Minnesota Savings Goal Calculator
Plan your savings goals in Minnesota. Cost of living index 96.8, median income $77,706. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for Minnesota with cost-of-living context. Uses compound interest formula with monthly contributions. Minnesota's cost of living index of 96.8 (100 = national average) means your savings stretch further than in the average state. The COL-adjusted figure shows what your goal would be at the national average cost of living.
Key State Information
Minnesota savings context: Median income $77,706/yr | Cost of living 96.8 (below average) | Recommended 6-month emergency fund: $38,853 | State tax rate up to 9.85%.
Frequently Asked Questions
How much should I save in Minnesota?
Financial experts recommend a 6-month emergency fund. In Minnesota (cost of living index 96.8), that's approximately $38,853 based on median income. Beyond that, aim to save 15-20% of gross income for retirement and other goals.
How long does it take to save $10,000 in Minnesota?
At Minnesota's median household income of $77,706, saving 15% ($971/mo) at 4.5% APY, you'd reach $10,000 in about 10 months. Higher contributions or returns shorten this timeline.
Related Calculators
More Savings Goal Calculators
More Calculators for Minnesota
Explore related financial tools with Minnesota data