Savings Account Calculator
This savings account calculator will figure the amount of time it will take you to reach your savings goal.
Simply input four factors: your current savings balance, future savings goal, the amount you can add each month, and the annual interest rate (return on investment) you expect those savings to grow at. The calculator will tell you when you will reach your savings goal.
Note that this calculator is based on monthly compounding and solves for time. If you would like to solve for monthly savings required to hit your goal by a specific date then try this savings goal calculator. If you would like a different compounding interval (weekly, daily, annually) try this compound interest calculator.
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How To Set Savings Goals And Achieve Them
Do you have ambitions? Of course you do! Whatever your dreams are, you need money to achieve them.
To achieve your dreams, you’re going to need to plan your way toward them. People who make a plan often reach their goals faster than those who don’t. Plan your goal, calculate how much money you need to save each month, and start saving!
Whatever your savings goal, using a savings growth calculator such as this one can help you determine how long it will take you to save based on your current savings and the amount you add to your savings each month.
When Should You Start Saving?
The moment you start earning money, you should start saving some of it for your financial goals. The sooner you begin saving, the more time your money has to grow before you reach your goal deadline.
But before you decide when to start saving, you need to set your goals. You can write down and divide your goals into short-term and long-term categories. Put your list somewhere in your house where you will see it everyday – like the kitchen. No matter how large or small your goal is, if you keep your focus on that goal, you will most likely succeed.
How To Create Your Savings Strategy
Accelerate Your Savings
What should you do when you discover that you’re not saving enough money to reach your savings account goal in a timely fashion? There are two options here: find a new place to keep your money that offers a higher annual interest rate, or find a way to save more money every month.
The fastest and easiest way to find more money to save is by cutting your expenses – especially if you can’t find extra jobs. Along these lines, switching from buying expensive brand-name products to generic products will help you cut expenses. Find out how much money you will save if you apply this strategy by using the Latte Factor Calculator – another easy-to-use calculator like this savings growth calculator.
Find The Best Place For Your Savings To Grow
Once you’ve started the habit of saving, the next step will be to find investments where you can make your savings grow. There are lots of investment products available in the market. But you need to be careful when choosing an investment product. For example, you might not want to invest in a CD (certificate of deposit) if it locks you in for five years when you’ll need the money in three years.
For long-term goals, you should consider buying stocks, bonds, mutual funds, ETFs, or other forms of investments that will more likely provide a higher return on your investments than traditional savings accounts or CDs over the long run.
Make Saving A Habit – Even Automatic
The best way to save every month is to make saving a habit. Push yourself to save a specific amount toward your financial goals every month – keeping in mind how long it’ll take you at your current monthly savings deposit amount and interest rate. You may need to set a recurring monthly reminder in your digital calendar or to-do list to get in this habit.
Alternatively, try making saving automatic by paying yourself first. Set up an automatic draft from your checking account to your savings account or other investment account at the beginning of each month. Just be sure to revisit these automatic drafts from time to time to make sure you’re still saving enough to reach your changing financial goals. As your life circumstances change so must your savings goals.
Remember, saving is an essential component to accumulating wealth. Be smart, create a plan, and stick to it. You’ll be glad you did.
Savings Account Calculator Terms & Definitions
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Savings Account Calculator – How Long To Reach My Savings Goal?
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