The difference between saving $300/month and $500/month at 5% over 20 years is staggering: $123,310 vs $205,517 โ a gap of $82,207 from just $200 more per month. Use our calculator above to experiment with different monthly amounts and see how even small increases compound over your chosen time period.
Consider the "save your raise" strategy: every time you get a raise, increase your monthly savings by half the raise amount. You still enjoy higher spending, but your savings rate grows automatically without lifestyle sacrifices.