Savings Calculator
See how your savings can grow over time with compound interest.
About this Tool
The Savings Calculator helps you project the future value of your savings based on an initial deposit, regular monthly contributions, and an expected annual interest rate. It's a powerful tool to visualize the impact of compound interest and consistent saving habits.
Common Use Cases
Setting Savings Goals
Determine how much you need to save monthly to reach a specific financial goal, like a down payment on a house or a new car.
Retirement Planning
Get a rough estimate of how your retirement savings will grow over time.
Comparing Accounts
See how different interest rates on savings accounts or investment vehicles can affect your future savings.
Pro Tips
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Start Early
The earlier you start saving, the more time compound interest has to work its magic. Even small amounts can grow significantly over a long period.
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Be Consistent
Making regular, automatic contributions is a powerful way to build your savings without having to think about it.
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Realistic Interest Rates
Use a realistic interest rate for your projections. High-yield savings accounts might offer 4-5%, while a diversified investment portfolio might average 7-10% over the long term.