Savings Interest Calculator
Whether you need to save money for retirement, a new car, or simply as an investment, this simple savings interest calculator will show you the power of monthly compounding interest. Simply enter the number of years you wish to invest, an interest rate, the starting balance, a monthly contribution, then click "Calculate".
Tips on Maximizing Savings Growth
From the yearly accrual section above, you can see how your balance increases each year and how it accelerates in growth the longer you leave it. This phenomenon, known as compounding interest, can make you rich over time. To maximize the growth of your account balance, try to get the best interest rate possible. Even another 0.1% makes a huge difference over time. Also, be sure to set up an automatic monthly deposit into your savings account even if it's only $50. You'd be amazed at just how much $50 a month grows to in 20 years. Finally, whenever possible try to shelter your account from taxes such as using a 401k account. Taxes can really hurt your savings growth rate. Above all however, consult your accountant or financial advisor to ensure all variables are properly considered.
Savings & Investment Resources
Other great financial sites you might want to check out include:
- personal finance articles - Contains a wealth of financial articles.
- Investment Advice - Resourceful financial site with sound investment info.
- bad credit refinance - Useful info on refinancing with bad credit.
- savings account interest rate - Informative article on the basics of savings accounts.
- Texas Foreclosure Listings - Find free foreclosure listings in Texas.
- Warren Buffet stock picks - Learn how the most famous investor chooses his stocks.
Other Useful Sites
- Online Payday Loans
- online accounting degrees
- Free credit report at CreditReport.com