Our savings calculator can help you gain control of your finances by calculating the ideal beginning balance to achieve a specific goal, how much you need to add to your existing balance to achieve a goal, or how much your savings will grow within a specific period of time-based on your current balance and contributions.
(Hint: Check this box to show the ending balance in today's dollars.)
(Hint: Check this box to inflate the periodic contributions.)
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By using this calculator you agree to terms and conditions. These calculators are designed to be informational and educational tools only, and when used alone, do not constitute investment or financial advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment or deciding on your financial matters. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own investments. We can't take into account potential lender fees, payoff schedule can be longer than in the estimation. Financialfreedom and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Financialfreedom is not responsible for any human or mechanical errors or omissions.
How to Use Our Savings Calculator
This calculator has slightly different requirements based on the calculation you want to make. We’ve included step by step instructions for each calculation below.
To determine the ideal beginning balance
- Select “Calculate the beginning balance” from the initial list of options.
- Enter the interest rate being offered on your savings plan.
- Add the amount you intend to contribute on a regular basis into the “periodic contribution” area.
- Type your savings goal into the “Ending balance” area.
- If you’re planning to save this money over a period of several years, consider adding a 2-3% inflation rate.
To calculate how much you need to add to your existing balance to reach a savings goal
- Choose “Calculate the periodic contribution.”
- Type in the starting balance of your savings account.
- Add the interest rate you’re earning on your savings account.
- Enter the number of times you plan to pay into the account.
- Type in your ideal ending balance.
- If you’re saving this money over a period of more than five years, consider adding an adjustment for inflation.
To calculate what your ending balance will be based on your current saving habits
- Click on “Calculate the ending balance.”
- Enter your starting balance (you can type this in or select it using the slider).
- Type in the interest rate offered on your savings account.
- Add the dollar amount of any periodic contributions you plan to make; if you can’t contribute regularly, or want to see results based purely on interest, set this to 0.
- Select the number of payments you plan to make from the slider below the “Periods” area (you can also type it into the appropriate field).
- If you’re making a savings plan for more than a few years, consider adding an inflation rate of 2-3%.
Reading the Results
Results from this savings calculator will be displayed in three ways: a simple bar graph chart, a table overview, and a detailed savings schedule.
The bar graph displays how much your balance will grow in a visual format. If you choose to calculate an ideal starting balance, the graph will instead display the backward progression from your end goal to the initial balance.
The table provides a quick overview of your savings plan, containing the following information:
- Beginning Balance. The dollar amount in your savings account now (or that you plan to open your savings account with).
- Interest Rate. The amount of interest you’ll earn on your savings, expressed as an APR (Annual Percentage Rate).
- Periodic Contribution. The number of dollars you plan to add to your savings account on a regular basis.
- Number of Periods. The number of times you expect to deposit money into your savings account.
- Inflation Rate. The amount of value your money will lose over time, caused by sustained increases in the cost of living.
- Ending Balance. The exact amount of money you’ll have at the end of your planned savings period.
The savings schedule shows the number of payments you plan to make, the amount each payment will be in today’s dollars, and the discounted cash flow (how much the money will be worth in the future when adjusting for inflation) of each payment.