See how your savings grow with the power of compound interest and regular monthly deposits.
Enter starting amount, monthly deposit and interest rate to see your projected savings over any time period.
Small regular deposits can compound over time; actual returns depend on the rate, account terms and whether you keep saving.
Savings calculators are most useful at transition points: before setting a financial goal (to check whether it is realistic given income constraints), during a savings plan (to see whether the current pace reaches the target on schedule), and when evaluating whether a higher-return account justifies moving funds. If you are deciding between paying down debt or saving, model both paths here and with the compound interest calculator and compare the net financial position in 5 years.
The most common planning error is forgetting to account for inflation when setting long-term savings targets. A $20,000 emergency fund goal set today will need to be $24,000–26,000 in 10 years to have the same purchasing power — the target should grow with inflation, not stay fixed. A second mistake is using the account's headline rate without checking the compounding frequency: some accounts advertise an APY (Annual Percentage Yield) that assumes daily compounding, while others compound only quarterly.
A couple wants to save $30,000 for a house deposit in 4 years. They already have $5,000 saved. At 3.5% interest (monthly compounding), the calculator shows they need to contribute approximately $496/month. If they can only manage $400/month, the shortfall in 4 years is $4,600 — visible immediately, giving them time to either adjust the goal or increase the contribution.
Future Value of Savings Formula
FV = P×(1+r)^t + PMT × [((1+r)^t − 1) / r]
Where P = starting balance, r = periodic interest rate, t = periods, PMT = regular deposit per period.
You save $300/month starting from $1,000 at 4% annual interest for 10 years.
Result: Approximately $45,666 total — $37,000 deposited and $8,666 in interest, rounded
The right savings target depends on your expenses, debts and goals. Start with an affordable amount, review it regularly and compare account rates; yields vary over time.
Starting from zero at a fixed 4% nominal annual rate compounded monthly, $500 per month reaches $100,000 in about 12 years and 10 months; $1,000 per month takes about 7 years and 3 months. Taxes and fees are excluded.