Savings Calculator
Calculate how much your savings will grow over time based on your starting balance, monthly contributions, interest rate, and time horizon.
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Savings Projection
- Future Balance
- $32,703.47
- Starting Balance
- $1,000.00
- Total Contributions
- $24,000.00
- Interest Earned
- $7,703.47
Growth Breakdown
Starting $1,000.00Contributions $24,000.00Interest $7,703.47
Disclaimer: Results are projections based on constant rates. Actual savings growth will depend on changing interest rates, inflation, and your actual contribution history.
Future Value Formula
FV = P(1 + r/n)^(nt) + PMT × [((1 + r/n)^(nt) − 1) / (r/n)]. P = initial principal. r = annual interest rate. n = compounding periods per year. t = years. PMT = regular monthly payment.
The Power of Starting Early
Saving $200/month from age 25 to 65 at 7% grows to over $525,000. Starting at age 35 gives only about $243,000 — less than half — for the same contributions. Time is the most powerful variable in savings.
Frequently Asked Questions
- Compound interest earns interest on both your principal and your accumulated interest. The more frequently it compounds (daily vs. monthly), the faster your savings grow.
- A common guideline is to save at least 20% of your income (the 50/30/20 rule). Use this calculator to set a savings goal and work backward to find your required monthly contribution.
- High-yield savings accounts currently offer 4–5% APY. For long-term projections in index funds, a common assumption is 7% average annual return (accounting for inflation).