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Savings Calculator
Calculate how your savings grow over time with compound interest. Enter your initial deposit, monthly contributions, interest rate, and time period to see your future balance. Supports 5 currencies with proper national formatting, year-by-year growth schedule, and calculation history.
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The Power of Compound Interest
Compound interest is often called the “eighth wonder of the world” because it allows your money to grow exponentially over time. Unlike simple interest, which only earns on the original principal, compound interest earns interest on previously accrued interest too. This snowball effect means that the earlier you start saving and the longer you invest, the more dramatic the growth.
How to Use the Savings Calculator
01
Enter Your Starting Point
Type your initial deposit and the monthly contribution you plan to add regularly. Select your currency from USD, EUR, GBP, INR, or JPY.
02
Set Rate & Time Period
Enter the annual interest rate and how many years you plan to save. Choose how often interest compounds: monthly, quarterly, semi-annually, or annually.
03
Review Growth & Schedule
See your future value instantly, along with the principal vs. interest breakdown, year-by-year growth schedule, and key stats. Save calculations to history for comparison.
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Savings Formulas Explained
| Calculation | Formula | Example |
|---|---|---|
| Future Value (Lump Sum) | FV = P × (1 + r/n)n×t | $10,000 at 7% for 10yr = $20,097 |
| Future Value (Contributions) | FV = PMT × [((1+r/n)n×t - 1) / (r/n)] | $500/mo at 7% for 10yr = $86,541 |
| Total Contributions | P + (PMT × 12 × t) | $10,000 + ($500 × 120) = $70,000 |
| Total Interest | Future Value - Total Contributions | $106,638 - $70,000 = $36,638 |
| Growth Multiplier | Future Value / Total Contributions | $106,638 / $70,000 = 1.52× |
Start Early, Even Small
Time is the biggest factor in compound interest. Saving $200/month starting at age 25 yields more than $400/month starting at 35, assuming the same return rate and retirement age.
The Rule of 72
Divide 72 by your annual interest rate to estimate how many years it takes to double your money. At 7%, your money doubles roughly every 10.3 years.
Monthly Compounds Beat Annual
More frequent compounding means interest earns interest sooner. At 7%, $10,000 grows to $20,097 with monthly compounding vs. $19,672 with annual compounding over 10 years.
Automate Your Savings
Set up automatic transfers on payday so you never “forget” to save. Treat savings like a bill — pay yourself first, then spend what’s left.
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Frequently Asked Questions
How does compound interest work?
Compound interest means you earn interest on your original deposit plus on all previously earned interest. Over time, this creates exponential growth. For example, $10,000 at 7% compounded monthly grows to $20,097 in 10 years — double your money without adding a cent.
What compound frequency should I choose?
Monthly compounding is most common for savings accounts and investments. Quarterly is typical for some bonds. Annually is the simplest but yields slightly less.
What is a realistic interest rate?
High-yield savings accounts typically offer 4–5% APY. Stock market index funds have historically returned about 7–10% annually (before inflation). CDs and bonds vary from 3–6%. Use a rate that matches your investment type.
Is this savings calculator free?
Yes, completely free with unlimited calculations. No registration required. Your history is stored locally on your device for privacy.