Savings Growth Calculator
See how your savings grow with regular monthly deposits and compound interest. Plan your savings goals by projecting future balances.
Future Balance
Total Deposited
Interest Earned
This calculator provides estimates and is for informational purposes only.
How Savings Growth Works
Your savings grow through two mechanisms: your regular deposits and the interest earned on your balance. As your balance grows, you earn interest on a larger amount, creating a snowball effect known as compound interest.
Consistency is key. Even modest monthly contributions can grow into significant sums over time. Starting early gives your money more time to compound, which is the most powerful factor in building wealth.
Frequently Asked Questions
How much should I save each month?
A common guideline is the 50/30/20 rule: 50% of income for needs, 30% for wants, and 20% for savings. Start with whatever you can afford and increase over time.
What interest rate should I expect?
High-yield savings accounts typically offer 4-5% APY. CDs may offer slightly more. Keep in mind that inflation (around 2-3% historically) reduces your real returns.
Is this before or after taxes?
This calculator shows pre-tax returns. Interest earned in regular savings accounts is typically taxed as ordinary income. Tax-advantaged accounts like IRAs can help reduce this impact.