This calculator is used to find when you can reach your savings goal or how much you need to save every month to reach your savings goal.
Enter the required fields and press the Calculate button to get the result.
This savings goal calculator is used to find:
This calculator uses compounding of interest method with options for various compounding periods for interest calculation. It also has an option to add periodic deposits in regular intervals.
There are several types of financial savings. Few of the low-risk or no-risk savings includes bank savings account, High-Yield savings account, CD (Certificate of Deposit), FD (Fixed Deposit), IRA in US, ISA in UK, etc. When you save your money in these accounts, the money will slowly grow with the help of compound interest. Compound Interest is the type of interest calculated on your initial investment amount or principal along with the interest accrued over the previous period of time. i.e., Interest is calculated on the already accrued interest.
This formula is used when you are doing savings with one time deposit.
A = P (1 + r/n)nt
However, if you like to add more money to your savings by periodically adding a small amount to the initial deposit, then the formula will be different. In fact, there are two formulas based on when you are planning to do the periodic deposit, beginning or end of the period. Let us see the formulas
Page Last Modified On: Sep 08, 2021