Long Term Savings Goals

My long term and short term savings goals fit in with my life goals because I want to be able to have a career that is both rewarding personally and allows me to make enough money to pursue the things that I like to do. I like go on vacations and have fun with friends and family and plan to live in an area that is in another state from the one I live in now. To have these things in the future it is a good idea to start planning to set aside money to help accomplish these objectives. My long-term savings goals are to go to college, buy a house, move to another state, travel, and purchase a new car. I estimate that I will need to save at least thirty thousand dollars over the next ten years to accomplish these goals. I arrived at this number because I estimated that I would need $15,000 for a down payment on a house, $8000 for college, $1000 for moving expenses, $2000 for travelling, and another $4000 for a down payment on a new car. To save this money I will need to start saving around $250 each month and begin investing.

I will need to $4800 to cover the costs of these items. To be able to make these purchases within the next 12 months I will need to save $605 for the next two months and then only $505 for the following month. I will have enough money after two months to purchase my new clothes and after three months I will be able to purchase my kayak. I will then need to continue to save $430 for the next five months and at that time I will be able to go on vacation to Georgia and sightsee in