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