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!
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.