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Our savings calculator quantifies your savings efforts, showing you the rate at which your money is growing. Read on to see how our savings calculator can help you plan your financial future.
How to use our savings calculator
To calculate your savings with our calculator, follow these steps:
- Enter in the initial amount of your savings total.
- Enter in the interest rate at which your money is appreciating.
- Enter in the amount of time your savings will accrue (expressed in either years or months).
- Enter in how often interest is calculated (i.e. monthly, quarterly, yearly).
- Enter in the amount of your monthly deposit or withdrawal.
- Click calculate.
How the savings calculator works
Our savings calculator accounts for both your current financial situation and your future savings plan. The end result is a clear display of your total savings over your pre-set period of time, as well as showing how much you’ve made over time in interest.
Why should I use it?
Because it’s important to know how much you’re able to save in the long term, and because maths done off the top of your head can be tough – especially when multiple different inputs are involved. Our savings calculator gathers several pieces of key personal financial information, then spits out a tangible final total. If that total doesn’t look large enough for your savings goals, you can always adjust based on the results the calculator gives you.
What are savings?
Savings refer to any income that’s not spent, but rather kept for a future date. Savings can be useful for all kinds of reasons, from saving up for a big-ticket purchase such as a car or home to saving for retirement.