A Little More Goes a Long Way When Saving

Inflation rose 5.6% from July 2007 to July 2008, so your money is buying a lot less these days. Pair that news with stagnant wages, and the average American consumer is finding it ever harder to make ends meet. Setting a specific goal, whether for an emergency fund, retirement or an HD-TV, can help keep you focused when it comes to saving -- and spending -- your money.

The online Savings Goal calculator from BankingMyWay.com can help you see how quickly you'll reach that goal as you vary the amount you save each month.

The calculator requires you to enter the amount you need to save, how much you've saved so far, how long you have left to save and how much you expect to be able to set aside each month. You'll also need to input the interest rate you'll get on whatever account you use to stash your cash. If you are starting from scratch, you may want to consider stashing your cash in a regular savings account. But as soon as you have enough to meet the minimum balance requirements for money market accounts (MMAs) you should consider transferring that money in order to take advantage of the higher interest rates. Your money will grow quicker, and with the limited number of transactions per month, you'll be less likely to dip into the account before you have reached your goal. ...