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Save $1,000 in 3 Years
Use this page to plan a $1,000 savings goal over 3 years. It assumes 4 percent a year to start and lets you edit every box.
The deposit comes to $26.19 a month. Interest covers $57 of the goal.
How the deposit is worked out
With a 4 percent yearly rate the monthly rate is 0.3333 percent. Raise one plus that rate to the power of 36 to get the growth factor. The deposit needed is the gap to $1,000 times the monthly rate divided by that factor minus one. If the rate were zero the deposit would simply be the gap divided by 36.
Worked example
A deposit of $26.19 each month for 36 months grows to $1,000 at 4 percent.
The remaining $57 comes from interest. Without interest the deposit would need to be $27.78 a month.
Questions about this calculator
How long would $1,000 take if you deposited only $20 a month?
About 3 years 11 months. At $26.19 a month the goal takes 3 years.
What would saving $1,000 in 3 years take with no interest at all?
Simply the goal divided by 36 months, which is $27.78 a month. Interest at 4 percent trims that by $1.59.
What if you gave yourself one more year than 3 to reach $1,000?
Over 4 years the monthly deposit falls to $19.25. That is $6.94 less each month than over 3 years.
What if you wanted $1,000 one year sooner than 3 years?
Over 2 years the deposit rises to $40.09. That is $13.90 more each month than over 3 years.
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This page is for education only and is not financial or tax advice.