Split of savings - Long, Medium Short Term Goals

Tris1993

Hi everyone,

So we all know how much we are able to save per week/month/year, my question is how do you recommend you then split those savings down into long medium and short term goals???

My personal situation is 24 years old, living on my own with a mortgage on my property. I have already got all necessity's in the house but it is still 'bare' as its my first own home and most the stuff I have isn't by choice but was hand me downs gifted to me to get me on my feet. My property is in good repair and "up to date". After ALL my current annual/monthly/weekly expenses (I mean EVERYTHING, I've even gone as far as budgeting for tyres every 2 years, and putting money aside for services based on my millage ect... and included for a weekly fun budget :money:) I am left with £82 per week I can save.
I just need a bit of help dividing that up appropriately!!!!!

Short Term - I'm classing as mini goals such as buying furniture, decorating, technology purchases, holidays.

Medium Term - Car Purchase, House Alterations (new bathroom or kitchen, carpets, boiler that kind of thing) I expect these kind of goals to be around the 5 year saving bracket, I'm not expecting to do all those things at the same time, and I wont necessarily need to do all those things but just mentioned them to give an indication of possibilities!

Long Term - Rainy day fund really accumulation for my own financial security, after all, if an unexpected event happened (Redundancy, funeral costs or similar) I **could** dip into the Medium Term pot but really, time permitting, I want this fund to take care of those situations. This is something I want to accumulate over 8-10 years.

Would be good for you to either give an opinion of what you would do in my situation and/or share your situation and how you divide up for you own goals ect... :beer:

Thanks in advance I look forward to your responses!