Use MoneyGeek's free savings calculator to estimate your future savings balance. Enter your starting balance, contribution amounts, frequency and interest rate to see how your money grows.
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To use our savings calculator, enter your starting balance, regular contribution amount, contribution frequency, interest rate and compounding frequency. Adjust these numbers to see how they affect your total savings.
The calculator generates a graph showing how your savings and interest combine to grow your balance. Saving more frequently or longer helps you reach goals faster. Test different interest rates, contribution amounts and time periods to find the best strategy for your situation.
This is the amount you've already saved. A larger starting balance earns more interest. Even with a smaller amount, regular contributions grow your savings steadily.
Decide how much you want to add to your savings and how often (monthly or annually). Adding money regularly helps your savings grow because every deposit increases the amount earning interest. Small adjustments to your contributions create significant changes in your final balance.
Choose how long you want to save. The longer you save, the more your money grows through accumulated interest. Extended timeframes demonstrate the power of consistent saving.
The interest rate determines how much your money increases each year. A higher rate means faster savings growth. Choose a realistic rate based on your account type, such as a standard or high-yield savings account.
Compounding means adding interest to your savings so it earns even more interest. The more often interest is added, the faster your money grows. Try different options, like monthly or yearly compounding, to compare results.
After the calculation, you’ll see these results:
A graph shows your balance growth each year, displaying the difference between contributions and interest earned. Monitor your progress and adjust your savings plan accordingly.
Imagine you start saving with $5,000, plan to save $200 each month, choose a 5% annual interest rate and select monthly compounding over 10 years.
With these details, the calculator shows total savings of $39,292 after 10 years. This includes $29,000 from your contributions and $10,292 in interest earned.
Your graph shows savings growth each year from regular contributions and interest. Small, consistent savings build substantial growth over time.
Explore different bank accounts to match your savings goals. Account types vary in accessibility, interest rates and growth potential, which affect your savings trajectory.
Account Type | Overview | Impact on Savings Growth | Considerations |
|---|---|---|---|
Traditional savings | Simple and accessible, averaging 0.45% APY | Suitable for steady growth over time but better for short-term goals | Lower rates mean slower growth but offer easy access to funds |
High-yield savings | High rates, often exceeding 4% APY | Faster growth, ideal for building savings quickly | Some accounts require minimum balances for best rates |
Certificates of deposit (CDs) | Fixed rates up to 6% APY, depending on the term | Guaranteed growth over a specific period, great for long-term goals | Early withdrawal results in penalties, so plan carefully |
Money market | Slightly higher rates than traditional accounts, averaging 0.61% APY | Balances growth and accessibility for medium-term savings | Some accounts have transaction limits or minimum balance requirements |
Annual percentage yield (APY) shows how much interest you earn in a year, including compounding. APY measures your money's growth more accurately than the interest rate alone.
A higher APY means faster savings growth, especially with frequent compounding. For example, a high-yield savings account with 4.75% APY earns you hundreds more in interest than accounts with lower rates.
Use our calculator to plan for emergency funds, retirement or major purchases. Set targets and adjust contributions to meet your financial goals.
An emergency fund provides financial stability by covering three to six months of living expenses in case of unexpected events, like medical bills or job loss. The calculator determines a realistic monthly savings amount and estimates how long reaching your goal takes. Track your progress to stay motivated and align savings with your budget.
Big financial goals, like buying a home or car, require careful planning to stay on track. Set a target amount, timeframe and monthly contributions to see how much you need to save. Track your progress to stay focused and avoid unnecessary debt.
The sooner you start saving for retirement, the more your money grows. Monthly or yearly contributions build substantial wealth through compounding. Experiment with savings amounts to find the right balance for your retirement timeline and adjust as your goals change.
Planning for education expenses early makes a substantial difference. Set a timeframe and regular contribution amount to estimate tuition savings needs. As your child gets closer to college, update your plan to adjust for changes in costs or your finances.
These frequently asked questions address monthly contributions, inflation and tracking your savings growth.
A savings calculator gives you a clear projection of your future balance by adjusting factors like contributions, interest rates and compounding. Use it to test different saving strategies, set realistic goals and plan effectively for milestones (whether you're building an emergency fund, buying a home or saving for retirement). Make informed choices that increase your savings growth
Your monthly savings depends on your income, expenses and goals. Financial advisors recommend 15% to 20% of your income. The calculator helps you determine a monthly target based on your financial situation.
Inflation reduces your money's purchasing power, so your savings buy less in the future. The calculator doesn't account for inflation, but high-yield savings accounts offer higher returns that help offset inflation's impact.
Set up automated monthly transfers to your savings account. Review your progress with the calculator regularly to maintain momentum and adjust as your finances change.
Enter your starting balance, monthly contributions, interest rate and compounding frequency to get a projection of your future balance. Consistent contributions and compounding accelerate growth, showing your potential savings clearly.
About Nathan Paulus
Nathan Paulus is the Head of Content at MoneyGeek, where he conducts original data analysis and oversees editorial strategy for insurance and personal finance coverage. He has published hundreds of data-driven studies analyzing insurance markets, consumer costs and coverage trends over the past decade. His research combines statistical analysis with accessible financial guidance for millions of readers annually.
Paulus earned his B.A. in English from the University of St. Thomas, Houston.
