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An Easy Way to Save for Any Reason
Having more money is better than having less money. 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.
How much do you want to save?
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.
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Amount you want to save |
Monthly savings needed over |
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6 months |
12 months |
18 months |
24 months |
30 months |
36 months |
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$2,500 |
$414 |
$205 |
$136 |
$101 |
$80 |
$66 |
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$5,000 |
$828 |
$411 |
$272 |
$202 |
$161 |
$133 |
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$7,500 |
$1,242 |
$616 |
$408 |
$304 |
$241 |
$199 |
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$10,000 |
$1,656 |
$822 |
$544 |
$405 |
$321 |
$266 |
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$25,000 |
$4,141 |
$2,055 |
$1,360 |
$1,012 |
$804 |
$665 |
(Assumes an earning rate of 3%.)
Saving for longer-term goals – college for a child, retirement, or just accumulating more.
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Amount you want to save |
Monthly savings needed over |
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5 years |
10 years |
15 years |
20 years |
25 years |
30 years |
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$50,000 |
$735 |
$322 |
$187 |
$122 |
$84 |
$60 |
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$100,000 |
$1,470 |
$643 |
$374 |
$243 |
$168 |
$120 |
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$250,000 |
$3,676 |
$1,610 |
$935 |
$608 |
$420 |
$300 |
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$500,000 |
$7,352 |
$3,220 |
$1,871 |
$1,216 |
$840 |
$601 |
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$1,000,000 |
$14,705 |
$6,440 |
$3,741 |
$2,433 |
$1,679 |
$1,202 |
(Assumes an earnings rate of 5%.)
Start Your Automatic Savings
Today
There is no easier way to save than with an automatic savings plan. If you are
already using direct deposit for your paycheck, have your financial institution
transfer the amount each month. Here is an Automatic Transfer Authorization form
to help you enroll. You can also have your employer deduct the amount each month
and deposit into the account of your choice. Here is a Payroll Deduction Direct
Deposit form.
If you are not already using direct deposit for your paycheck, here is a Payroll Direct Deposit form to help you get started.
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