Simple Savings Calculator
Calculate how much you'll save over time with regular deposits
Years to save: -
Deposit amount: - -
Annual return rate: -
Starting balance: -
1. Introduction
A Simple Savings Calculator helps you project how your savings will grow over time with regular contributions and compound interest. This essential financial tool calculates:
Future value of one-time deposits
Growth from recurring contributions
Compound interest earnings
Time needed to reach savings goals
2. Key Calculation Components
| Input | Description | Example Values |
|---|---|---|
| Initial Deposit | Starting amount | $1,000-$50,000 |
| Monthly Contribution | Regular savings | $50-$2,000 |
| Annual Interest Rate | Growth rate | 1%-10% |
| Compounding Frequency | Interest calculation periods | Monthly, Quarterly, Annually |
| Time Horizon | Years to grow | 1-40 years |
3. Core Formulas
A. Compound Interest Formula
Where:
A = Future value
P = Principal amount
r = Annual interest rate (decimal)
n = Compounding periods per year
t = Time in years
B. Regular Contributions Formula
(For calculating monthly contributions)
4. Example Calculation
Scenario:
Initial deposit: $5,000
Monthly contribution: $300
Annual interest: 5%
Compounding: Monthly
Time: 10 years
Results:
Total Contributions: $41,000 ($5,000 + $300×12×10)
Interest Earned: $12,847
Final Balance: $53,847
5. Growth Visualization
| Year | Total Saved | Interest Earned | Balance |
|---|---|---|---|
| 1 | $8,600 | $216 | $8,816 |
| 5 | $23,000 | $3,142 | $26,142 |
| 10 | $41,000 | $12,847 | $53,847 |
| 20 | $77,000 | $50,923 | $127,923 |