New Mexico Savings Goal Calculator
Plan your savings goals in New Mexico. Cost of living index 94.6, median income $54,020. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for New Mexico with cost-of-living context. Uses compound interest formula with monthly contributions. New Mexico's cost of living index of 94.6 (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
New Mexico savings context: Median income $54,020/yr | Cost of living 94.6 (below average) | Recommended 6-month emergency fund: $27,010 | State tax rate up to 5.9%.
Frequently Asked Questions
How much should I save in New Mexico?
Financial experts recommend a 6-month emergency fund. In New Mexico (cost of living index 94.6), that's approximately $27,010 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 New Mexico?
At New Mexico's median household income of $54,020, saving 15% ($675/mo) at 4.5% APY, you'd reach $10,000 in about 15 months. Higher contributions or returns shorten this timeline.
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