Fincrew Savings Goal Calculator
Saving money to achieve financial plans is always an imaginative play. But while there can be no doubt that it’s the right thing to do, taking that first step and doing it can be incredibly tough. It is where the FinCrew savings goal calculator comes into the picture! Our powerful tool helps you develop a foolproof goal savings plan by answering three crucial questions for you. These are;
- How long will it take to reach your goal savings target?
- Exactly how much should you save each month?
- When should you start saving?
Look at these three questions in greater detail to see the potential impact they can have on your short and long-term goals in terms of saving.
How Long It’ll Take To Reach Your Goal
How excited do you feel about going to an old friend’s house? We’re pretty sure you get a satisfying feeling just thinking about it! Apart from seeing your dear companion, you know exactly where you’re going and how long it’ll take you to be at your destination. Because of this, you don’t have to worry. What if you were going to meet a business acquaintance in a place you’ve not been to before? Because there are too many unknowns in this picture, you mightn’t feel all too confident about making that trip. In the end, this attitude may cause you to miss great opportunities. Setting short and long-term goals is like the examples we just described. If you don’t know how long it’ll take you to reach your destination, be it for retirement or paying off your student loan, or making payments on a credit card, you might not treat the situation with care and attention. However, with the support of our tool, you know exactly where you’re heading and how many steps it’ll take to get you there. The good thing is that our savings goal calculator is only one of many products and services that we offer to help Malaysians take charge of their financial life. Complemented with the host of other tools we offer, when you finally start saving month-to-month, you’ll be in a better position to sit back and watch your savings grow!
Exactly How Much Should You Save Each Month?
Using our trademark tool makes it easy for you to set a fixed saving month budget. The primary reason for this is that our savings calculator lets you know just how much you’ll get if you save a certain amount of money within a set time frame. When you have such knowledge, you put yourself in a better position to determine the most efficient way to order your priorities to get the results you desire. As your saving period has been laid bare, all left is to assign a figure to the value you intend to deposit in your monthly bank account.
When Should You Start Saving?
In most cases, the correct answer to that question is, “As soon as you possibly can.” However, our tool helps you go a little deeper than that. The main reason for this is that we realize that saving money goes beyond just depositing the funds into your savings account or investment account and letting compound interest rates take the wheel. One thing most people don’t understand is that you can save amounts more significant than what even you initially planned when you have a thorough and well-detailed goal savings plan laid out in front of you. With the other tools we leave at your disposal, you’ll be able to figure out what portion of your monthly income is good to save and which parts of it are better used to sort other financial obligations and bills. You’ll also be able to readily determine what your emergency fund should be and effectively safeguard yourself against the worst financially. Now that you know what our goal savings calculator can do for you, the only thing left to do is learn how to set savings goals if you haven’t done so already.
How To Set Savings Goals
There are essentially six (6) steps that you need to follow if you want to set and ultimately meet your savings goals. Here they are:
- Patiently and objectively analyze your life before choosing any particular savings goal.
- Create a practical and reasonable timeline for your savings.
- Set practical monthly goals and objectives.
- Find out how much of your monthly budget you can spare for your savings goals.
- Leverage the right saving tools, products, and services.
- Carefully track the progress of your saving efforts.
By observing these practices, you’ll be able to reach your goals with ease and eventually achieve financial freedom.
Common Reasons Most Malaysians Don’t Save
- Their monthly expenses don’t leave room for saving.
- It’s much easier to shop and buy stuff.
- There are too many debts at hand to pay.
- The interest rate on their savings account is too low.
If you find yourself in any of the positions above and you’re looking for a practical way to deal with things, there are some products and services you can leverage here that might help you. In addition to helping you save money, you may also find more creative ways of improving your credit score here!