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STEP 6. APPLY THE SAVINGS FACTORS TABLE TO YOUR OWN SAVINGS PLAN Now you can apply the savings factors table to your own savings plan. Complete the first four rows of the chart using information you have already determined (questions 6 and 9). Then use this information in combination with the savings factors table to calculate your actual monthly savings requirement. Basic Savings Plan Savings Purpose Savings Goal Target Time Frame Earned Interest Rate Monthly Savings $ Requirement 13. How does your actual monthly savings requirement compare to your estimated monthly savings requirement (question 8)? STEP 7. THINK ABOUT YOUR SAVINGS PLAN Your savings plan has several variables: the savings goal, the target time frame, and the interest rate. By adjusting each variable, you can fine-tune your savings plan to fit your needs. 14. How much more money would you accumulate in one year if you saved an additional $10 each month? 15. How much less would you need to save each month to reach your savings goal if your earned interest rate increased by 1%? 16. Consider the implications of questions 14 and 15. In the space below, suggest ways that you might modify your savings plan. The McGraw-Hill Companies, Inc