of relevant ground in this series we are publishing jointly with Finimize - and the upcoming chapter is VERY much on topic with this discussion (but has yet to be published) but the other chapters may also be of interest.

This was the second chapter and could be interesting, but you can also link to the other chapters if you are interested:

Do let us know what you think of these guides as useful material for those who need to learn more about the benefits of saving and investing for the future