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Income generated by a savings plan

Saving regularly can help you achieve your future income goals. Use this calculator to determine how much income an existing balance and/or a regular savings plan can provide.

Savings and Assumptions

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Setting Personal Financial Goals

If you do not know where you are going, how will you know when you get there? This is very true about financial goals. You need to set financial goals to help you make wise financial decisions, and also as a reward for your efforts. Goals should be clear, concise, detailed, and written down. Unwritten goals are just wishes. Those who set goals and fail will find that they didn't set realistic goals to begin with. So, the first step in setting any goal is to determine what is realistic and what is not. In this article, you will learn how to set realistic and achievable financial goals.

You achieve your financial goals when you have the cash or assets available to satisfy some immediate financial need, want, or desire. The key is to be prepared to have the required cash or assets when the time comes to achieve the goal. For example, suppose you want to buy a brand-new car costing $30,000 using cash five years from today. In five years and one day, you will know whether you achieved that goal. If you have the $30,000 five years from today, you might achieve your goal. That is all pretty definite, but is it realistic?

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Savings and Investments in Personal Finance

Personal finance also helps you make better savings and investment decisions because it focuses on your goals. Your budget (or spending plan) should be built around your day-to-day expenses, including your short-range lifestyle and financial goals. These may include your goals for your family's well-being, shelter, food, clothing, and recreation. It should also provide for future personal lifestyle and financial goals as well.

Savings and investments should be used to match your short-, intermediate-, and long-range financial goals. You save and invest for a purpose, not just to accumulate great wealth. In fact, you save and invest for many purposes, and how you save and invest depend upon the purpose. For example, if you need to replace a household appliance costing a few hundred dollars in the next 12–18 months, you will save differently than you would if you were saving to pay for a child's education in 10–15 years. To make these decisions, you need to understand the relationship among investment risk, time horizon, and investment reward.

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Using Deposit Accounts in Financial Planning

Although deposit accounts may not in themselves be high-yield investments, they can play a very important role in your overall financial planning.

To begin with, you will need to accumulate funds for investing. Many kinds of investment vehicles require minimum investments of thousands of dollars. Short of waiting for a windfall, the first step in your investment strategy may be to salt away a little at a time until you have the funds to invest. A deposit account offers a safe and ready way to do your salting. It can also be a good place to keep a supply of liquid cash on hand to take advantage of a "hot" investment opportunity.

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PlannerPortal - Financial Software for Financial Advisors

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.