Save For Any Reason

An Easy Way to Save for Any Reason

Having more money is better than having less money. You may be thinking of a vacation, a new car, an addition to your house, your retirement or just the peace of mind that comes with having a larger balance in your savings account. There is no easier way to save than with an automatic savings plan.

How much do you want to save?
The choice is up to you. Here are a couple of charts showing how much you have to save monthly to reach your goals.

Saving for short-term goals - vacation, larger car down payment, or just accumulating more.
Amount you want to save	Monthly savings needed over (assuming an earnings rate of 3%)
Amount you want to save	6 months	12 months	18 months	24 months	30 months	36 months
$5000	$828	$411	$272	$202	$161	$133
$10,000	$1656	$822	$544	$405	$321	$266
$25,000	$4141	$2055	$1360	$1012	$804	$665

Saving for longer-term goals - college for a child, retirement, or just accumulating more.
Amount you want to save	Monthly savings needed over (assuming an earnings rate of 5%)
Amount you want to save	5 years	10 years	15 years	20 years	25 years	30 years
$50,000	$735	$322	$187	$122	$84	$60
$100,000	$1470	$643	$374	$243	$168	$120
$250,000	$3676	$1610	$935	$608	$420	$300

Here is a calculator to help you determine how much you need to save every month to reach your savings goal.

Save for any reason
Amount you want to save	$
Interest rate you expect to earn	%
How many

Monthly savings needed	$

Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.

Start Your Automatic Savings Today
There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, have Forest Bluff Financial Services transfer the amount each month. Here is an Automatic Transfer Authorization form to help you enroll. You can also have your employer deduct the amount each month and deposit into the account of your choice. Here is a Payroll Deduction Direct Deposit form.

If you are not already using direct deposit for your paycheck, here is a Payroll Direct Deposit form to help you get started. You can also call a service representative at 800/723-7237 or email for more information.

Take Control of Your Financial Future

Articles from our library about earning the most on your funds.

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Choosing the right accounts for your cash

Building a ladder of CD maturities

Sooner rather than later

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