{"id":907215,"date":"2020-07-27T10:42:26","date_gmt":"2020-07-27T14:42:26","guid":{"rendered":"https:\/\/smallbiztrends.com\/?page_id=907215"},"modified":"2022-03-23T15:33:03","modified_gmt":"2022-03-23T19:33:03","slug":"savings-calculator","status":"publish","type":"page","link":"https:\/\/smallbiztrends.com\/savings-calculator\/","title":{"rendered":"Savings Goal Calculator"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"907215\" class=\"elementor elementor-907215\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bb911ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bb911ad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f3bf13a\" data-id=\"5f3bf13a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-751275d4 elementor-widget elementor-widget-text-editor\" data-id=\"751275d4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c9fe7c9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c9fe7c9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eed08a7\" data-id=\"eed08a7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d9116f elementor-widget elementor-widget-heading\" data-id=\"5d9116f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Savings Goal Calculator<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da6dcb1 elementor-widget elementor-widget-text-editor\" data-id=\"da6dcb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDo you dream of owning your own business but lack the money? Great news &#8211; you may have a source of funds you never thought of.  This savings calculator demonstrates how saving small amounts on discretionary spending can help you find the funds to reach a savings goal.   To use this calculator, choose an expense from the drop down menu (pick something you spend on often).  Enter the cost, number and frequency.  The calculator shows how much you can save each month, week or day by cutting out the item.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c13714 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c13714\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-986dd01\" data-id=\"986dd01\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ea093f elementor-widget elementor-widget-shortcode\" data-id=\"1ea093f\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class='ezfc-wrapper ezfc-form-4 ezfc-theme-icy-blue ezfc-grid-6  ezfc-form-loading'><div class='ezfc-form-loading-text'>Loading...<\/div><form class='ezfc-form  ezfc-image-selection-style-default ezfc-step-indicator-full-width' id='ezfc-form-4' name='ezfc-form[4]' action='' data-id='4' data-currency='' method='POST' novalidate><input type='hidden' name='id' value='4' \/><input type='hidden' name='ref_id' value='' id='ezfc-ref-id-4' \/><div class='ezfc-form-elements'><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-4 ezfc-element-wrapper-group' id='ezfc_element-324' data-element='group' data-id='324' data-elementname='setup' data-calculate_enabled='0' data-add_to_price='1' >\r\n\r\n<div class='ezfc-group-elements ' style=''><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-heading' id='ezfc_element-325' data-element='heading' data-id='325' data-elementname='savings header' data-calculate_enabled='0' data-group='324' data-add_to_price='1' >\r\n\r\n<h2 class='' >Savings<\/h2><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-5 ezfc-element-wrapper-dropdown' id='ezfc_element-326' data-element='dropdown' data-id='326' data-elementname='choose_your_expense' data-calculate_enabled='1' data-group='324' data-is_currency='1' data-is_number='1' data-add_to_price='1' >\r\n<label class='ezfc-label' for='ezfc_element-326-child' >Choose Your Expense<\/label>\r\n<select class='choose_your_expense ezfc-element ezfc-element-select' id='ezfc_element-326-child' name='ezfc_element[326]'  required  data-initvalue='0'><option value='0' data-value='3.50' data-index='0' data-factor='3.50' data-settings='{\"calculate_when_hidden\":\"0\"}'  selected='selected' data-optionid='id-1'>Coffee<\/option><option value='1' data-value='20.00' data-index='1' data-factor='20.00' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-2'>Dining Out<\/option><option value='2' data-value='15.00' data-index='2' data-factor='15.00' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-3'>Movies<\/option><option value='3' data-value='8.50' data-index='3' data-factor='8.50' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-4'>Cigarettes<\/option><option value='4' data-value='25.00' data-index='4' data-factor='25.00' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-5'>Hobby<\/option><option value='5' data-value='9.00' data-index='5' data-factor='9.00' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-6'>Alcohol<\/option><option value='6' data-value='0' data-index='6' data-factor='0' data-settings='{\"calculate_when_hidden\":\"0\"}'  