Saving money is harder than ever today but it’s still something that everyone needs to do if they want to ensure the financial future of their family. A lifetime savings calculator Excel template can help an individual or household create and stick to realistic goals for saving money for retirement.
The lifetime savings calculator shows an individual how much money they can save per product buy buying cheaper or generic products. Many families may be surprised to find out exactly how much money they will save per month and how this money will affect their retirement savings. This can be an excellent way for families and individuals to save money without having to make a significant lifestyle change.
How to Use the Lifetime Savings Calculator Excel Template
- Select an item that your family purchases often that has a generic or cheaper alternative. This can be any item from cereal to prescription medications. Prescription medications usually show the largest cost differential.
- Enter in some basic biographical information such as your age, the age you want to be when you retire and your age expectancy. These items should be estimated as closely as possible.
- Enter in the product’s price, the generic version of the product’s price and how often you purchase the product every month.
- The lifetime savings calculator Excel template will then show you how much money you will save both before and after retirement by purchasing generic versions of the product.
- If the difference is not significant then you may want to continue purchasing your name brand products. However, if the difference is significant then the best choice is usually to discontinue the name brand product and try out the generic.
Tips for Using the Lifetime Savings Calculator Excel Template
- Before using the lifetime savings calculator Excel template you should check your receipts to make sure the prices that you enter in are accurate and that you are aware of exactly how often you purchase the product.
- The lifetime savings calculator Excel template is best used on items that are purchased a lot or on items that have a significantly large difference between their name brand and their generic price.
- The lifetime savings calculator does not work if the money saved from buying generic items is not put into savings at an appropriate interest rate, so this means that you will need to track the amount you are saving and increase your monthly savings deposit by that amount.
Download: Savings Calculator Excel
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