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Calculate your weekly savings goal with our easy-to-use tool. Set your target and timeframe to achieve financial success. Try our free Weekly Savings Goal Calculator!
Formula Used: FV = P × [(1 + r/n)^(nt) - 1] / (r/n) × (1 + r/n)
Where:
This calculator considers the effects of compound interest on regular weekly deposits.
Saving for a big purchase or financial goal can be overwhelming without a clear plan. Whether you're saving for a vacation, a new gadget, or even a home, setting a weekly savings goal can make the process easier. To help you achieve your financial goals faster, we’ve developed the Weekly Savings Goal Calculator.
This tool allows you to calculate how much money you need to save every week to reach your savings target in the desired timeframe. It’s perfect for individuals who prefer saving in smaller, manageable amounts rather than large sums.
Setting a weekly savings goal is essential for staying on track with your financial plans. Breaking down a larger goal into weekly contributions not only makes it more manageable but also helps you stay motivated by seeing your progress regularly. With our Weekly Savings Goal Calculator, you can:
The Weekly Savings Goal Calculator works by taking three important pieces of information:
The calculator then divides the total goal by the number of weeks in the chosen timeframe. If you include an interest rate, it will calculate how much you need to save weekly to reach your goal, factoring in compound interest.
To use the Weekly Savings Goal Calculator, follow these simple steps:
Formula for Weekly Savings Goal Calculation:
To calculate your weekly savings goal without interest:
Weekly Savings Goal = Total Savings Goal ÷ Total Weeks
To factor in interest, the formula becomes:
Weekly Savings Goal = (Total Savings Goal ÷ Annuity Factor) × (1 + Rate Per Period)
Where the annuity factor is calculated based on the compound frequency (weekly, monthly, etc.).
Let’s say you want to save $10,000 in one year with no interest. Here’s how the calculation would work:
Using the formula:
Weekly Savings Goal = $10,000 ÷ 52 weeks = $192.31
You would need to save $192.31 every week to reach your goal of $10,000 in one year.
| Savings Goal | Timeframe | Weekly Savings Required |
|---|---|---|
| $5,000 | 6 months | $192.31 |
| $10,000 | 1 year | $192.31 |
| $20,000 | 2 years | $192.31 |
In this example, saving for larger amounts over a longer period requires the same weekly deposit because the interest was not considered.
The Weekly Savings Goal Calculator is an incredibly useful tool for anyone looking to manage their savings and achieve their financial objectives. Whether you're saving for a small goal like a weekend getaway or a larger goal like buying a home, breaking it down into weekly savings makes it much easier to stay on track.
By understanding how much you need to save every week, you can plan your budget more effectively and ensure that you’re on the right path to financial success. Plus, with our easy-to-use interface and flexible settings, you’ll find it simple to calculate your savings goal.
To save $10,000 in one year, you need to save about $192.31 per week. If you aim to save in a shorter or longer period, the weekly amount will change accordingly.
If you want to save $5,000 in 6 months, you would need to save around $192.31 per week.
If you saved $100 per week for one year, you would save a total of $5,200. If you factor in interest, this amount could be higher depending on your interest rate and compounding frequency.
You can easily use the savings goal calculator with no interest by simply entering your goal amount and timeframe, and the calculator will give you the exact weekly deposit amount without considering interest.