🏦 Savings Calculator
Calculate your savings growth with regular monthly deposits and compound interest. See total saved, contributions, and interest earned.
Savings Growth Calculator
The Savings Calculator projects the future value of your savings account, factoring in an initial deposit, regular monthly contributions, and compound interest. Understanding how your money grows over time is the foundation of sound financial planning.
Enter your initial deposit, monthly contribution amount, annual interest rate, and time horizon in years. The calculator shows your total savings at the end of the period, broken down into your total contributions and the interest earned. This breakdown helps you see the powerful effect of compound interest.
Whether you are saving for an emergency fund, a down payment, or a long-term goal, this calculator helps you set realistic targets and understand how small increases in contributions or interest rates can significantly impact your final savings balance.
Frequently Asked Questions
What is compound interest?
Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. It causes your savings to grow exponentially over time, as you earn interest on your interest.
How often is interest compounded?
This calculator assumes monthly compounding, which is the most common method for savings accounts. The interest rate you enter should be the annual percentage rate (APR).
What is a good savings rate?
Financial experts generally recommend saving at least 20% of your income. The 50/30/20 rule suggests 50% for needs, 30% for wants, and 20% for savings and debt repayment.