data-optionid='id-7'>Other<\/option><\/select><\/div><div class='ezfc-element ezfc-custom-element  ezfc-element-has-slider ezfc-column ezfc-col-5 ezfc-element-wrapper-numbers' id='ezfc_element-328' data-element='numbers' data-id='328' data-elementname='cost' data-calculate_enabled='1' data-overwrite_price='1' data-group='324' data-is_currency='1' data-is_number='1' data-add_to_price='1' data-value_external='' data-value_external_listen='1'>\r\n<label class='ezfc-label' for='ezfc_element-328-child' >Cost<\/label>\r\n<input\tclass=' ezfc-slider ezfc-element ezfc-element-numbers ezfc-input-format-listener' data-factor='1'  id='ezfc_element-328-child' name='ezfc_element[328]' placeholder='' type='tel' value='3.50' data-id='328' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'   data-min='1' data-max='50' data-initvalue='3.50' data-stepsslider='1' \/><div class='ezfc-slider-element' data-target='ezfc_element-328'><\/div><\/div><div class='ezfc-element ezfc-custom-element  ezfc-element-has-slider ezfc-column ezfc-col-5 ezfc-element-wrapper-numbers' id='ezfc_element-327' data-element='numbers' data-id='327' data-elementname='amount per day' data-calculate_enabled='1' data-group='324' data-is_currency='0' data-is_number='1' data-add_to_price='1' data-value_external='' data-value_external_listen='1'>\r\n<label class='ezfc-label' for='ezfc_element-327-child' >Amount per Day<\/label>\r\n<input\tclass=' ezfc-slider ezfc-element ezfc-element-numbers ezfc-input-format-listener' data-factor='1'  id='ezfc_element-327-child' name='ezfc_element[327]' placeholder='' type='tel' value='2' data-id='327' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'   data-min='1' data-max='20' data-initvalue='2' data-stepsslider='1' \/><div class='ezfc-slider-element' data-target='ezfc_element-327'><\/div><\/div><div class='ezfc-element ezfc-custom-element  ezfc-element-has-slider ezfc-column ezfc-col-5 ezfc-element-wrapper-numbers' id='ezfc_element-353' data-element='numbers' data-id='353' data-elementname='number of days per week' data-calculate_enabled='1' data-group='324' data-is_currency='0' data-is_number='1' data-add_to_price='1' data-value_external='' data-value_external_listen='1'>\r\n<label class='ezfc-label' for='ezfc_element-353-child' >Number of Days per Week<\/label>\r\n<input\tclass=' ezfc-slider ezfc-element ezfc-element-numbers ezfc-input-format-listener' data-factor='1'  id='ezfc_element-353-child' name='ezfc_element[353]' placeholder='' type='tel' value='5' data-id='353' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'   data-min='1' data-max='7' data-initvalue='5' data-stepsslider='1' \/><div class='ezfc-slider-element' data-target='ezfc_element-353'><\/div><\/div><\/div><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-2 ezfc-element-wrapper-group' id='ezfc_element-112' data-element='group' data-id='112' data-elementname='savings' data-calculate_enabled='0' data-add_to_price='1' >\r\n\r\n<div class='ezfc-group-elements ' style=''><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-heading' id='ezfc_element-287' data-element='heading' data-id='287' data-elementname='total savings' data-calculate_enabled='0' data-group='112' data-add_to_price='1' >\r\n\r\n<h2 class='' >Total Savings<\/h2><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-subtotal' id='ezfc_element-119' data-element='subtotal' data-id='119' data-elementname='daily savings' data-calculate_enabled='1' data-group='112' data-is_currency='1' data-is_number='1' data-add_to_price='2' >\r\n<label class='ezfc-label' for='ezfc_element-119-child' >Daily <span class='ezfc-html-placeholder' data-listen_target='choose_your_expense' data-listen_retrieve='name' data-empty=''><\/span> Savings<\/label>\r\n<span class='ezfc-text-wrapper'><span class='ezfc-text-before'>$<\/span><span class='ezfc-text'><\/span><span class='ezfc-text-after'><\/span><\/span>\r\n<input class=' ezfc-hidden ezfc-element ezfc-element-input ezfc-element-subtotal ezfc-input-format-listener' id='ezfc_element-119-child' type='text' name='ezfc_element[119]' value='' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'  data-min='' data-max=''style='font-weight:bold !important;' \/><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-subtotal' id='ezfc_element-288' data-element='subtotal' data-id='288' data-elementname='weekly savings' data-calculate_enabled='1' data-group='112' data-is_currency='1' data-is_number='1' data-add_to_price='2' >\r\n<label class='ezfc-label' for='ezfc_element-288-child' >Weekly <span class='ezfc-html-placeholder' data-listen_target='choose_your_expense' data-listen_retrieve='name' data-empty=''><\/span> Savings<\/label>\r\n<span class='ezfc-text-wrapper'><span class='ezfc-text-before'>$<\/span><span class='ezfc-text'><\/span><span class='ezfc-text-after'><\/span><\/span>\r\n<input