☰
A savings calculator helps you plan and visualize your financial growth over time. By entering your initial savings, monthly deposits, interest rate, and time period, you can quickly see how your savings will grow with compound interest. This is especially useful for financial planning, retirement, or long-term investment strategies.
The formula for future savings with monthly deposits is:
FV = P*(1 + r/n)^(n*t) + PMT*(((1 + r/n)^(n*t) - 1) / (r/n))
Where P is the initial principal, PMT is the monthly deposit, r is the annual interest rate in decimal, n is the number of compounding periods per year, and t is the number of years.
This calculator allows you to quickly determine your expected savings at the end of your specified period. Adjusting your monthly contributions or interest rate can show the impact on your financial goals. It’s an essential tool for anyone looking to save systematically and reach their long-term financial objectives.