Savings Goal Calculator

We all need something to look forward to.

Whether it’s your next big vacation, the long-awaited trip to visit your loved ones, or a big screen TV…there are so many things you could be saving money for.

Instead of just keeping the money you put aside for your dream in a jar under your bed, why not make it work for you?

You could be earning more money on top of what you contribute, just for keeping your cash in a savings account.

The interest you earn on this can go from 0.50% all the way up to 2.80%, so choose your savings account wisely.

And for once, compound interest is actually working in your favour. This time, it’s a good thing!

Every payment you make and every time you earn interest, the principal increases. This means a bigger amount of interest is coming your way.

Let’s look at an example.

Say you’re planning your dream trip to Europe. Everything included, you’re staring at an itinerary totalling to about $3,000. Knowing your budget, you have about $200 available for savings, and you found a nice high-interest savings account that will get you 2.30% interest.

It’ll take you a little over a year to save up for your trip – 1 year and 3 months to be exact – but what if you’re able to wiggle $100 more a month? Putting away $300 a month will help you reach that goal in 10 months alone…can you hold out that long?

After all, putting money aside is one of the easiest money saving tips out there.