Savings Formula: FV(Interested Rate Received/100, Years to Save, -Planned Monthly Savings x 12, 0, 1)
Savings Definition When using the Savings Calculator, you will know how much to save and there will be no surprises. When saving for retirement, vacation, a new home or any large purchase, using this calculator can help you determine how much money to save each month. Enter different monthly figures to see different scenarios. See how your savings will increase by saving just a little more each month. Use different figures to create different scenarios and see how fast your money can grow in time. So try this FREE online calculator today!
How to Use the Savings Calculator The Savings Calculator allows the following to be entered:
Planned Monthly Savings
Years to Save
Interest Rate Received
Planned Monthly Savings Planned monthly savings is your monthly contribution to the savings account. Choose an amount that fits well within your budget. When saving long term, try to save at least this amount each month. Saving more will help you reach goals faster, so try to save more when you can. Even an extra $25 a month can have a big impact on your total savings amount.
Years to Save The years to save is how long you’d like to save. When planning for retirement, this can be hard to determine, but give your best guess. For short range goals such as a down payment for a home or a car, the time frame will be easier to guess.
Interest Rate Received The interest rate received can be found on the paperwork from when you opened the savings account. Obviously, the higher the interest rate, the quicker the savings will grow. Try to find the highest interest rate to help reach your savings goal. The interest rate on mutual funds will vary, but your financial adviser can give you an estimated percentage rate to enter here based on past performance. As this rate changes, use the calculator again to get a better estimate of the money you will accrue in the time period. Interest rates fluctuate, so this financial calculator is better used for short term savings. However, it can provide a general idea for your savings goal. This calculator does not factor in the amount already saved. This money will also accrue interest as time goes on. This can be calculated using a separate calculator and added to the amount from the savings calculator.
What are you waiting for? The Savings Calculator widget can be used on blogs and other websites. Font size and background color can be changed to match the blog colors. The results can also be shared on a blog or site. This can be especially useful for an online community trying to reach a savings goal. If you think your friends will like this financial calculator, share it easily from the website. Try this FREE online calculator today and start saving for the future!
How to Calculate Savings Let's be honest - sometimes the best savings calculator is the one that is easy to use and doesn't require us to even know what the savings formula is in the first place! But if you want to know the exact formula for calculating savings then please check out the "Formula" box above.