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.
Amount You Want to Save
Enter the cost of your big ticket item.
Amount to Invest Now
Enter the amount of money you currently have to invest or have already saved.
Enter the amount of money you can save each month to meet your goal.
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.
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%.
If you invest
$0 now and
$0 monthly for
0 months at
0%, you will have saved
To achieve a savings of exactly
$0, you can do one of the following:
When adjusted for inflation of
$0 is 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.
FinancialLiteracyMonth.com's 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.