Savings goal calculator: How much to save to meet your goal
So you want to know how to save money for a specific goal such as redoing your kitchen because it will cost $40,000. The savings goal calculator can help you figure that out.
Move the sliders to set your parameters -- how much you want to save, how many years you have to reach your goal, what your opening balance is, and the interest rate you expect to earn. Then click the "Recalculate" button to see your results.
The savings calculator shows how much money you have to save every month in order to reach your financial goal. It also breaks that amount down into daily and weekly savings targets so you can really focus your action plan.
How to save money faster
Conditions change, so experiment with the savings goal calculator to see how different parameters might affect your results. Resetting your target date, for example, might help you understand when your savings goal becomes feasible for your budget.
Interest rates change too, so come back to use the savings goal calculator monthly to see if a better interest rate is available that could help you reach your goal faster.