As one of our Adviser Intel contributors, Anthony Martin, says: “With savings, it’s not the amount that matters the most, but the consistency.” In his article on how to save for big goals, he goes on to explain that, “If you save $5 every month from the age of 10, you will have saved $1,200 by the time you’re 30.” Getting into the regular savings habit, even if it’s a small amount each month, can add up significantly over time.
If you want to know how much you need to save each month to reach your financial goal, use our simple calculator that helps you create a realistic monthly savings plan to reach your target goal.
Work through each section, factoring in your current savings, your target timeline and the interest rate you expect to achieve.
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Return and repeat this exercise as much as you need to track your savings goals.
