With the current unsteady nature of the United States economy, more and more consumers are turning their thoughts to saving for the future according to a recent study.

Whether you are saving for a ‘rainy day’ or for a special date which is already planned, an interest calculator can really help you to reach your financial goals. Earning money with high interest rates is important, but making smart decisions about spending is equally important.

Experts recommend making use of an interest calculator and following three important steps to help increase the pace of your savings and achieve your goals as quickly as possible. The first step is to cut your costs. This is especially important if you only have a small amount to invest.

With smaller investments, an interest calculator may struggle to add up to a substantial amount over a short period of time. Therefore it makes sense to review your monthly spending and see if there is anywhere that you can cut costs. This will free up more funds to divert towards your investment and speed up your savings.

You may have trouble identifying where you can reduce your spending, however, it is the small changes which can often make the largest impact. Little things such as packing a lunch to take to work rather than eating out every day can really make a difference.

Calculate how much you usually spend on lunch and you will see that over the course of a month the cost can really begin to mount up. There are lots of other little expenses that you can cut out on a day to day basis in order to cut costs. For example, consider making your morning coffee before you leave for work, rather than picking up an expensive coffee from a street vendor.

Lastly, think twice before you visit the ATM. It can be tempting to withdraw a few dollars from your savings account in order to pay for a night out or a new item of clothing. It is easy to fall into the trap of thinking that just this once is not going to hurt. Quite aside from the fact that ‘just this once’ can easily become a regular occurrence, making withdrawals from your savings can slow down your savings momentum much more than you might think.

Saving for a special event, or just putting some money aside for a rainy day. Need not be a struggle, even with the current unstable economic climate. As the most recent advice shows, by making a few adjustments to your spending habits, you can save more and build a nest egg much faster than you might expect.