Financial Calculators

Savings Calculator

Plan a savings target such as an emergency fund, a deposit or a holiday. Enter what you have, what you can save each month and the interest rate, and see where you will be and when you will hit your goal.

Balance after 3 years$13,828.32

Total deposited: $12,800.00
Interest earned: $1,028.32
Time to reach goal: 3 y 4 m (40 months)

Deposits 92.6%
Interest 7.4%

Step-by-step working

Monthly rate = 4.5% ÷ 12 = 0.375%
Each month: balance × (1 + 0.00375) + $300.00
After 36 months: $13,828.32

Interest is compounded monthly; deposits are made at the end of each month.

How to use the Savings Calculator

Enter your current savings and monthly deposit.
Enter the interest rate of your account.
Choose a time span and, optionally, a goal.
Press Calculate.

Formula

Balance after m months: B = P(1 + i)^m + D × ((1 + i)^m − 1) ÷ i, where i = annual rate ÷ 12 and D is the monthly deposit.

Examples

2,000 now plus 300 a month at 4.5% for 3 years ≈ 13,830. The 15,000 goal is reached in 3 years 4 months.

Frequently asked questions

Should I save or pay off debt first?

Generally, clear high-interest debt first, since it costs more than savings earn, while keeping a small emergency buffer.