More For Your Money - University of Illinois Extension
http://MoreForYourMoney.extension.uiuc.edu
The Impact of Saving $20 per Week
Saving money is important. Here is one more example of how saving small amounts adds up over time. Saving $20 a week may not seem like much. However, it's more than $1,000 per year. Saving this much year after year will make a real difference. Don't forget the power of time and compounding.
| 5%* | 10%* | |
|---|---|---|
| 10 years | $13,700 | $18,200 |
| 20 years | $36,100 | $65,000 |
| 30 years | $72,600 | $188,200 |
| 40 years | $131,900 | $506,300 |
| *Annual rate of return | ||
If you start this saving plan now, in 40 years (at 5 percent annual rate of return on your savings) you'll have $131,900! That’s what you’ll have from saving just $20 a week. Why are you waiting? Let time work for you and start saving today!
Try It Yourself
| Amount | Time | Interest Rate | Dollars Saved |
|---|---|---|---|
|
per week |
$0
|
||
| *Annual rate of return | |||
The Key Points To Saving Money
- Saving small amounts will add up over time.
- Saving money regularly leads to successful saving.
- Compounding interest will help your money grow.