Budget Savings Calculator
Creating a budget is one of the best ways to keep track of your money and find ways to save more. A budget helps you take a bird’s eye view of where every penny is going and can help you see how even small expenses like going out to lunch or grabbing a cup of coffee every day can add up quickly. Use the calculator below to see how much you can save if you take simple actions like waiting to buy a new car, eating out less, buying fewer clothes, or customize your own category—and see how those savings will add up each year.
Building a Budget
Now that you can see how the money you save can add up quickly, you might be wondering how to build a budget. First, keep track of every single penny you spend for a month or two. This will give you a baseline of what you’re spending money on every month. As a bonus, the act of tracking your spending will typically help you become more conscious of each purchase. Next, categorize the items you’ve spent money on—placing them into needs and wants lists. Then, determine what percentage of your income is going toward wants and needs, and find ways to cut back. The key is to get all your expenditures to fit within your income for each month. Learn more about how to budget your money.
Whether you're aiming to put away $50 a month or save up for a down payment on a house, creating goals can help you build your budget. Fifth Third offers tools that can help you reach goals, like our Dobot savings app. Give your goal a name, set the dollar amount you’ll need and a deadline, and Dobot will automatically transfer money into your Dobot savings account every few days. Our Goal Setter Savings® Account is another tool to ascend to your personal savings goal. The account lets you create a personal savings goal, save at your own pace, and track your progress online with Online Banking.
Sometimes, doing that requires you to trick yourself into it. No one approach works for everyone, but some of these tips might work for you. Learn these strategies to plan, execute, and force yourself to stick to a budget.
As you get closer to retirement, you may wonder whether you are really ready to make the leap. How do you know when you are “retirement ready?” Here are some things to consider before leaving the workforce behind.
We're here to help: