Savings Calculator
Calculate savings growth with compound interest and regular contributions. Plan emergency funds, retirement savings, or major purchase goals. See how much you will have in 5, 10, or 20 years.
$
$
%
yrs
Total Savings
$94,111
after 10 years
Total Contributions
$70,000
Interest Earned
$24,111
Growth Breakdown
Loading chart...
View Yearly Breakdown
| Year | Balance | Contributions | Interest |
|---|---|---|---|
| 1 | $16,677 | $16,000 | $677 |
| 2 | $23,695 | $22,000 | $1,018 |
| 3 | $31,072 | $28,000 | $1,377 |
| 4 | $38,827 | $34,000 | $1,755 |
| 5 | $46,978 | $40,000 | $2,151 |
| 6 | $55,547 | $46,000 | $2,569 |
| 7 | $64,554 | $52,000 | $3,007 |
| 8 | $74,021 | $58,000 | $3,468 |
| 9 | $83,973 | $64,000 | $3,952 |
| 10 | $94,435 | $70,000 | $4,461 |
Why Use Savings Calculator?
Understanding how your money grows over time is crucial for financial planning. Our savings calculator shows the power of compound interest and regular contributions. See how even small monthly deposits can grow into substantial savings over time, helping you plan for retirement, emergencies, or major purchases.
Frequently Asked Questions
What is compound interest?
Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. This creates a snowball effect where your money grows exponentially over time.
How often should interest compound?
More frequent compounding (daily vs. annually) results in slightly higher returns. Most savings accounts compound daily or monthly. The difference becomes more significant with larger balances and longer time periods.
What is a good savings rate?
Financial experts recommend saving 10-20% of your income. High-yield savings accounts typically offer 4-5% APY, while regular savings accounts may offer 0.5% or less. Shop around for the best rates.
How much should I save for emergencies?
A common recommendation is 3-6 months of living expenses in an easily accessible emergency fund. This provides a safety net for unexpected expenses or income loss.
Should I invest or save?
Savings accounts are best for short-term goals and emergency funds due to their safety and liquidity. For long-term goals like retirement, investing typically offers higher returns despite more risk.