Use the Atomic Home Loans saving calculator to work out how long it will take to reach your savings goals and also help you work out the steps you need to take to put your plan into action.
Setting a savings goal for yourself is exciting. Your goal could be as simple as putting some money aside for emergencies or you may want to save for a home deposit, car, holiday or a wedding.
Whatever your goal, once you start a regular savings plan you may surprise yourself with how much you can achieve once you put your mind to it.
When you set yourself a savings goal it’s important to get a savings plan together so you can make your dream a reality. After all, a goal without a plan is just a wish.
Here are some techniques used by successful savers:
This Saving calculator is very simple to use. Firstly, start by inputting your initial amount. This is the amount of savings you have to start with right now. If you don’t have any savings, simply enter zero.
Secondly, input what your regular deposit amount will be and the frequency. You need to ensure this is realistic, won’t put in any sort of hardship, but it also won’t deflate your motivation. It needs to be very achievable every single week, fortnight or month.
Thirdly, input the interest rate you will receive from your lender, and finally, input the saving term. In other words, how long you will be saving for.
The results will show you, based on the scenario provided, exactly how much you will have saved by the end of term. It will also advise you of how much you’ve contributed directly and how much you’ve earned in interest.
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