Savings Calculator
Calculate how your savings will grow over time with regular contributions and compound interest.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How much should I save each month?
A common guideline is saving 20% of income, following the 50/30/20 rule. However, the right amount depends on your goals, expenses, and timeline. Many people begin with what fits their budget and gradually increase over time.
What is a good savings rate?
Common benchmarks cite 15-20% of gross income. Those pursuing early retirement often target 25-50% or higher. Consistency over time tends to matter more than hitting a specific percentage.
How long will it take to reach my savings goal?
The time depends on your goal amount, initial savings, monthly contributions, and interest rate. Use this calculator to see exactly how long it will take based on your specific numbers.
Should I save or pay off debt first?
This depends on your interest rates and financial situation. High-interest debt (over 7-8%) often costs more than savings earn, while lower-interest debt like mortgages may not. Many people maintain a small emergency fund while paying down debt. Consider your specific circumstances.
What is the difference between saving and investing?
Saving typically means putting money in low-risk accounts like savings accounts or CDs with guaranteed but modest returns. Investing involves buying assets like stocks or bonds with potential for higher returns but also more risk.
How does inflation affect my savings?
Inflation reduces the purchasing power of your money over time. If savings earn 2% but inflation is 3%, you lose 1% in real value annually. Returns that exceed inflation preserve or grow purchasing power.