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Savings Goals Tool
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RSSThe purpose of the Savings Goals tool is to help you determine if your current savings strategies will allow you to meet your savings goals. To use this tool you will need to enter your savings goal, the amount that you already have saved, what your expected rate of return, how many years you have to save, how much money you plan on investing each month and what the expected inflation rate is. This calculator will take all of this information into consideration and produce a chart showing you how your savings will perform.
If your savings plan produces a return that is over your goal amount then this calculator will tell you how much you can reduce your monthly contributions by and still meet your goals. On the other hand, if your current savings plan is inadequate to meet your goals then this tool will show you how much you have to increase your monthly savings by to meet your savings goal.
Savings Goals Tool Overview
If you have a special event that you need to save money for, then you need to establish a savings plan. A savings plan will help you to establish how much money you need to put aside each month in order to meet your savings goal. If you need help determining if your current savings plan will allow you to meet your savings goal then you can use our Savings Goals tool.