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Financial Calculators
Use this savings calculator to estimate your investment growth over time.
Using our Simple Savings Calculator can help you quickly and accurately estimate the growth of your investment. It provides a clear and detailed breakdown of your savings journey.
| Term | Definition |
|---|---|
| Initial amount | This is the starting amount of your investment, or how much you can initially contribute to the account. Whether you have $100 or $10,000 to contribute, your initial amount is crucial to your investment's growth. |
| Monthly deposit | The monthly deposit is the amount you can contribute to the growth of your investment each month. Decide on this amount according to your monthly budget. Tinker with the amount to see how higher monthly deposits can boost your investment growth over time. |
| Annual interest | Estimate the rate you'll earn on your investment by checking our rate tables. You can find the best rates on CDs, checking, savings, and money market accounts. If you already know what you'll be earning, enter the interest rate. Make sure to specify whether interest will be compounded monthly, quarterly, semiannually, or annually. |
| Number of years | This is the number of years your investment has to grow. For example, if you're 30 years old and you plan to retire at age 65, your IRA has 35 years to grow. If you're purchasing a 5-year CD, your investment has 5 years to grow. Longer time frames equate to larger investment growth. |
A strategy is to use the 50/30/20 rule. This rule says to use 50 percent of your income for your needs (housing, for example), 30 percent for your wants, and you should save 20 percent of your income.
Calculating how much you’re saving can help motivate you to save more. It can also help you determine how much you’ll have saved over time.