class=' ezfc-hidden ezfc-element ezfc-element-input ezfc-element-subtotal ezfc-input-format-listener' id='ezfc_element-288-child' type='text' name='ezfc_element[288]' value='' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'  data-min='' data-max='' \/><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-subtotal' id='ezfc_element-289' data-element='subtotal' data-id='289' data-elementname='monthly savings' data-calculate_enabled='1' data-group='112' data-is_currency='1' data-is_number='1' data-add_to_price='2' >\r\n<label class='ezfc-label' for='ezfc_element-289-child' >Monthly <span class='ezfc-html-placeholder' data-listen_target='choose_your_expense' data-listen_retrieve='name' data-empty=''><\/span> Savings<\/label>\r\n<span class='ezfc-text-wrapper'><span class='ezfc-text-before'>$<\/span><span class='ezfc-text'><\/span><span class='ezfc-text-after'><\/span><\/span>\r\n<input class=' ezfc-hidden ezfc-element ezfc-element-input ezfc-element-subtotal ezfc-input-format-listener' id='ezfc_element-289-child' type='text' name='ezfc_element[289]' value='' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'  data-min='' data-max='' \/><\/div><div class='ezfc-element ezfc-custom-element  ezfc-column ezfc-col-6 ezfc-element-wrapper-subtotal' id='ezfc_element-290' data-element='subtotal' data-id='290' data-elementname='yearly savings' data-calculate_enabled='1' data-group='112' data-is_currency='1' data-is_number='1' data-add_to_price='2' >\r\n<label class='ezfc-label' for='ezfc_element-290-child' >Yearly <span class='ezfc-html-placeholder' data-listen_target='choose_your_expense' data-listen_retrieve='name' data-empty=''><\/span> Savings<\/label>\r\n<span class='ezfc-text-wrapper'><span class='ezfc-text-before'>$<\/span><span class='ezfc-text'><\/span><span class='ezfc-text-after'><\/span><\/span>\r\n<input class=' ezfc-hidden ezfc-element ezfc-element-input ezfc-element-subtotal ezfc-input-format-listener' id='ezfc_element-290-child' type='text' name='ezfc_element[290]' value='' data-settings='{\"calculate_when_hidden\":\"1\",\"precision\":\"2\",\"price_format\":\"\"}'  data-min='' data-max='' \/><\/div><\/div><\/div><\/div><\/form><div class='ezfc-message' id='ezfc-message-4'><\/div><div class='ezfc-success-text' data-id='4'><\/div><\/div><div class='ezfc-overview' data-id='4'><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-79930b9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79930b9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1365676\" data-id=\"1365676\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e22cb91 elementor-widget elementor-widget-text-editor\" data-id=\"e22cb91\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMany of us have more money than we realize. So why do we feel we can&#8217;t afford to start a business? One reason may be that we spend too much money on small things.  Our hard-earned money slips through our hands.  We&#8217;re making Starbucks or Dunkin Donuts rich, instead of making ourselves rich.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c7205c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c7205c6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-520094e\" data-id=\"520094e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7a6cbe9 elementor-widget elementor-widget-heading\" data-id=\"7a6cbe9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Can This Savings Goal Calculator Help?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cbe4c8b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cbe4c8b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f80ec4c\" data-id=\"f80ec4c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8446cc0 elementor-widget elementor-widget-text-editor\" data-id=\"8446cc0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A saving calculator demonstrates the power of saving a small amount of money to reach a goal.<\/p><p>This savings goal calculator is not about depriving yourself of life&#8217;s enjoyment. Rather, it helps you make deliberate choices and prioritize. Ask yourself:<\/p><ul><li>Is a latte everyday more important than achieving your entrepreneurial dreams?<\/li><li>If you look back in a few years, will you regret not having set a savings goal today?<\/li><li>How are you likely to feel when you reach your savings goal? Empowered? Confident?<\/li><\/ul><p>People who set goals are more likely to get ahead. They are more likely to live a great life because they made smart choices.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5653261 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5653261\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9ea01e3\" data-id=\"9ea01e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ba2ca6 elementor-widget elementor-widget-heading\" data-id=\"6ba2ca6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Can I Cut Discretionary Spending? