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
| Field | What to enter |
|---|---|
| Starting balance | Amount in your currency |
| Monthly deposit | Amount in your currency |
| Annual interest rate | In % |
| Years | A 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 balance | Final balance |
|---|---|
| 500 | 10,697.73 |
| 750 | 11,010.68 |
| 1,000 | 11,323.63 |
| 1,250 | 11,636.58 |
| 1,500 | 11,949.53 |
| 2,000 | 12,575.42 |
Formula
Final balance = P(1 + i)^n + monthly deposit × ((1 + i)^n − 1) ÷ i, i = rate ÷ 12, n = monthsWorked 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.
Frequently asked questions
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.