"Compounding Interest is the
eighth wonder of the world.."

Albert Einstein

# Reach Your Goals By Saving!

Saving money isn't difficult and the rewards are huge! Committing to saving a certain amount of money from your allowance, job, or gifts is the first step towards a lifetime of financial security. Check out the calculator below and see how you can Reach Your Goals by Saving.

Calculate how much you need to save every month to reach your savings goal!
 How much money total do you want to save? \$ How much do you have saved already? \$ What rate of return can your money earn? See below for examples. % When do you want to reach your savings goal? yrs mths Total amount you need to save each month to reach your goal.You can do it! \$

The rate of return you receive depends on where you save or invest your money and your savings goal. Below are examples of rates of return you could receive from different savings vehicles for different savings goals. These rates of return are estimates. For the current actual rate of return your money can earn, contact the financial institution (Bank, Insurance Company, Mutual fund company, etc) where you plan to save or invest your money. Remember, rates of return are not guaranteed and will go up and down with changes in the stock market, interest rates, etc. Investments with higher rates of return also have higher risk, which means the possibility that you might lose money is higher. These vehicles are most appropriate for longer term savings.

Examples of possible rates of return by vehicle and savings goal
Short Term Savings (saving for something like a bicycle or computer)
At home in a piggy bank - 0%
Savings account at a bank - 3%

Intermediate Term Savings (saving for something like college or vacation)
Fixed Deposit at a bank - 5%
Mutual Fund - 6-8%

Long Term Savings (saving for something like a house or retirement)
Mutual Fund - 8-10%
Stocks - 8-10%
Insurance Plan - 6%

The rates of return used in this worksheet are estimates based on the past performance of the listed savings and investment vehicles. The vehicles listed are intended to serve as examples of the many available savings and investment vehicles and is not meant to be a complete list. We do not guarantee any rate of return listed here nor do we recommend any investment vehicle over another. This worksheet does not account for inflation or taxes.

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