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fca09e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fca09e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f80abcb\" data-id=\"f80abcb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48e8502 elementor-widget elementor-widget-text-editor\" data-id=\"48e8502\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Calculators are nothing but tools and only good if you take action. To meet savings goals on the discretionary expenses you identified in the calculator above, here are two approaches:<\/p><ul><li>Don&#8217;t deprive yourself 100%. Example: cut your discretionary spending in half. This way you can still occasionally treat yourself while also contributing toward your savings goal.<\/li><li>Use only cash &#8212; not credit cards &#8212; for discretionary items. Every week put cash for the amount you plan to spend on discretionary items into an envelope. When you&#8217;ve exhausted the cash that week it serves as reminder to stop spending. Financial guru Dave Ramsey advocates this envelope method.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f227923 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f227923\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-01911ad\" data-id=\"01911ad\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af205a0 elementor-widget elementor-widget-heading\" data-id=\"af205a0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Much Should I Save Each Month?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ba9ecb6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba9ecb6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7a1b9b2\" data-id=\"7a1b9b2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-892023f elementor-widget elementor-widget-text-editor\" data-id=\"892023f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Finance experts often recommend saving 20% of your gross income each month. But your plan depends on your savings goals.<\/p><p>Perhaps your long-term goal is to generate a million dollars or save for retirement. If so, you will need to save a lot to grow wealth.<\/p><p>But what if your goal is short-term? You just want to save enough to start a new business or put a down payment on a new storefront. Launching a business need not be expensive. For more information on how much money you will need to save to start your own company, run our <a href=\"https:\/\/smallbiztrends.com\/startup-calculator\" target=\"_blank\" rel=\"noopener\">startup cost calculator<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-f5a85a6\" data-id=\"f5a85a6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-03b00b8 elementor-widget elementor-widget-image\" data-id=\"03b00b8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img srcset='https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-150x84.jpg 150w, https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-300x168.jpg 300w, https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-620x347.jpg 620w, https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-660x370.jpg 660w, https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-768x430.jpg 768w, https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1-850x476.jpg 850w' sizes='(max-width: 850px) 100vw, 850px' fetchpriority=\"high\" decoding=\"async\" width=\"618\" height=\"346\" src=\"https:\/\/media.smallbiztrends.com\/2020\/07\/calculate-savings-1.jpg\" class=\"attachment-large size-large wp-image-907774\" alt=\"calculate savings\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-958957b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"958957b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f9a868\" data-id=\"3f9a868\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2be5c18 elementor-widget elementor-widget-heading\" data-id=\"2be5c18\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are Common Reasons for Not Saving?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ed94ae8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed94ae8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-020657a\" data-id=\"020657a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-da4a97e elementor-widget elementor-widget-text-editor\" data-id=\"da4a97e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>People have a lot of reasons not to save each month, including:<\/p><ul><li>Low compensation &#8211; Low salary earnings make it harder to save.<\/li><li>Too much car &#8211; Expensive car loans or leases make it all the harder to reach your goal.<\/li><li>Overuse of credit cards &#8211; It is so easy to pay with plastic that people give in to temptation and overspend.