Simple Savings Calculator
Calculate your savings growth with compound interest and regular deposits over time
Calculate Your Savings Growth
Starting balance for your savings
How long you'll save money
Expected annual return rate
Amount and frequency of regular contributions
Advanced Options
Savings Results
Savings Breakdown
Calculation: Compound interest with regular deposits
Formula: FV = PV(1+r/n)^(nt) + PMT[((1+r/n)^(nt)-1)/(r/n)]
Total deposits: 120 payments of $100
Savings Analysis
Example Calculation
10-Year Savings Plan
Initial deposit: $1,000
Monthly deposit: $100
Interest rate: 10% annually
Period: 10 years
Compounding: Monthly
Results
Total contributions: $13,000
Interest earned: $10,362
Final savings: $23,362
Interest represents 44.3% of final balance!
Money-Saving Tips
Cancel Unused Subscriptions
Review monthly subscriptions
Cook at Home
Reduce food expenses significantly
Use Coupons & Discounts
Look for deals before purchasing
50-30-20 Budgeting Rule
Understanding Simple Savings
How Compound Interest Works
Compound interest is the interest earned on both your initial deposit and previously earned interest. This creates a snowball effect where your money grows faster over time. The more frequently interest is compounded, the more your savings will grow.
Key Factors for Savings Growth
- •Time: Longer saving periods dramatically increase growth
- •Regular deposits: Consistent contributions compound over time
- •Interest rate: Higher rates significantly boost final savings
- •Compounding frequency: More frequent compounding helps
Savings Account Options
Different savings vehicles offer varying interest rates and terms. High-yield savings accounts, certificates of deposit (CDs), and money market accounts each have unique benefits for your savings strategy.
Building Your Emergency Fund
- •Aim for 3-6 months of expenses
- •Keep funds in easily accessible accounts
- •Start small and build consistently
- •Automate your savings for success
Pro Tip: Pay yourself first by automating transfers to savings right after each paycheck. This makes saving effortless and consistent.