Tips for hitting a savings goal
Set the deposit to happen automatically right after payday, so it's gone before you can spend it. A high-yield savings account helps a little, but the deposit amount matters far more than the interest rate for short goals.
Common goals: a starter emergency fund of $1,000, then 3 to 6 months of expenses, a car down payment, or a holiday fund. Interest here compounds monthly from the APY you enter and is an estimate.
Questions
Does it include interest?
Yes, if you enter an APY. Interest is compounded monthly. Leave it at 0 for a simple estimate.
How much should I save each month?
Use the deadline box: enter your goal and months, and it shows the monthly deposit needed.
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