• Starting balance: Current amount in your savings account

• Monthly contributions: How much you plan to save each month

• Interest rate: Annual percentage yield (APY) offered by your bank

• Time horizon: How long you plan to save toward your goal

• Compounding frequency: How often interest is calculated (daily, monthly, annually)

• Automate contributions: Set up automatic transfers to make saving consistent

• Shop for higher rates: Compare high-yield savings accounts and CDs

• Increase contributions gradually: Boost savings by 1% when you get raises

• Take advantage of compound interest: Start early and let time work in your favor

• Avoid withdrawals: Keep your money invested to maintain growth momentum

• Interest rate changes: Rates can fluctuate, affecting your projected returns

• Inflation impact: Your purchasing power may decrease over time

• Life circumstances: Job loss, emergencies, or major expenses could disrupt contributions

• Account fees: Monthly maintenance fees can eat into your growth

• Tax implications: Interest earnings may be subject to income taxes