Setting financial goals is one of the best ways you can grow financially. It’s one thing to set a financial goal, but it’s also another to figure out how much and how long it will take to reach that goal. That’s when a Savings Goal Calculator will become very helpful.
How to use the Savings Goal Calculator
This tool is used to estimate just how much you need to set aside each month to reach your savings goal. Let’s say you’re saving up to buy a new fridge, new couch, or even saving up for a trip, this calculator will work for all those scenarios.
- Savings goal: Enter how much you want to save up. Depending on what you are saving for, it can be all the way from $100 to tens of thousands of dollars! No goal is too big or too small
- Current savings: How much have you already saved towards this goal? If you haven’t started, you can leave it at $0.
- Due date: When do you want to reach your savings goal (in months)? The shorter the period, the more you need to put aside every month.
Once all your info has been entered, the calculator will automatically calculate how much you need to save every month in order to reach your goal.
Need help to save?
Fear not! There are so many apps out there that help when it comes to saving and reaching your target. Depending on your savings goal, it’s much easier to save when you don’t have to think about it. You set up some kind of automated deposit high yield savings accounts or index funds. I have a couple of apps that I would definitely recommend.
First off, check out Acorns. This handy little app helps you kick-start your savings, especially if you’re a beginner. It rounds up all your purchases to the nearest dollar and invests it for you. All you have to do is set it up and let it do the rest. If this is your first time saving or investing, then this is definitely the app for you. Check it out here.
If you are a little more experienced when it comes to saving and investing, then consider looking into using Robinhood. This investing app allows you to invest in safe index funds and set up automated deposits. You can set a schedule like every week, every other week, or every month. The schedule is completely up to you. Oh, and did I mention if you sign up you also get a free stock worth up to you $230? And it’s completely free! Check it out here.
Things to remember
When setting a savings goal, it’s important to always set a budget, so that you have enough money left over to save towards it. Without a budget, setting aside money for your goal might take away money from somewhere else, so make sure you have one.
Another important thing is to not set your goal too short. Giving yourself enough time to save will make it more achievable, and not stress-inducing! Slow and steady wins the race 🙂
Remember, no goal is too small or too big. All you need to do is add it to your budget, and make sure you remain consistent and you can do it!
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