Savings Goal Calculators
Disclaimer: Whilst every effort has been made in building these savings goal calculators, we are not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of them. Full disclaimer. These tools are here purely as a service to you, please use them at your own risk.
How long will it take to save?
Whether you're waiting to buy a new car, saving for your dream holiday or raising a deposit for a new house it can be tricky to work out how much to save and how long it might take you to reach the amount you need. By using the first calculator above as a guide, you should be able to work out the length of time you might have to wait in order to hit your target figure. And by playing around with increasing your deposit figure, you can see how much quicker you can then reach your goal.
Once you know how long it might take you to save for your goal, you can work out some strategies to help you save the additional money each month to achieve it.
How much to save each month
Financial advisors commonly recommend setting aside 20% of your after-tax income every month for savings, with 50% of your income reserved for essentials such as rent and food and 30% for discretionary spending (vacations or luxury items). This is commonly called the 50-30-20 budgeting method. However, it may be that you're looking to hit a certain savings target in order to invest in something big. In this case, you may need to temporarily adopt a different saving policy and set aside a little more money each month. Use our calculator, above, to work out how much to save each month.
As alternatives, if you want to work out how much interest you can earn on a lump sum, give the compound interest calculator or simple savings calculator a try.
If you have any problems using my savings goal calculators, please contact me.
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