Savings Calculator

Estimate your future savings with our easy-to-use calculator. Plan your financial goals with interest, duration, and contribution options.

How to calculate savings

Understand how your savings grow over time using compound interest, initial deposit, and recurring contributions.

Savings Formula

A savings calculator estimates your future savings based on:

  1. Initial Deposit: The starting lump sum amount.
  2. Recurring Contributions: Monthly or yearly savings you add.
  3. Compound Interest: Interest added on both principal and prior interest.

Formula:

FV = P × (1 + r)n + PMT × [((1 + r)n - 1) / r]

Where:

  • FV = Future Value
  • P = Initial Principal
  • PMT = Recurring Contribution per Period
  • r = Interest Rate per Period
  • n = Total Number of Periods

This helps you see how much your savings could grow over time through consistent contributions and compound interest.

Frequently Asked Questions

Helpful answers about saving money, compound interest, and how this calculator works

A savings calculator helps you estimate how much money you'll accumulate over time based on your initial deposit, recurring contributions, interest rate, and time period.

Yes. This calculator uses the compound interest formula to give you an accurate projection of your future savings growth.

It depends on your financial plan, but consistent monthly contributions are ideal to maximize compounding and savings growth.

Yes, you can use it for any long-term savings goals, including retirement. Just enter your expected contributions and time horizon.

This calculator does not account for inflation. You may consider using an inflation-adjusted calculator for more accurate future value estimates.