Budgeting tips for families

5 savings goals the whole family can get behind

You’ve started (or are starting) a family and are saving for your kids’ education—now what’s next? Here are some ideas to inspire your savings goals. 

5 savings goals:

Family vacations

According to Bankrate, the average American spends $1,979 on a summer vacation—and that number can easily go up if you have a few children. In the same survey, Americans say the top reason they wouldn’t go on vacation is because they can’t afford it.Disclosure 1 But vacations are a way to make memories, recuperate, and see new parts of the country or world together—all things worth saving for. So take some time to price out a trip, and try to add it to your savings plan. 

New wheels

As your family expands, your sedan may not be the most practical ride to lug around strollers, sporting equipment, and your kids’ friend posse. According to Kelley Blue Book, the average cost for a new compact SUV is $26,000, a midsize SUV is $33,000, and the reliable family vehicle of choice, a minivan, is $32,000.Disclosure 2 If saving to buy a car with cash feels out of reach, simply saving for a solid down payment can help keep the cost of an auto loan down. 

Sports, extracurriculars, and camps

Swimming lessons, art class, gymnastics, T-ball, summer camp, piano lessons—it seems there are an infinite number of hobbies your child may want to pursue, and most have a price tag. The cost for activities varies—T-ball may only cost $65, while three months of weekly gymnastics classes could be over $200. A good place to start is to budget $200 per month per child for sports, lessons, camps, etc. 

Home renovations

Whether you need to turn a bedroom into a playroom, add a bathroom, or install a new roof, investing in your home can make it more comfortable and increase your property value—adding a full bathroom can increase the average resale value of a home by 5.7%!Disclosure 3 How much you need to save and where you invest those dollars depends on your home and family, but home renos can be a rewarding investment. 


Life happens: Cars break down, you get an unexpected medical bill, you lose some of your income, or the HVAC suddenly goes on the fritz—but these are all things an emergency fund can cover. A Bankrate survey shows that 41% of Americans would be able to cover a sudden $1,000 expense with cash from savings, but 16% would use credit cards to cover it.Disclosure 4 Ideally, your family’s emergency fund should be easy to access and enough to cover three to six months of living expenses.Disclosure 5

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Savings calculator

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Saving made simple

Work toward your family savings goals with a Truist One Savings account. Whether you’re saving for an epic vacation, a new car with all the bells and whistles, or to build up your emergency fund—we have the tools to help.

Low or no monthly feeDisclosure 1

You’ve got five ways to waive the $5 monthly maintenance fee. 

More savings means more perks

As a companion to any Truist personal checking account—including a Truist One Checking account—the more you save the more you can grow your benefits. Nice. 

It’s so simple to get started

No need to put your goals on hold any longer. You can start saving with a minimum opening deposit of $50.