If you change your contribution amounts to your savings/retirement accounts multiple times throughout the year, then I think you’ll agree with me in saying how annoying it is to constantly try and figure out how much to set aside each paycheck.
It seems I am always changing my contribution amounts, whether it be some extra money I made on the side or I want to prioritize my money towards one account over the other. I actually created an excel spreadsheet to quickly recalculate my new contribution amounts. Then I got to thinking others might want to have access to something similar.
This is why I turned that spreadsheet into a calculator here so you can quickly and easily change up your retirement savings goals for the end of the year and know exactly how much to take out of your paycheck for each account.
How to use the calculator
- Enter how much you make per pay check or pay period. So this will vary if you get paid once a month, twice a month, or maybe even weekly. If you have irregular income, then I’d recommend using your average income every month.
- Next enter how many remaining pay periods you have left in the year. This number will vary based on your pay frequency.
- The next section breaks down your retirement savings goals for the end of the year. Enter how much you want saved in each account by the end of the year.
- After that you need to fill in how much money you’ve already put in to each account during the year, if any. Since we are dealing with retirement accounts there is usually a cap to the amount we can contribute each year.
That’s it! The results automatically calculate when you fill in your numbers. It will show you how much money to set aside in your paycheck for your 401K, IRA, HSA, and any other retirement or savings accounts you have.