Savings Goal Calculator
Looking to reach a savings goal and wondering how soon you’ll be able to reach it? Try our calculator – it could help you figure out how quickly you’ll be able to reach your goal with a Marcus Online Savings Account based on how much you’ll be able to set aside on a regular basis.
Calculation is based on the inputted cost of your item, the amount and frequency of your recurring deposit and the Annual Percentage Yield (APY) on the Marcus Online Savings Account as of April 19, 2024. Calculation assumes that principal and interest remain on deposit and are rounded to the nearest dollar and that there are no additional deposits or withdrawals. This calculator is for illustrative purposes only and it’s accuracy cannot be guaranteed. The APY for the Marcus Online Savings Account may change at any time.
How to use the Savings Goal Calculator
The savings goal calculator is pretty simple, but we’ll walk you through each step for how to use it. There are a few things you’ll need to think about – what your goal is, how much it’s going to cost, how much you can contribute on a regular basis – and our savings goal calculator will tell you how long it could take to for you to reach your goal. Here’s how it works:
- Pick your goal. Are you saving for a car? A trip? Or simply looking for more money in your rainy day fund? Use the drop down to select the goal that most closely matches what you’re saving for.
- Enter how much you need to save. How much does what you’re saving for cost? Enter this amount into the calculator.
- Enter how much you can save on a regular basis and how often. This can be weekly, bi-weekly or monthly. Enter the amount you can contribute regularly and use the the drop-down to choose a savings schedule.
- Click ‘Let’s do the math’
- Get your result! If you’d like to reach your goal a little more quickly, try increasing either the frequency of your contributions, or increasing the dollar amount you can contribute.
What to use the Savings Goal Calculator for
One thing we really like about the savings calculator is that if can help make a big goal – like saving up for a car – into an approachable one by breaking a large sum down into smaller ones. And, it helps you see how tweaking variables like the impact changing the size of your deposit could have on your timeline. This sort of action plan in place can work for just about any goal. Because it calculates the interest you could earn with our Online Savings Account it’s also a nice reminder that your money is at work.
Learn more about High-Yield Saving Accounts.
Understanding the Savings Goal Calculator
The savings goal calculator is pretty simple, but we’ll walk you through each step for how to use it. There are a few things you’ll need to think about – what your goal is, how much it’s going to cost, how much you can contribute on a regular basis – and our savings goal calculator will tell you how long it will take to for you to reach your goal. Here’s how it works:
- Pick your goal. Are you saving for a car? A trip? Or simply looking for more money in your rainy day fund? Use the drop down to select the goal that most closely matches what you’re saving for.
- Enter how much you need to save. How much does what you’re saving for cost? Enter this amount into the calculator.
- Enter how much you can save on a regular basis and how often. This can be weekly, bi-weekly or monthly. Enter the amount you can contribute regularly and use the the drop-down to choose a savings schedule.
- Click ‘Let’s do the math’
- Get your result! If you’d like to reach your goal a little more quickly, try increasing either the frequency of your contributions, or increasing the dollar amount you can contribute.
What to use the Savings Goal Calculator for
One thing we really like about the savings calculator is that it could help make a big goal – like saving up for a car – into an approachable target by breaking a large sum down into smaller goals. It also could help you see how tweaking certain variables, like changing the size of your deposit, may impact your savings timeline.
This sort of action plan in place could work for just about any goal. Because it calculates the interest you could earn with our Online Savings Account, it’s also a nice reminder that your money is at work.
Learn more about High-Yield Saving Accounts.
4 min read