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Savings Calculator
Plan your savings goals and see how your money grows with regular contributions and compound interest.
About This Calculator
This savings calculator projects how any combination of an initial lump sum and regular monthly contributions will grow over time with compound interest. It is ideal for setting savings goals, planning emergency funds, and working toward financial milestones.
How to Use This Calculator
- 1Enter your initial savings amount (or leave blank)
- 2Enter your planned monthly contribution (or leave blank)
- 3Enter the expected annual interest rate
- 4Enter how many years you plan to save
- 5Click Calculate to see your total savings
Formula Used
Total = Initial × (1+r)^n + Monthly × [(1+r)^n − 1]/r × (1+r)
Why Trust CalcPro
Verified mathematical formulas
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Works on desktop and mobile
No data stored or shared
Updated regularly
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FAQ
Frequently Asked Questions
Common questions about the savings calculator answered.
How much should I save each month?+
Financial advisors commonly recommend saving 20 percent of your monthly income following the 50/30/20 rule (50% needs, 30% wants, 20% savings). Prioritize building an emergency fund of 3 to 6 months of expenses first, then focus on retirement savings and other financial goals.
What interest rate should I use for savings?+
Use the actual rate your savings account or investment offers. High-yield savings accounts offer 4 to 5 percent in the USA currently. Fixed deposits in India offer 6.5 to 8.5 percent. For long-term investments in equity mutual funds, 10 to 12 percent is a reasonable estimate.
How long should my emergency fund last?+
Most financial experts recommend keeping 3 to 6 months of essential living expenses in an easily accessible savings account. If you are self-employed or your income is variable, aim for 6 to 12 months. Use this calculator to set a savings target and timeline for building your emergency fund.
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