Savings Calculator
See how your savings can grow over time with consistent contributions.
How Much Will Your Savings Actually Grow?
Saving money is a great first step, but the real magic happens when your savings start to generate their own earnings through compound interest. This calculator projects the future value of your savings, showing you how an initial deposit, combined with consistent monthly contributions, can grow into a significant sum. Use it to set clear targets for your financial goals, whether it's a down payment, a new car, or a university fund.
How to Project Your Savings
To forecast your savings growth, you'll need a few key numbers:
- Initial Deposit: The amount you're starting with.
- Monthly Contribution: The amount you plan to save each month. Consistency is key.
- Years to Grow: The duration you plan to save for.
- Estimated Annual Rate: The interest rate you expect to earn. A high-yield savings account or a recurring deposit might offer 4-7%.
The calculator will then show your total balance, your total contributions, and most importantly, the total interest earned.
Frequently Asked Questions (FAQ)
Q: What's a realistic interest rate to use?
A: This depends on where you're saving the money. A standard bank savings account might offer 1-3%. A high-yield savings account or a fixed/recurring deposit (FD/RD) could offer 4-7%. Check with your bank for current rates.
Q: How can I save faster?
A: There are two main levers: increase your monthly contribution, or find an investment vehicle with a higher rate of return (though this usually comes with higher risk). Use the calculator to see how even small increases in your monthly savings can make a huge difference over time due to compounding.