What if calculator savings

See how your personality affects your spending patterns and how to work with not against your style. MENU 6 steps to get your money Sorted. MENU Tools. Smart Investor. KiwiSaver fund finder. MENU Guides. Browse guides by Setting goals. Money tracking. Plan your spending with a budget. Net worth. Getting advice. Starting a family. Going flatting.

Starting work. Saving: Paying ourselves first! Get investing. Find a financial adviser to help you invest. My investor type. Compound interest. Kinds of investments. Bank deposits. Managed funds. Investing in property. How KiwiSaver works and why it's worth it. How to pick your KiwiSaver fund. Look after your KiwiSaver balance. Shop smarter using pay-later options. Before borrowing. Get out of debt fast. Credit reports. Knowing your rights. Consolidating debt. Credit cards. Car loans. Our opinions are our own.

Here is a list of our partners and here's how we make money. Use the free savings calculator below to understand how your money can grow over time. When you put money in a savings account, the interest you earn builds on itself.

First, run the numbers without a monthly deposit. Check out NerdWallet's best high-yield online savings accounts. Starting balance: This is the amount you plan to deposit in the savings account initially. Monthly contributions: This is the amount you will deposit on an ongoing monthly basis. It's an optional field.

Time to grow: This is the period of time your money will be in savings without a withdrawal. You can select a number of years or months. Annual interest rate: This is the yield you expect to earn.

The national average savings rate is 0. There is no one answer, but the general standard is to build your savings to cover three to six months' worth of basic expenses. But even if you save a smaller amount, be consistent, and you can reach your savings goal. Multiply the account balance by the interest rate for a select time period.

The result is the amount of interest the account earns in that time period. The higher the rate, the faster a savings account will grow. Make sure to specify whether interest will be compounded monthly, quarterly, semiannually or annually.

Number of years: This is the number of years your investment has to grow. For example, if you're 30 years old, and you plan to retire at age 65, your IRA has 35 years to grow.

If you're purchasing a 5-year CD, your investment has 5 years to grow. Longer time frames equate to larger investment growth. Simple Savings Calculator.