Back to Investing Unit 3: Strategies for Saving Money to Invest.
Table 1. How $10.00 a Month Will Grow*
| Yr | 3% | 4% | 5% | 6% | 7% | 8% | 9% | 10% | 11% | 12% | 13% | 14% | 15% |
| 1 | $122 | $122 | $123 | $124 | $125 | $125 | $126 | $127 | $127 | $128 | $129 | $130 | $130 |
| 2 | 247 | 249 | 253 | 256 | 258 | 261 | 264 | 267 | 270 | 272 | 275 | 278 | 281 |
| 3 | 376 | 382 | 389 | 359 | 402 | 408 | 415 | 421 | 428 | 435 | 442 | 449 | 457 |
| 4 | 509 | 520 | 532 | 544 | 555 | 567 | 580 | 592 | 605 | 618 | 632 | 646 | 660 |
| 5 | 646 | 665 | 683 | 701 | 720 | 740 | 760 | 781 | 802 | 825 | 848 | 872 | 897 |
| 6 | 788 | 812 | 841 | 868 | 897 | 926 | 957 | 989 | 1,023 | 1,058 | 1,094 | 1,132 | 1,171 |
| 7 | 933 | 968 | 1,008 | 1,046 | 1,086 | 1,129 | 1,173 | 1,220 | 1,268 | 1,320 | 1,374 | 1,430 | 1,490 |
| 8 | 1,083 | 1,129 | 1,182 | 1,234 | 1,289 | 1,348 | 1,409 | 1,474 | 1,543 | 1,615 | 1,692 | 1,773 | 1,859 |
| 9 | 1,238 | 1,297 | 1,366 | 1,435 | 1,507 | 1,585 | 1,667 | 1,755 | 1,849 | 1,948 | 2,054 | 2,168 | 2,288 |
| 10 | 1,397 | 1,472 | 1,559 | 1,647 | 1,741 | 1,842 | 1,850 | 2,066 | 2,190 | 2,323 | 2,467 | 2,621 | 2,787 |
| 15 | 2,270 | 2,461 | 2,684 | 2,923 | 3,188 | 3,483 | 3,812 | 4,279 | 4,589 | 5,046 | 5,557 | 6,129 | 6,769 |
| 20 | 3,283 | 3,668 | 4,128 | 4,644 | 5,240 | 5,929 | 6,729 | 7,657 | 8,736 | 9,991 | 11,455 | 13,163 | 15,160 |
| 25 | 4,460 | 5,141 | 5,980 | 6,965 | 8,148 | 9,574 | 11,295 | 13,379 | 15,906 | 18,976 | 22,714 | 27,273 | 32,841 |
| 30 | 5,827 | 6,940 | 8,357 | 10,095 | 12,271 | 15,003 | 18,445 | 22,793 | 28,302 | 35,299 | 44,206 | 55,571 | 70,098 |
The table can be used to find out how long it will take to reach your financial goals. It shows the growth of monthly $10 deposits invested at various interest rates. Put aside $10 a month for five years at 10%, for example, and you’ll have $781- the figure at the intersection of the year five and 10% interest columns. If you can invest $50 each month, you will have five times $781, or $3,905.
- Adapted from: How To Save $1,000 Or More A Year by Denise M. Matejic, Rutgers Cooperative Extension; Garman, E.T. and Forgue, R.E. (2006). Personal Finance. Houghton Mifflin, Co.; and Kiplinger’s Retirement Report February 1994.