Save for Any Reason

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.
Amount you want to save
Monthly savings needed over (assuming an earnings rate of 3%)
6 months 12 months 18 months 24 months 30 months 36 months
$5000 $828 $411 $272 $202 $161 $133
$10,000 $1656 $822 $544 $405 $321 $266
$25,000 $4141 $2055 $1360 $1012 $804 $665

Saving for longer-term goals - college for a child, retirement, or just accumulating more.
Amount you want to save
Monthly savings needed over (assuming an earnings rate of 5%)
5 years 10 years 15 years 20 years 25 years 30 years
$50,000 $735 $322 $187 $122 $84 $60
$100,000 $1470 $643 $374 $243 $168 $120
$250,000 $3676 $1610 $935 $608 $420 $300

Here is a calculator to help you determine how much you need to save every month to reach your savings goal.

Save for any reason
Amount you want to save $
Interest rate you expect to earn %
How many
Monthly savings needed $

Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.

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. You can also have your employer deduct the amount each month and deposit into the account of your choice with a payroll deduction program. Ask your employer for the form to start now.