Step 1: Have a goal. Use this calculator to find out how long it will take you to reach your savings goal.
Current Savings Balance
Enter the amount of money currently saved.
Desired Savings Goal
Enter the total amount of money you want to save.
Annual Rate of Return
Enter the annual rate of return you expect to achieve on your savings. This can be the rate you recieve on a savings account or the annual rate of return you achieve through investments.
Federal Tax Rate
Enter your federal tax rate. If you are using a tax free savings instrument, then enter 0%.
State Tax Rate
Enter your state tax rate. If you are using a tax free savings instrument for the state in which you reside, then enter 0%.
Enter the inflation rate you would like to use for this calculation. The historical average is 2-3%.
It will take
0 years to reach your savings goal.
When adjusted for inflation of
0% will be worth
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The Motley Fool's "Saving & Spending Center" provides a crash-course in how to save more money, including budgeting, short-term savings vehicles, saving for college, etc.
About.com's Money In Your 20's section has great articles to get you thinking about ways to save better.
FinancialLiteracyMonth.com's Tools for Success section offers a helpful "Financial Goals Worksheet." Be sure your goal has a specific purpose, a dollar amount that it will cost, and a realistic target date.
At Credit Unions, You Save More Because credit unions are member-owned and member-operated, they pay-it-forward to members in the form of better interest rates and lower fees (instead of sending profits up to shareholders, like at a bank.) Find yours at www.CULookup.com.