You may be thinking of a vacation, a new car, an addition to your house, your retirement or just the peace of mind that comes with having a larger balance in your savings account. There is no easier way to save than with an automatic savings plan.
The choice is up to you. Here are a couple of charts showing how much you have to save monthly to reach your goals.
Saving for short-term goals – vacation, larger car down payment, or just accumulating more.
| Amount you want to save | Monthly savings needed over | |||||
| 6 months | 12 months | 18 months | 24 months | 30 months | 36 months | |
| $2,500 | $414 | $205 | $136 | $101 | $80 | $66 |
| $5,000 | $828 | $411 | $272 | $202 | $161 | $133 |
| $7,500 | $1,242 | $616 | $408 | $304 | $241 | $199 |
| $10,000 | $1,656 | $822 | $544 | $405 | $321 | $266 |
| $25,000 | $4,141 | $2,055 | $1,360 | $1,012 | $804 | $665 |
(Assumes an earning rate of 3%.)
This is a hypothetical example and is not representative of any specific security. Actual results will vary.
Saving for longer-term goals – college for a child, retirement, or just accumulating more.
| Amount you want to save | Monthly savings needed over | |||||
| 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
| $50,000 | $735 | $322 | $187 | $122 | $84 | $60 |
| $100,000 | $1,470 | $643 | $374 | $243 | $168 | $120 |
| $250,000 | $3,676 | $1,610 | $935 | $608 | $420 | $300 |
| $500,000 | $7,352 | $3,220 | $1,871 | $1,216 | $840 | $601 |
| $1,000,000 | $14,705 | $6,440 | $3,741 | $2,433 | $1,679 | $1,202 |
(Assumes an earnings rate of 5%.)
This is a hypothetical example and is not representative of any specific security. Actual results will vary.