Savings Calculator
Plan your savings with confidence. Enter your initial deposit, monthly contributions, interest rate, and time horizon to see exactly how your money grows.
💰 Financial Disclaimer: This calculator is for educational purposes only. Consult a qualified financial professional.
How It Works
Uses compound interest with regular monthly contributions. Interest compounds monthly on both initial deposit and ongoing contributions.
Formula
FV = PV × (1+r)n + PMT × ((1+r)n−1)/r
FV=future value, PV=present value, r=monthly rate, n=months, PMT=monthly contribution.
Example
$1,000 initial, $200/month, 5% APY, 10 years:
Future Value ≈ $32,278
Contributions: $25,000 | Interest earned: $7,278
When to Use This Calculator
Use when planning for any savings goal — emergency fund, vacation, down payment, or major purchase. Run different scenarios to find the right monthly amount.
Common Mistakes to Avoid
- Forgetting inflation — long-term goals need inflation adjustment.
- Using annual rate without monthly conversion — divide annual rate by 12.
- Ignoring taxes on interest — savings account interest is generally taxable income.
Frequently Asked Questions
How much should I save per month?
The 50/30/20 rule suggests 20% of take-home pay. Use this calculator to find the exact amount for your specific goal date.
What interest rate to use?
Use your account's actual APY. High-yield savings accounts currently offer 4–5% APY.
Save or pay debt first?
If debt interest rate exceeds savings rate, paying off debt first is mathematically better.
Rule of 72?
Divide 72 by your annual rate to estimate years to double. At 6%, money doubles in ~12 years.
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Last Updated: July 4, 2026