How to Use the Savings Calculator

Our Savings Calculator is a powerful tool to help you plan your financial future, whether you’re using it as a savings account calculator for a savings account or to project long-term growth. Follow these step-by-step instructions to calculate your savings and visualize your progress.

Step 1: Enter Your Initial Deposit

Start by entering the initial amount you’ll deposit into your savings account. For example, input “10000” if you’re starting with $10,000 using this savings calculator.

Step 2: Add Annual Contribution

Specify any annual contributions you’ll make. For instance, input “0” if you’re not contributing annually, or “5000” for $5,000 per year.

Step 3: Set Annual Contribution Increase

Enter the annual increase percentage for your contributions. For example, input “3” for a 3% yearly increase in your annual contributions.

Step 4: Add Monthly Contribution

Specify your monthly contributions. For example, input “200” if you plan to contribute $200 per month to your savings account.

Step 5: Set Monthly Contribution Increase

Enter the annual increase percentage for your monthly contributions. For example, input “0” if there’s no increase, or “2” for a 2% yearly increase.

Step 6: Specify the Period

Enter the number of years you plan to save. For example, input “10” for a 10-year savings period to see long-term growth with this savings account calculator.

Step 7: Input the Interest Rate (APY)

Enter the annual percentage yield (APY) or interest rate. For example, input “2.4” for a 2.4% annual interest rate, which this savings calculator will use to calculate your growth.

Step 8: Select Compound Frequency

Choose how often interest compounds—annually, quarterly, monthly, or daily. More frequent compounding can increase your savings significantly.

Step 9: Add Tax Rate (Optional)

Input the tax rate if applicable. For example, enter “0” if there’s no tax, or “10” for a 10% tax rate, to calculate after-tax interest.

Step 10: Add Inflation Rate (Optional)

Enter the expected inflation rate to see your savings’ buying power after inflation. For example, input “2” for a 2% annual inflation rate.

Step 11: Set a Savings Goal (Optional)

If you have a savings goal, enter the target amount (e.g., “50000” for $50,000) and click Calculate Required Contribution to determine the monthly contribution needed to reach your goal.

Step 12: Calculate Your Savings

Click the Calculate button to see your results. The Savings Calculator will display your total savings, contributions, and more.

Step 13: Review Your Results

• Total Savings: The total amount at the end of the term, such as “$39,803.89”.
• Initial Deposit: Your starting amount, like “$10,000.00”.
• Total Contributions: The sum of your contributions, for example, “$24,000.00”.
• Total Interest Earned: The interest earned, such as “$5,803.89”.
• After-Tax Interest: The interest after tax, like “$5,803.89”.
• Buying Power After Inflation: The real value after inflation, such as “$39,803.89”.

Step 14: Explore the Savings Breakdown

The Savings Breakdown section shows a bar chart illustrating the proportion of your total savings from the initial deposit, contributions, and interest.

Step 15: Analyze Growth Over Time

The Growth Over Time section displays a stacked bar chart showing how your savings grow annually with contributions and interest.

Step 16: View Savings Trend

The Savings Trend section provides a line chart comparing your total principal and total savings over time, useful for long-term planning with this savings account calculator.

Step 17: Review Accumulation Schedule

The Accumulation Schedule table offers a yearly or monthly breakdown of deposits, interest, and ending balance. Use the Annual or Monthly buttons to switch views, and download the data as a CSV file using the Download CSV button.

Step 18: Print or Reset

Click the Print button to print the schedule, or the Reset button to clear all inputs and start over.

This Savings Calculator helps you make informed decisions by providing a clear view of your savings growth.