Savings Calculator
Plan your savings goals, calculate compound growth, and discover how much you need to save to reach your financial objectives.
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How to Use the Savings Calculator
Our savings calculator helps you plan your financial future by showing how your money will grow over time. You can calculate three different scenarios:
- Time to Goal: Find out how long it will take to reach your savings target
- Future Value: See how much your current savings plan will be worth
- Required Contribution: Determine how much you need to save monthly to reach your goal
Key Features:
- Multiple contribution frequencies (weekly, monthly, quarterly, etc.)
- Compound interest calculations with various compounding periods
- Year-by-year breakdown of your savings growth
- Visual progress tracking and recommendations
- Advanced options for contribution timing and compounding frequency
Understanding Compound Interest
Compound interest is the interest earned on both your initial principal and the accumulated interest from previous periods. This creates a snowball effect that can significantly boost your savings over time.
The Formula:
A = P(1 + r/n)^(nt)
- A = Final amount
- P = Principal (initial amount)
- r = Annual interest rate (decimal)
- n = Number of times interest compounds per year
- t = Time in years
Maximizing Your Savings:
- Start Early: Time is your greatest asset when it comes to compound interest
- Contribute Regularly: Consistent contributions amplify the compounding effect
- Find Higher Rates: Even small differences in interest rates can have big impacts
- Avoid Withdrawals: Let your money compound without interruption
Savings Account Types
High-Yield Savings
Online banks typically offer higher interest rates than traditional banks.
- • FDIC insured up to $250,000
- • Easy access to funds
- • Competitive interest rates
- • No minimum balance requirements
Money Market Accounts
Hybrid accounts offering both savings and checking features.
- • Higher interest than regular savings
- • Check-writing privileges
- • Debit card access
- • Higher minimum balance requirements
Certificates of Deposit
Time deposits that offer higher rates for locking in your money.
- • Higher rates than savings accounts
- • Fixed terms (3 months to 5+ years)
- • FDIC insured
- • Penalties for early withdrawal
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