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Savings Calculator

  • Andrew C. by Andrew C.
  • Published on 02 Dec, 2022
  • Updated on 09 Dec, 2022
  • Your total savings
  • Months of savings
    ${ total_period } months of savings
  • Interest Earned
  • Total Contributions

I've created this Simple Savings Calculator to help you estimate the growth of the investments over time, quickly and accurately.

  • Initial Deposit: This is the starting amount of your investment, or how much you can initially add to the account. Your initial investment amount is important to your investment's growth and can highly impact the overall investment overtime.

  • Monthly contribution: A monthly deposit is the amount you can add to your investment each month. Apply an estimate of what amount you might add to the investment monthly, depending on your budget. You can see how higher monthly deposits can boost your investment growth over time by increasing your monthly deposits.

  • Period of Years/Months: This is the number of years or months your investment has to develop. You can change what represents that value, by changing Period from Years to Months, and vice versa. The calculator will dynamically take into account whatever will be selected, and will come up with proper interests earned over either months or years.

  • Interest rate: You can calculate the rate you will earn on your investment by setting the Interest year, per annum. The interest rate, also called Annual Percentage Yield (APY), is the real rate of return earned on an investment, considering the effect of monthly compounding interest. Interest is calculated on the balance every month, and the amount is immediately added to the balance. Each period going forward, the account balance gets a little bigger, which means that the interest paid on the balance will also get bigger.

If you are 30 years old, and you plan to retire at age 65, you have 35 years ahead of you to put money into a savings account. If you were to purchase a deposit for a given period of time, for example 5 years, you could adjust the calculator to reflect how much money you would be able to save. Remember that the interest rate is not fixed, and may change over the period of time, which will affect your savings. A longer time frame means a bigger investment growth.