It’s easy to get so wrapped up in preparing for retirement that we overlook other important financial objectives.

Once we graduate and secure our first job, the push to consider retirement savings begins. Even before starting our careers, we’re encouraged to inquire about benefits, like whether our employer offers a 401(k) to help build our retirement fund. While this is vital, it’s also essential to consider other aspirations that may surface in our 30s, 40s, or 50s.

After establishing our 401(k), it’s time to think about how to save for various goals. As a financial planner, Lauren Anastasio emphasizes that life events such as purchasing a home, launching a business, starting a family, or enjoying dream vacations demand attention. “Creating strategies for these goals can help turn them into reality,” she states. “A solid plan keeps you focused on achieving them within your timeline.”

Here are some recommended saving strategies for significant life goals that require financial investment.

Your Dream Home

Whether it’s a cozy mountain cabin or a chic city apartment, securing your dream home necessitates a substantial down payment. Wealth advisor Gina Grippo-Martinez suggests aiming for 10% to 20% of the purchase price.

The key is to clarify your available cash flow and prioritize your spending. This may involve cutting back on daily luxuries like coffee runs or dining out, as well as limiting larger expenses like luxury items. Grippo-Martinez asks, “Is the desire for these luxuries greater than the joy of owning your dream home?”

“Once you determine your disposable income, allocate 10% as a monthly allowance and invest the rest,” she advises. “Start aggressively with your savings. If necessary, you can adjust your allowance later.”

Starting a Business

Whether you want to elevate your side hustle to a full-time venture or launch a new café, starting a business can be pricey. Certified financial planner Stephen Kates emphasizes the importance of preparing for initial costs and unexpected expenses. “Begin saving as early as possible, diverting excess funds into a dedicated business account while curbing unnecessary expenses,” he recommends.

Additionally, Kates suggests exploring resources and grants available through small business organizations. The Small Business Administration offers numerous tools for aspiring entrepreneurs.

Investing in Cosmetic Procedures

Even with comprehensive health insurance, cosmetic procedures often require out-of-pocket spending, as they are not considered medically necessary. These costs can add up quickly. Grippo-Martinez recommends considering a Health Savings Account (HSA) for such expenses.

“HSAs provide tax-free contributions and interest if used for qualified expenses,” she explains. “Even if a procedure isn’t covered, HSA funds can typically be used for related prescriptions, like pain relief or antibiotics.” Plus, any unused funds can roll over into the next year’s account.

Acquiring a Second Home or Rental Property

While many aspire to own a primary residence, others dream of a vacation home or rental property. Financial advocate Nicole Kubin suggests prioritizing debt repayment, including credit cards and student loans, to improve your credit score. A solid credit history is key to securing a mortgage.

Calculating potential savings on lodging by owning a home in frequently visited areas can also motivate you to save. Kates recommends using vacation funds for a down payment and seeking favorable financing options. “For second homes, consider a home equity loan to access additional cash, especially with current low mortgage rates,” he adds. “Plan for monthly payments in your savings strategy to ensure they fit your budget.”

Your Dream Vacation

Picture a month in stunning Spain or a summer exploring Southeast Asia with your family. Once travel is safe again, you might want to finally take that dream trip, but you’ll need to save to make it happen.

Luxury experiences don’t have to break the bank. Ksenia Yudina, a Chartered Financial Analyst and CEO of UNest, suggests taking advantage of deals. “Book inexpensive flights as soon as you find them. If you come across a fantastic hotel offer, reserve it. You’ve committed to the trip, so don’t hesitate,” she advises.

Saving Locations for Your Goals

Where you save depends on when you’ll need the funds. Here’s a quick guide:

Mid-term Savings: These are funds set aside for purchases expected within one to two years. For this, a checking account isn’t necessary, and you can opt for higher interest rates by using a high-yield savings account. Plenty of options are available—just search for the best rates.

Long-term Savings: If you won’t need the money for three years or more, you can afford to let it grow. This allows for potentially higher interest earnings. Consider keeping these savings in a money market account, a CD, or an investment account.