There are many Excel tools to calculate pretty much anything, including savings. Here is one I found. I put in my first scenario, for me to reach $1 million by the time I retire starting at zero. I get paid bi-weekly so I used that and I only have to put $1100 away from each pay check! Yikes! Not going to be a millionaire I guess if I haven’t started by now.
Play around with this and do your own scenario for savings. It doesn’t have to be retirement, share other savings goals with the class – buying a house, a cabin, new car, college for children, anything you want.
Also, go online and see if you find a better Excel calculator, this was just one I found, there are many!
/content/enforced/175503-001018-01-2162-OL4-7983/savings-interest-calculator.xlsx
