Members Federal Credit Union
www.mbrcu.com

How Can I Save For a Big Ticket Item?
Calculator

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%.

ResultsInformationResources

If you invest $0 now and $0 monthly for 0 months at 0%, you will have saved $0.

To achieve a savings of exactly $0, you can do one of the following:

Change amount invested now to: $0
Change monthly savings to: $0
Change months to save to: 0
Achieve a rate of return of: 0%

When adjusted for inflation of 0%, $0 is worth $0 in 0 months.

Members Federal Credit Union

Members Federal Credit Union was chartered in 1968 by the employees of the City of Aurora. Any employee, retired employee or volunteer of the City or relative of an eligible individual may join. Through the years the membership has been expanded to serve other select employee groups who did not have the benefit of credit union services. These groups now include Tri-State G & T, Rural Electric Cooperatives, Medical Center of Aurora, Aurora Mental Health Center, E-470 Highway Authority and Aurora Housing Authority. Contact the credit union for a full list of eligible groups.

6 Abilene St
Aurora, CO 80011

www.mbrcu.com

Resources

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.

FinancialLiteracyMonth.com's Tips & Gadgets | Tools for Success section offers a helpful "Financial Goals Worksheet" and a "Financial Priorities Worksheet." Be sure your goal has a specific purpose, a dollar amount that it will cost, and a realistic target date. And take a look at the big picture to make sure your big ticket item is a priority.

About.com's Money In Your 20's section has great articles to get you thinking about ways to save better.

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.

Send Feedback

Disclaimer

How Can I Save For a Big Ticket Item?Calculator

Your Information

Resources

How Can I Save For a Big Ticket Item?
Calculator