💰 Savings Calculator
Project how your savings will grow over time with regular contributions and compound interest.
Your Savings Plan
Your Projected Savings
| Year | Contributions | Interest Earned | Ending Balance |
|---|
Projections assume a constant interest rate and consistent monthly contributions. Actual returns will vary with market conditions.
How the Savings Calculator Works
This calculator compounds your initial deposit and monthly contributions at your chosen interest rate and compounding frequency, showing your total balance, contributions, and interest earned over time.
Formula
Balance is compounded each period; monthly contributions are added and prorated across compounding periods within the month
Future Value = P(1 + i)^(n×t) + Σ (monthly contributions compounded forward at rate i)
Frequently Asked Questions
Does compounding frequency make a big difference?
Daily compounding earns slightly more interest than monthly compounding at the same nominal rate, but the difference is usually small for typical savings account rates and timeframes.
What interest rate should I use?
Use your bank or account's current annual percentage yield (APY). High-yield savings accounts and CDs typically offer higher rates than standard checking or savings accounts.
How much should I save each month?
A common guideline is to save at least 20% of your income, but the right amount depends on your goals, timeline, and current expenses. Try adjusting the monthly contribution to see how it changes your projected balance.