<\/li><li>Failure to budget &#8211; A budget helps track progress to reach your goal. Too many people don&#8217;t budget. They have no idea how they may be wasting money.<\/li><\/ul><p>Do any of these reasons apply to you? What can you do to overcome them?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-806b41b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"806b41b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-857a6ac\" data-id=\"857a6ac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-05082ee elementor-widget elementor-widget-heading\" data-id=\"05082ee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Do I Meet Savings Goals?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af9790a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af9790a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b4920a9\" data-id=\"b4920a9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dbc180f elementor-widget elementor-widget-text-editor\" data-id=\"dbc180f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Cutting spending is a huge part of your savings strategy. But the main mechanism to meet savings goals is to set up a savings account. Then make your savings plan automatic &#8212; put it on autopilot. There are several ways to do this:<\/p><ul><li><strong>Create automatic transfers to a savings account.<\/strong> Transfer money into savings each week or month. Many banks offer automatic transfers. For example, Chase has an app called <a href=\"https:\/\/www.chase.com\/personal\/checking\/savings-program\" target=\"_blank\" rel=\"noopener\">Autosave<\/a> to set up automatic transfers.<\/li><li><strong>Split your direct deposit.<\/strong> Many direct deposit plans allow you to designate a contribution amount to go to savings. You&#8217;re less tempted to spend money that goes straight to a savings account.<\/li><li><strong>Save credit card rewards.<\/strong> If you use a credit card and regularly rack up cash back, make it part of your savings goal. Periodically transfer the cash rewards into savings.<\/li><li><strong>Save change.<\/strong> You can do this literally by putting excess coins in a jar. Periodically deposit coins to savings. Or use a special program such as Bank of America&#8217;s <a href=\"https:\/\/www.bankofamerica.com\/deposits\/keep-the-change\/\" target=\"_blank\" rel=\"noopener\">Keep the Change<\/a>. It rounds up every purchase made using a debit card to a whole number, and transfers the difference to a bank account.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6acdb2b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6acdb2b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-34319d3\" data-id=\"34319d3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a6b7901 elementor-widget elementor-widget-heading\" data-id=\"a6b7901\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Can I Grow My Current Savings?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49bb6de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49bb6de\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0a1a6da\" data-id=\"0a1a6da\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-911443b elementor-widget elementor-widget-text-editor\" data-id=\"911443b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Invest your savings in something with decent interest rates.<\/p><p>After you accumulate a sizable amount of money &#8212; say $1,000 &#8212; transfer your savings balance to a certificate of deposit (CD). CDs at an FDIC insured institution offer a higher interest rate than savings accounts.<\/p><p>CDs have another advantage: they charge a penalty on early withdrawal. Knowing you have to pay a penalty, you will be less tempted to withdraw your current savings early and use it for other purposes.<\/p><p>After accumulating larger amounts, look for other investments. Example: an investment in a mutual fund will pay a higher interest rate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p> &hellip;<\/p>\n","protected":false},"author":36,"featured_media":1038024,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-one-col-no-title.php","meta":{"footnotes":""},"class_list":["post-907215","page","type-page","status-publish","has-post-thumbnail",""],"_links":{"self":[{"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/pages\/907215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/comments?post=907215"}],"version-history":[{"count":46,"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/pages\/907215\/revisions"}],"predecessor-version":[{"id":1038028,"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/pages\/907215\/revisions\/1038028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/media\/1038024"}],"wp:attachment":[{"href":"https:\/\/smallbiztrends.com\/wp-json\/wp\/v2\/media?parent=907215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}