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. There is no easier
way to save than with an automatic savings plan.
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 over (assuming an
earnings rate of 3%)
6
months
12
months
18
months
24
months
30
months
36
months
$5000
$828
$411
$272
$202
$161
$133
$10,000
$1656
$822
$544
$405
$321
$266
$25,000
$4141
$2055
$1360
$1012
$804
$665
Saving
for longer-term goals - college for a child, retirement,
or just accumulating more.
Amount
you want to save
Monthly
savings needed over (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
$1470
$643
$374
$243
$168
$120
$250,000
$3676
$1610
$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.
Start
Your Automatic Savings Today There
is no easier way to save than with an automatic savings plan.
If you are already using direct deposit for your paycheck,
have First National Bank and Trust transfer the amount each
month. Here is an
Automatic
Transfer Authorization form to help you enroll. If
you are not already using direct deposit for your paycheck,
here is a
Payroll Direct Deposit form to help you get started. You
can also call a service representative at 800-667-4401 or
email for more information.
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