Department of Labor Federal Credit Union

How Can I Save For a Big Ticket Item?

Are you saving for a big ticket item? A car? A boat? A motorcycle? Use this calculator to figure out how long it will take you.

Your Information

Amount You Want to Save:
Amount to Invest Now:
Amount You Can Save Monthly:
Months to Save:
Annual Savings Rate:
Your Federal Tax Rate:
Your State Tax Rate:
Estimated Inflation Rate:

Amount You Want to Save

Enter the cost of your big ticket item.

Months to save

Enter the total number of months you plan to save. If your target is one and half years from now, enter 18 months.

Amount to Invest Now

Enter the amount of money you currently have to invest or have already saved.

Monthly Savings

Enter the amount of money you can save each month to meet your goal.

Annual Savings Rate

Enter the average annual savings rate (or interest rate) for the account in which your college savings are kept.

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%.

Inflation Rate

Enter the expected inflation rate for the period in question. The historical average is about 3%.

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