Vice Savings Calculator

October 19, 2023

Savings.com Vice Savings Calculator

Every budget’s got a little bit extra in it. Whether you enjoy regular nights out with friends or enjoy using your favorite food delivery service, scaling back a bit on a pet vice can clear the way for a surprising amount of savings each year.

Take a look at the calculator below to see just how much you can save by cutting back. Fill out the information below to chart your savings over time, and jump-start your savings with Savings.com coupons from hundreds of retailers and top brands.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Financial Calculators from
Dinkytown.net

Vice Savings Calculator

*indicates required.

Vice Savings Inputs:

Vice to reduce:*This entry is required.

Current spending per week:*This entry is required.Enter an amount between $0 and $5,000

Reduce spending by:*This entry is required.Enter an amount between 0% and 100%

Goal to save:*This entry is required.Enter an amount between $1 and $100,000

Expected Rate of return:*This entry is required.Enter an amount between 0% and 20%

Savings per month:

200

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Total Savings by Year

Definitions

Vice to reduce

Choose the type of vice spending you will reduce. Your choices are smoking, drinking, shopping, eating out and other.

Current spending per week

Average amount you spend on your vice each week.

Reduce spending by

Percentage you wish to reduce your spending on the selected vice. You can choose a 1% to 100% reduction.

Goal to save

A vice savings goal. The tool will calculate the length of time it will take to save this amount.

Savings per month

Total you should be able to save each month by reducing your vice spending.

Expected rate of return

This is the annually compounded rate of return you expect from your investments. If you pay taxes on the interest, dividends or capital gains from these investments you may wish to enter your after-tax rate of return.

The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31^st 2022, had an annual compounded rate of return of 12.6%, including reinvestment of dividends. From January 1, 1970 to December 31^st 2022, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.

Next Steps To Help You Save

Now that you’ve seen how small changes to your spending can impact your savings over time, you’re ready to take some next steps. Keep reading to explore more money-saving ideas and helpful tips.

Set a goal. Cutting back is a great start, but creating a plan will help you direct those savings toward a healthy goal. Check out our Savings Goal Calculator for an easy way to allocate your savings, and review the impact of inflation on your future nest egg with our Inflation Calculator. We also have an emergency fund calculator to help you understand what savings goals should look like when something unexpected happens.
Speak to an expert. Consider whether a financial expert would be helpful in choosing an investment strategy. Expert advice isn’t necessary for every situation, but having a good plan can serve as a strong foundation for future financial growth.
Clean up your budget. Most people are surprised to find out how they spend their money every month. Taking an inventory of your overall household expenditures can open up unexpected opportunities to trim unneeded expenses. Take a look at our Home Budget Analysis tool to get started.