How Much Do You Need To Save a Month To Get $10,000? – Technologist

Do you have a goal of saving $10,000? If so, you’re in the right place. We can help you achieve $10,000 in savings and map out a plan to get there with our savings goal calculator.

Maybe you’re saving for a down payment on a car, a dream vacation or simply to build up three to six months of emergency savings. Whatever the case, you either have a financial goal or you want to make one.

This savings goal calculator can help you develop a realistic savings goal. Just enter your goal amount, current savings, estimated rate of return and how long you plan to save, and this calculator will do the math for you. Let’s look at an example.

How Much You Need To Save Per Month To Put Away $10,000

document.addEventListener(‘DOMContentLoaded’, function () {

calculate_time_to_goal();

var loanForm = document.getElementById(‘clark_stg_form’);
var inputs = loanForm.querySelectorAll(‘input, select’);

inputs.forEach(function (input) {
input.addEventListener(‘keyup’, calculate_time_to_goal);
input.addEventListener(‘change’, calculate_time_to_goal);
});

var amortSchedule = document.getElementById(‘clark_stg_monthlyBreakdownTable’);
document.getElementById(‘clark_stg_amort-link-1’).addEventListener(‘click’, function () {

if (amortSchedule.style.display === ‘none’) {
amortSchedule.style.display = ‘block’;
}
// else {
// amortSchedule.style.display = ‘none’;
// }
});

});

function calculate_time_to_goal(selectedFieldEvent) {

clark_calc_init_amount_field(selectedFieldEvent);

const savingsGoal = clark_calc_convertToNumber(document.getElementById(‘clark_stg_savingsGoal’).value);
const currentSavings = clark_calc_convertToNumber(document.getElementById(‘clark_stg_currentSavings’).value);
let rateOfReturn = parseFloat(document.getElementById(‘clark_stg_rateOfReturn’).value) / 100; // Annual rate
let additionalSavings = clark_calc_convertToNumber(document.getElementById(‘clark_stg_additionalSavings’).value);
const savingsFrequency = document.getElementById(‘clark_stg_savingsFrequency’).value;

document.getElementById(‘clark_stg_out_savingsGoal’).textContent = clarkCalculators_formatMoneyWhole(savingsGoal);
document.getElementById(‘clark_stg_out_currentSavings’).textContent = clarkCalculators_formatMoneyWhole(currentSavings);

// Convert annual rate of return to monthly
const monthlyRate = rateOfReturn / 12;

if (savingsFrequency === ‘years’) {
additionalSavings /= 12;
}

let totalSavings = currentSavings;
let totalContributed = 0;
let totalMonths = 0;

let loopCount = 0;

while (totalSavings 3000) {

document.getElementById(‘clark_stg_yearsNeeded’).textContent=”Invalid Input”;
document.getElementById(‘clark_stg_monthsNeeded’).textContent=”Invalid Input”;
document.getElementById(‘clark_stg_totalSaved’).textContent=”Invalid Input”;
document.getElementById(‘clark_stg_totalGrowth’).textContent=”Invalid Input”;

return;
}
}

const yearsNeeded = totalMonths / 12;
const preciseYearsNeeded = (Math.floor(yearsNeeded) + ((totalMonths % 12) / 12)).toFixed(2);

const totalGrowth = totalSavings – totalContributed – currentSavings;

if (preciseYearsNeeded {
const headerCell = document.createElement(‘th’);
headerCell.textContent = headerText;
headerRow.appendChild(headerCell);
});

let cumulativeGrowth = 0;
let savingsBalance = currentSavings;
let totalContributions = currentSavings;

// Loop to create a row for each month
for (let month = 1; month <= totalMonths; month++) {
const row = table.insertRow();

let previousBalance = savingsBalance;
savingsBalance += additionalSavings; // Monthly contribution
savingsBalance *= (1 + monthlyRate); // Apply monthly interest
totalContributions += additionalSavings;
cumulativeGrowth = savingsBalance – totalContributions;

// Create cells for each column
const monthCell = row.insertCell();
monthCell.textContent = 'After Month ' + month;

const contributionsCell = row.insertCell();
contributionsCell.textContent = clarkCalculators_formatMoney(totalContributions);

const growthCell = row.insertCell();
growthCell.textContent = clarkCalculators_formatMoney(cumulativeGrowth);

const balanceCell = row.insertCell();
balanceCell.textContent = clarkCalculators_formatMoney(savingsBalance);
}

// Append the table to the container
tableContainer.appendChild(table);

}

Note: This calculator is completely interactive! Enter your numbers to see how much in monthly savings it will take to reach your savings goals.

As you can see in the example, it would take you 20 months to save $10,000 if you are saving $500 a month, assuming a 5% APY.

Keep in mind that these variables are meant as placeholders. The goal is for you to use the savings goal calculator yourself. Play around with the amount of time, the amount of money you’ve already saved and your own goal amount. That way you get a realistic picture of your savings habits vs. your goals.

Want to leave your money in savings for years? The best high-yield savings accounts are almost all below 5% APY now. As are the best rates on CDs. And barring a change in the current trajectory, it would be surprising to achieve an overall return of 5% per year for the next, say, five years through savings and CDs.

Want to invest in a broad-market index fund? Your return may be better than 5%.

Each variable will make a significant difference in your savings. So feel free to experiment based on the details you know about your own choices and what you think may happen with the economy.

Final Thoughts

It’s a great idea to save $10,000. It’s also obtainable for almost everyone — even if it takes time.

Depending on your monthly expenses, that’s at least the start of an emergency fund.

Use our savings goal calculator for yourself to figure out how long it will take you to save $10,000.

The post How Much Do You Need To Save a Month To Get $10,000? appeared first on Clark Howard.