STEP 3: Choose a financial goal you would like to save for. It can be a short-term goal (1 to 2 years) or a long- his value in step 4. Select from the following: Create an emergency fund of $1,000. Save for a vacation that will cost $2,000. Save to buy a $15,000 vehicle. Save for a down payment of $40,000 to buy a house. Save $50,000 for education for you, a spouse, or a child