Creating a monthly savings plan will help provide a safety net in case of an emergency, become more financially secure, and prevent you from having to ask for a loan for something you could have saved for.
Some important reasons to save include education costs, additional retirement revenue, large purchases, home improvements, unexpected medical expenses, or sudden loss of income.
A good option is to use an automatic transfer of funds into a saving account every month. If you are starting an emergency fund, it is recommended to have 3 to 6 months’ worth of expenses stashed away.
Contact us today to discuss how we can create a savings plan that fits your needs.
How to use the budget calculator
1st method: Enter the amount you want to save (large purchase, loan repayment, savings goal)
- Enter the amount of time in months to achieve the amount to be saved.
- The calculator will determine the amount to save every month.
2nd method: Enter the amount you will be saving every month
- Select an amount of time in months to see how much your savings will accrue.
- The calculator will give you the total saved for the specified period of time.
Choose a Savings Account That is Right for You