Savings Goal worksheet

1. Monthly deposit needed: $594.04

1. Count the monthly deposits (n): 12 for every year

   $n$$=2\times 12$$=24$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.05}{12}$$=0.00416667$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,750.00}\times {\left(1+0.00416667\right)}^{24}$$=\mathrm{\$3,038.59}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$18,000.00}-\mathrm{\$3,038.59}$$=\mathrm{\$14,961.41}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$14,961.41}\times 0.00416667}{{\left(1+0.00416667\right)}^{24}-1}$$=\mathrm{\$594.04}$

2. Monthly deposit needed: $269.55

1. Count the monthly deposits (n): 12 for every year

   $n$$=4\times 12$$=48$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.04}{12}$$=0.00333333$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$1,700.00}\times {\left(1+0.00333333\right)}^{48}$$=\mathrm{\$1,994.44}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$16,000.00}-\mathrm{\$1,994.44}$$=\mathrm{\$14,005.56}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$14,005.56}\times 0.00333333}{{\left(1+0.00333333\right)}^{48}-1}$$=\mathrm{\$269.55}$

3. Monthly deposit needed: $816.27

1. Count the monthly deposits (n): 12 for every year

   $n$$=2\times 12$$=24$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.03}{12}$$=0.0025$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,200.00}\times {\left(1+0.0025\right)}^{24}$$=\mathrm{\$2,335.87}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$22,500.00}-\mathrm{\$2,335.87}$$=\mathrm{\$20,164.13}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$20,164.13}\times 0.0025}{{\left(1+0.0025\right)}^{24}-1}$$=\mathrm{\$816.27}$

4. Monthly deposit needed: $357.20

1. Count the monthly deposits (n): 12 for every year

   $n$$=4\times 12$$=48$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.06}{12}$$=0.005$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,500.00}\times {\left(1+0.005\right)}^{48}$$=\mathrm{\$3,176.22}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$22,500.00}-\mathrm{\$3,176.22}$$=\mathrm{\$19,323.78}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$19,323.78}\times 0.005}{{\left(1+0.005\right)}^{48}-1}$$=\mathrm{\$357.20}$

5. Monthly deposit needed: $832.27

1. Count the monthly deposits (n): 12 for every year

   $n$$=2\times 12$$=24$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.05}{12}$$=0.00416667$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,750.00}\times {\left(1+0.00416667\right)}^{24}$$=\mathrm{\$3,038.59}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$24,000.00}-\mathrm{\$3,038.59}$$=\mathrm{\$20,961.41}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$20,961.41}\times 0.00416667}{{\left(1+0.00416667\right)}^{24}-1}$$=\mathrm{\$832.27}$

6. Monthly deposit needed: $490.57

1. Count the monthly deposits (n): 12 for every year

   $n$$=3\times 12$$=36$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.04}{12}$$=0.00333333$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,900.00}\times {\left(1+0.00333333\right)}^{36}$$=\mathrm{\$3,269.09}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$22,000.00}-\mathrm{\$3,269.09}$$=\mathrm{\$18,730.91}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$18,730.91}\times 0.00333333}{{\left(1+0.00333333\right)}^{36}-1}$$=\mathrm{\$490.57}$

7. Monthly deposit needed: $269.62

1. Count the monthly deposits (n): 12 for every year

   $n$$=3\times 12$$=36$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.04}{12}$$=0.00333333$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,400.00}\times {\left(1+0.00333333\right)}^{36}$$=\mathrm{\$2,705.45}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$13,000.00}-\mathrm{\$2,705.45}$$=\mathrm{\$10,294.55}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$10,294.55}\times 0.00333333}{{\left(1+0.00333333\right)}^{36}-1}$$=\mathrm{\$269.62}$

8. Monthly deposit needed: $405.00

1. Count the monthly deposits (n): 12 for every year

   $n$$=3\times 12$$=36$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.04}{12}$$=0.00333333$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,250.00}\times {\left(1+0.00333333\right)}^{36}$$=\mathrm{\$2,536.36}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$18,000.00}-\mathrm{\$2,536.36}$$=\mathrm{\$15,463.64}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$15,463.64}\times 0.00333333}{{\left(1+0.00333333\right)}^{36}-1}$$=\mathrm{\$405.00}$

9. Monthly deposit needed: $588.92

1. Count the monthly deposits (n): 12 for every year

   $n$$=3\times 12$$=36$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.03}{12}$$=0.0025$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,600.00}\times {\left(1+0.0025\right)}^{36}$$=\mathrm{\$2,844.53}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$25,000.00}-\mathrm{\$2,844.53}$$=\mathrm{\$22,155.47}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$22,155.47}\times 0.0025}{{\left(1+0.0025\right)}^{36}-1}$$=\mathrm{\$588.92}$

10. Monthly deposit needed: $360.00

1. Count the monthly deposits (n): 12 for every year

   $n$$=3\times 12$$=36$

2. Find the monthly growth rate (i): the yearly return as a decimal, divided by 12, because growth is added every month

   $i$$=\frac{0.04}{12}$$=0.00333333$

3. Work out what your current savings grow to on their own by the goal date

   $\mathrm{\$2,000.00}\times {\left(1+0.00333333\right)}^{36}$$=\mathrm{\$2,254.54}$

4. Subtract that from the goal to find the shortfall

   $\mathrm{\$16,000.00}-\mathrm{\$2,254.54}$$=\mathrm{\$13,745.46}$

5. Spread the shortfall over the months. Each deposit also grows, so the formula needs a little less than an even split

   $\frac{\mathrm{\$13,745.46}\times 0.00333333}{{\left(1+0.00333333\right)}^{36}-1}$$=\mathrm{\$360.00}$