Having
more money is better than having less money. You may be thinking
of a vacation, a new car, an addition to your house, your
retirement or just the peace of mind that comes with having
a larger balance in your savings account. There is no easier
way to save than with an automatic savings plan.
How
much do you want to save?
The choice is up to you. Here are a couple of charts showing
how much you have to save monthly to reach your goals.
Saving
for short-term goals - vacation, larger car down payment,
or just accumulating more. |
| Amount
you want to save |
Monthly
savings needed over (assuming an
earnings rate of 3%) |
| 6
months |
12
months |
18
months |
24
months |
30
months |
36
months |
| $5000 |
$828 |
$411 |
$272 |
$202 |
$161 |
$133 |
| $10,000 |
$1656 |
$822 |
$544 |
$405 |
$321 |
$266 |
| $25,000 |
$4141 |
$2055 |
$1360 |
$1012 |
$804 |
$665 |
Saving
for longer-term goals - college for a child, retirement,
or just accumulating more. |
| Amount
you want to save |
Monthly
savings needed over (assuming an
earnings rate of 5%) |
| 5
years |
10
years |
15
years |
20
years |
25
years |
30
years |
| $50,000 |
$735 |
$322 |
$187 |
$122 |
$84 |
$60 |
| $100,000 |
$1470 |
$643 |
$374 |
$243 |
$168 |
$120 |
| $250,000 |
$3676 |
$1610 |
$935 |
$608 |
$420 |
$300 |
Here is
a calculator to help you determine how much you need to save
every month to reach your savings goal.
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