An Easy Way to Save for Any Reason
Having more money is better than having less money. You may be thinking of a vacation, a new car, an addition to your house, your retirement or just the peace of mind that comes with having a larger balance in your savings account.
How Much Do You Want to Save?
The choice is up to you. Here are a couple of charts showing how much you have to save monthly to reach your goals.
| Saving For Short-Term Goals—Vacation, Larger Car Down Payment, or Just Accumulating More. | ||||||
| Amount you want to save | Monthly savings needed: (assuming an earnings rate of 5%) | |||||
| 6 months | 12 months | 18 months | 24 months | 30 months | 36 months | |
| $5,000 | $828 | $411 | $272 | $202 | $161 | $133 |
| $10,000 | $1,656 | $822 | $544 | $405 | $321 | $266 |
| $25,000 | $4,141 | $2,055 | $1,360 | $1,012 | $804 | $665 |
| Saving For Longer-Term Goals—College for a Child, Retirement, or Just Accumulating More. | ||||||
| Amount you want to save | Monthly savings needed: (assuming an earnings rate of 5%) | |||||
| 5 years | 10 years | 15 years | 20 years | 25 years | 30 years | |
| $50,000 | $735 | $322 | $187 | $122 | $84 | $60 |
| $100,000 | $1,470 | $643 | $374 | $243 | $168 | $120 |
| $250,000 | $3,676 | $1,610 | $935 | $608 | $420 | $300 |
Here is a calculator to help you determine how much you need to save every month to reach your savings goal.
Interest is compounded monthly. This calculator is to be used for estimation purposes only. Tower is not responsible for its accuracy and the results are not guaranteed. |
Start
Your Automatic Savings Today
There's no easier way to save than with an automatic savings plan. Take advantage of Tower's free direct deposit service—and have all or a portion of your paychecks or other recurring checks deposited safely and on time. Once you've set up direct deposit, allocating direct deposits into a Tower Club account is the smart way to manage your savings.
To set up direct deposit allocation, login to Home Banking, go to Online Forms and submit the Direct Deposit Allocation Request form. If you're not a Home Banking user, sign up easily and securely today.
The information in this article is meant to be educational in nature and does not pertain specifically to any Tower product or service. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions. In many cases, seeking the advice of competent professional advisors can ensure the decisions you make will be best suited for your situation.
Important Notes
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