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Achieve Your Financial Goals with Smart Planning

We've all heard the advice that it's important to set goals for ourselves—and that includes financial goals. Whether you're saving to buy a new car, for a down payment on a new home, or even something smaller like a new laptop or video game console, setting and achieving financial goals is a rewarding experience. And as with any type of goal, careful planning and discipline is required.

Using our Save Toward a Goal Calculator, determine how much you need to save each month to reach your financial target in a certain amount of time. Please have the following information handy to get started:

  • Savings Goal: This is the specific dollar amount you need to save over time to reach your ultimate financial goal.
  • Time to Reach Goal: Provide the amount of time in months that you'd like to set for yourself to reach your goal.
  • Current Savings: If you've already started working toward your goal, provide the current amount of savings you have.
  • Monthly Savings: This is the amount you can comfortably budget for each month to reach your end goal.
  • Expected Rate of Return: Based on which type of savings account you use, this is the interest rate that the savings account earns.


4 Types of Saving Methods

While there is no right or wrong way to save money, saving is always the right choice—some ways do offer better interest rates and get you closer to your savings goal faster.

  1. Savings Accounts: A traditional savings account from a credit union or bank is a safe place to store your money while earning a modest interest rate, and allows you to access your funds when needed easily.
  2. Certificates of Deposit (CD): CDs offer higher interest rates than regular savings accounts, but you must lock your money away for a fixed term that can range from months to years. If you wish to access your funds early, withdrawals often incur a penalty.
  3. High-Yield Savings Accounts: As the name suggests, high-yield savings accounts function similarly to traditional savings accounts but offer significantly higher interest rates. Many high-yield accounts are offered by online-only financial institutions, which means it could take several days to access funds via an electronic transfer. 
  4. Investment Accounts: If you are planning for a longer-term goal, investments such as stocks, bonds, or mutual funds may offer higher returns compared to more traditional savings methods. However, investments come with higher levels of risk, and the value of your investment portfolio can fluctuate over time.


How to Set and Plan a Savings Goal

Setting a strategy and planning for your savings goal all starts by clearly defining your goal. Be specific about what you're saving for, whether it's a down payment on a house, a college fund, or a new car. Having a clear goal helps you stay focused and excited for the future.

Next, estimate the total amount you'll need to save by researching the cost of the purchase. And don't forget to take note of any additional fees or payments you may need surrounding your goal. For example, when buying a home, you need to consider additional expenses such as closing costs and moving expenses, in addition to the down payment.

Setting a time frame is also crucial. Decide when you want to reach your goal to help determine how much you need to save regularly to meet your deadline. 

Finally, consider your current financial situation by assessing your income, expenses, and any existing savings you may have to better understand how much you can realistically save each month to help you reach your goal.

4 Ways to Save Money Successfully

While there are dozens or more unique strategies anyone can take to save more money each month and work toward a financial goal, these are four of the simplest ways to integrate into your routine:

  1. Automate Your Savings: If your savings account provider allows you to set up automatic transfers to your savings account, do it. This can help you consistently put away money each month without the temptation to spend it elsewhere.
  2. If You Get a Raise, Give Your Savings a Raise: If you receive a raise in pay at work, use a portion of that to increase the amount you are putting into your savings each month. Additionally, if you receive bonuses or other financial windfalls, such as an unexpected payout or inheritance, consider using that to build toward your financial goal.
  3. Eliminate Unnecessary Expenses: Identifying line items that can be removed from your monthly budget is a good practice when setting your goal, but it's also essential to review your budget periodically to reduce or eliminate any non-essential expenses.
  4. Keep Track of Your Progress: Use our calculator periodically to monitor your progress on your savings journey and identify areas where you can adjust your strategy to reach your goal.


At EMUCU, we offer a variety of savings account types to help you reach your goals. Learn more now to see which type can help you get there faster.