With this savings account calculator, you can enter a lump sum initial deposit as well as a series of regular, periodic deposits. Or, you can enter just the lump sum or just the series of deposits. There are nine choices for the frequency of deposits.
The saving calculator also provides a number of options for how often your investment is compounded. In fact, you can choose from six options for compounding, from daily to annually.
Saving Extra Money by Giving Up the Latte!
Could you be saving extra money by making some minor adjustments in your daily routine? Saving even a small amount of money on a frequent basis can make a significant contribution to your financial picture in the long run, especially if you were to invest those savings. Use the saving calculator to see how much of a difference it could make.
For example, let’s say you decide to stop buying a $4 latte every day and instead invest that money. You think you could earn a 5 percent return on your investment. You want to see what would happen over the course of ten years.
On the savings interest calculator, leave the Lump Sum Initial Deposit blank. On the Additional Deposit line, choose “Daily” and enter a “4”. Fill in a “5” for the Annual Interest Rate, choose “Annual” for the Compounding Frequency, and fill in “10” for the Number of Years. Press compute. The results are pretty amazing. You will see that in ten years you would accumulate over $18,800!
You also may be interested in these calculators and worksheets:
Debt Snowball Calculator
Paying off credit cards and other debts is much easier when you focus on getting rid of them, one at a time.
Personal Budget Worksheet
Easily plan for your expenses by using this free, household budget form.
Mortgage Payoff Calculator
Want to pay down your mortgage quickly? This calculator shows you how.
Retirement Saving Calculator
Return from Savings Interest Calculator to Financial Freedom Advantage
Plug in variables to see if your income will last through your retirement years.