Compound Savings Calculator: How Much Should I Save Each Year to Reach My Financial Goals?
Use the financial calculator below to see how much you should save each year in order to reach your financial goals.
For example, if you’re planning to buy a $10,000 car in 5 years, and you think you can achieve a 2% return on your money each year, enter "$10,000" as the Goal Amount, "5" as the Years to Goal, and "2%" as the Annual Rate of Return. If you already have $1,000 saved up, enter "$1,000" as your Current Amount Saved.
| Goal Amount: | ||
| Years to Goal: | ||
| Annual Rate of Return (%): | ||
| Current Amount Saved: | ||
What it Means...
If you start with $1,000 and save an additional $1,709.43 each year while earning 2.00% on your savings, you will have $10,000 after 5 years.
Click here to see how your savings grow each year...
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Cached on May 24, 2013, 2:42 pm