# Simple Savings Calculator

URL: https://speedycalculator.com/calculators/finance/simple-savings/
Last updated: 2026-10-25

> The simple savings calculator shows how much you'll have after saving a fixed amount every month for a number of years at a given interest rate, starting from your current balance.

## Inputs

- Starting balance
- Monthly deposit
- Annual interest rate (%)
- Years

## Results

- Final balance
- Total deposits
- Interest earned

## Formula

```
Final balance = P(1 + i)^n + monthly deposit × ((1 + i)^n − 1) ÷ i, i = rate ÷ 12, n = months
```

## Explanation

This is the quickest way to see what a savings habit adds up to. For more options – deposit timing, compounding, inflation – use the full savings calculator.

### How to use the Simple Savings Calculator

- **Starting balance**
- **Monthly deposit**
- **Annual interest rate**
- **Years**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter your starting balance, monthly deposit, interest rate and number of years.

### Tips

- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.

### Common mistakes to avoid

- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.

### Inputs explained

FieldWhat to enterStarting balanceAmount in your currencyMonthly depositAmount in your currencyAnnual interest rateIn %YearsA number

### What each result means

- **Final balance** = fvc([Annual interest rate]÷1200, [Years]×12, [Starting balance], [Monthly deposit])
- **Total deposits** = [Starting balance] + [Monthly deposit]×[Years]×12
- **Interest earned** = [Final balance] - [Total deposits]

### Example values

How the main result changes when **Starting balance** changes and everything else stays at the example values above:

Starting balanceFinal balance50010,697.7375011,010.681,00011,323.631,25011,636.581,50011,949.532,00012,575.42

## Worked example

Inputs — Starting balance: $1,000; Monthly deposit: $150; Annual interest rate: 4.5 %; Years: 5.

Results — **Final balance = $11,323.63**; Total deposits = $10,000.00; Interest earned = $1,323.63.

## FAQ

**How much will $150 a month grow to?**
About $11,300 after 5 years at 4.5% starting with $1,000.

**Is interest on savings taxable?**
Yes, in most countries it's taxed as income.

**How often is savings interest compounded?**
Usually daily or monthly.

**What formula does the Simple Savings Calculator use?**
Final balance = P(1 + i)^n + monthly deposit × ((1 + i)^n − 1) ÷ i, i = rate ÷ 12, n = months.