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An Easy Way to Save for Any Reason

AnEasyWaytoSaveYou may be thinking of a vacation, a new car, an addition to your home, your retirement or just the peace of mind that comes with having a larger balance in your savings account. There is no easier way to save than with an automatic savings plan.

How much do you want to save?

The choice is up to you. Here are a couple of charts showing how much you have to save monthly to reach your goals.

Saving for short-term goals – vacation, larger car down payment, or just accumulating more.

Monthly savings needed over
Amount you want
to save
6
months
12
months
18
months
24
months
30
months
36
months
$2,500 $414 $205 $136 $101 $80 $66
$5,000 $828 $411 $272 $202 $161 $133
$7,500 $1,242 $616 $408 $304 $241 $199
$10,000 $1,656 $822 $544 $405 $321 $266
$25,000 $4,141 $2,055 $1,360 $1,012 $804 $665

(Assumes an earning rate of 3%.)

 

Saving for longer-term goals – college for a child, retirement, or just accumulating more.

Monthly savings needed over
Amount you want
to save
5
years
10
years
15
years
20
years
25
years
30
years
$50,000 $735 $322 $187 $122 $84 $60
$100,000 $1,470 $643 $374 $243 $168 $120
$250,000 $3,676 $1,610 $935 $608 $420 $300
$500,000 $7,352 $3,220 $1,871 $1,216 $840 $601
$1,000,000 $14,705 $6,440 $3,741 $2,433 $1,679 $1,202

(Assumes an earnings rate of 5%.)

Ready to get started? Talk with your South State banker about setting up a Saver’s Club account to help you reach your savings goal. Click here to learn more.