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Savings Goals Calculator

Savings Calculators | Savings Goals Calculator

(more calculators)

What will it take to help reach your savings goals? This financial calculator helps you find out. Enter in your savings plan and view graphically your financial results. Click the report button to get more information about your plan, and what you can do to make sure that it is on track.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.

Get the Java™ Plug-in!

For more information about this Plug-in please visit: SUN's Java™ Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Savings goal
The amount you wish to have in savings at the end of this savings plan.

Years to save
The number of years you have to save.

Amount currently saved
Total you currently have saved toward this savings goal.

Monthly savings
The amount you will contribute each month to your investments. This calculator also assumes that you make your contribution at the beginning of each month.

Expected Rate of Return
This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments you may wish to enter your after tax rate of return.

The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2007, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.4% per year (source: www.standardandpoors.com). During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank can pay as little as 1% or less.

It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.

Expected Inflation Rate
What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2007. The CPI for 2007 was 2.4%, as reported by the Minneapolis Federal Reserve.

Latest Banking Articles

Banking fees 101
It seems that banks have fees for almost every type of activity. ATM fees, overdraft fees, stop payment fees and early withdrawal fees are a few of many that can catch you unaware. Here are some of the more common fees, what they might cost, and recommendations on how to avoid them. Read more

CD laddering explained
By laddering your certificates of deposit (CDs) you can have a relatively constant flow of money to allow you to take advantage of current interest rates. Find out what CD laddering is, how it works, and ways you can use it to your advantage, even with modest amounts of money. Read more

Health savings accounts (HSAs) explained
Health savings accounts (HSAs), when matched with high deductible health plans (HDHPs), can help you control medical expenses. HSAs can be a wonderful supplement to certain health insurance programs for a few reasons. Read on for tips that should help you understand how to best use HSAs. Read more

Banking fact or fiction, part III
The banking industry seems to spawn more myths and lesser known facts than many others. Knowing the difference will save or make you more money. Here are some things to look for and/or avoid when dealing with a savings account, checking account, money market account, or certificate of deposit. Read more

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Latest Banking Tips

Online banking gaining popularity
A recent study showed an increase in the number of U.S. households that use some form of online banking. Will the trend continue? Read more

Always avoid late payments
It happens to everyone at some point in life. As soon as you know you can't cover all of the bills due, make a priority list. Read more

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Banking FAQs

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Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.

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