What is a Savings Calculator?

A Savings Calculator is an online tool to quickly estimate how your money will grow over time, factoring in regular contributions and compound interest. Simply enter your monthly contribution, length of time you plan to save, and your interest rate to see how much you contributed, interest earned, and total final amount.

Whether you are building an emergency fund, saving to take a dream vacation or saving for retirement, a Savings Calculator simplifies your financial planning. The Savings Calculator is also known as a Monthly Savings Calculator, Compound Interest Savings Calculator, or Savings Growth Calculator, and is a straightforward way for anyone to build, understand, and improve on their savings.

Key Features of the Savings Calculator

• Estimate accumulated savings with a regular monthly contributions
• Select either simple interest or compound interest mode
• Flexible savings periods in months or years
• Check the interest rate against your bank account or investment program and adjust accordingly
• Access a visual synopsis of contributions, interest earned and future balance
• 100% free - no sign up or registration
• Fully usable across mobile, tablet or desktop
• Useful for budgets, emergency funds, travel plans or retirement savings

Why Use This Savings Calculator?

Saving money is not just about stowing money away; it is more about realizing what your money will be worth in the future. This savings calculator will help you:

• Understand the effect of increased monthly contributions or a higher interest rate
• Explore the difference in various savings options e.g., one-off lump sums vs regular monthly savings
• How compounding frequency (monthly, quarterly, yearly) influences your return on investment
• Visualize the growth in your savings from charts or graphs to show exactly how much money you can make towards achievable financial goals

How to Use the Savings Calculator (Step-by-Step)

1. Enter your initial deposit (optional)
2. Add your monthly contribution amount
3. Input the expected annual interest rate
4. Select your savings period (months or years)
5. Choose compounding duration (monthly, quarterly, annually)
6. Click “Calculate”
   • Total contributions
   • Total interest earned
   • Total savings balance

This process allows you to easily customize your whole savings plan and budget, as well as make changes to your savings plan on-the-fly.

Benefits of Using a Savings Calculator Online

• Develops realistic and attainable savings goals
• Demonstrates the powerful ways compounding interest can grow your money
• Promotes consistent monthly saving habits
• Assists with planning for large purchases (e.g., Weddings, Educational expenses, or home purchases)
• Great use for retirement savings, vacation funds, or emergency reserves
• Allows you to customize and compare “what-if” scenarios by adjusting savings rates or timeframes