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We all have future expenses that will happen, and some are those that you can save up for. Here are five that you should save for now.

We all have future expenses that come up. Some of them are genuine emergencies, and there is no time to save up for them. It can mean putting the purchases on a credit card, or it can mean taking out a loan. You don’t need to do this for everything, though.

There are ways to save up for things that are to come. In fact, some events are further into the future and you have time to put the money together. Even if you don’t think things will happen, it’s worth saving up.

Here are five expenses that I’d save up for if I were you. Some of them, I wish I saved up sooner for.

For the major emergency

You can’t predict when an emergency is going to happen. Could we have predicted the pandemic happening? While we could look at patterns, it was impossible to predict the effect the pandemic would have, especially with wars in Europe and the Middle East happening shortly afterward. A lot of people suddenly lost their incomes, and having an emergency fund* would have been helpful.

It’s always worth saving up for a major emergency to happen. You have no idea what could happen to your job. Car repairs may be needed, or you may have a sudden medical emergency. You want to make sure you’re covered, even if it’s just to stop half the amount going on a credit card.

Save up for around three to six months of your living expenses. Make this a high-priority saving until you get to that three-month mark at the very least.

Save up future expenses for wedding needs

Something that we often overlook is the wedding. They can cost a ridiculous amount now, and you don’t want to go into debt for this. If you can’t afford to do something big, don’t do it. Either wait to save up, or opt for something smaller.

Saving up is possible. This is like saving up for a downpayment on a house, though! You’ll want to start younger, even if you don’t think you’ll get married.

If you’re not saving for yourself, consider saving for a child’s wedding. This should be separate from their college savings. You don’t need to save the full amount, but enough that will help them. When they’re old enough, they can decide whether they want to use it on a wedding or a house.

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Any major expense you’re considering

Do you want to go on a vacation to Disney with the family? Maybe you’re looking at replacing your car. It’s time to start saving up for those major expenses. It’s best to get the full amount saved before spending so that you’re not going into debt for luxuries.

I’d also add in furniture to this. I have a separate savings account* purely for furniture needs. This could be a new couch, or it could be for shelves or a coffee table. I’ve even used it to save up for kitchen appliances.

Yes, I also save up for tech needs. If I find out there’s a new device that I want, I make sure I set a plan to save for it and then I buy it when I have the money. I never regret a tech purchase then.

Retirement is one of the huge future expenses

One thing I wish I saved up for earlier than I did is my retirement. I should have started at 18, but I kept putting it off, thinking that I had time. Now I’m saving more each month, and it’s not going to be enough to cover everything that I need. It’s just the maximum that I can save at the moment.

So, you’ll want to look at saving up for the future. To do this, you’ll need a rough idea of how much you will need in the future. This involves looking at how much you’ll think you’ll spend on a monthly basis multiplied by the length of time you’ll expect to need that money, which is usually 20 to 30 years depending on when you’ll retire.

The earlier you want to retire, the more money you’ll need to save up. An investment account is good for this type of saving to help you get to a goal faster.

Save up to have children

If you’re still young enough to be thinking of children, start saving up for them. I don’t just mean for their education expenses. I mean think about saving for buying items for a new baby. Save up for any private schooling you want to put them in. Think about saving for clothing, extracurricular activities, and more.

I wish I’d done this before having a baby. This would have allowed me to take some time off after having each baby to recover from that. Instead, I was thrown straight back into work for one of them due to financial needs.

Get yourself in a strong financial position before the baby is here. You’ll be able to enjoy your time.

What if you don’t end up having children? Well, that money is there for someone else. It could be useful for IVF needs if you have to have that. Or you could end up using it for surrogacy or adoption fees if you need it.

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What are you saving up for in the future? Share your thoughts in the comments below.