Ever wondered how much money you need to save every month to become a millionaire? Or maybe you’ve dreamed of reaching a savings goal in a matter of years? I know I sure have.
To help you count the days before you’re a mega millionaire, I’ve put together the Savings Calculator to get you reaching your money goals sooner. Depending how how much you’ve got saved today, it may be a matter of months or several years before you’ve got enough dough saved to buy a car, buy a home, or even retire! The Savings Calculator is a fun tool that shows you how every dollar saved gets you closer to money saving nirvana.
If you need some ideas to help you get even closer to your savings goals, check out 50 Ways To Save $1,000 a Year. There’s nothing like FIFTY money saving tips that help you to painlessly stash some extra cash without losing a limb or getting a second job.
How to use the Savings Calculator:
Step 1: Open the Savings Calculator.
Step 2: How Much You Have: Enter the amount of money you have saved today.
Step 3: Annual Interest Rate: Enter the average interest rate for growth of your savings. This number is compounded monthly.
Step 4: Savings Goal: Enter your saving goal amount. Go ahead and enter a million bucks! Dream big!
Step 5: Time: Enter the number of years or months you have to save. Play around with this number to find a monthly savings rate that is sane for your lifestyle.
Step 6: Click Calculate. The Savings Report displays below and shows your Needed Monthly Contribution to meet your money savings goal.
Also, find out how many years it will take you to become a millionaire! Just be sure to send me your best when you’re sunbathing in Bora Bora!
Do you have what it takes to become a millionaire? Got any tips to help others stick to their long-term savings goals?