So you have a savings plan, but do you know what your savings may accumulate to in say a year, or maybe 10 years. Use this savings calculator to determine the future value of your savings.
Simply input you starting principal, you regular deposit amount and how regularly to make this deposit, the interest rate you expect to earn on your savings and how many years you will be saving for.
The calculator can then calculate the future value of your savings.
Additionally, you can also input a combined federal and state tax percentage and an expected annual inflation rate.
The calculator will then present your future savings amount, what this amount will be after tax and also the expected future value of your post-tax savings given the inflation rate.
A couple of assumptions that have been made in performing the calculations:
- When you input your annual interest rate, the calculator assumes this interest is compounded monthly.
- Tax is deducted from your interest earnings once every 12 months for the past 12 months interest. This tax is deducted from the current principal of the account.
- Deposits are made at the end of the deposit interval.
Additionally, you might also be interested is seeing our retirement savings calculator to get an idea of how your savings may go for your retirement.
Also our savings interest calculator allows you to see the interest earned on a savings plan.
Finally our compound interest calculator will help evaluate the compound interest earned on savings over different compounding intervals.
Please be aware that this calculator is a general savings calculator to help give an initial idea of the feasibility of a savings plan. Different actual savings accounts adopt many different assumptions, such as the compounding interval of the interest earned. Additionally, the tax situation and how this tax is deducted from your account may vary between different localities and accounts as well as a number of other possible variations in savings calculations.
As such you should always have a professional calculate a more exact estimate of the savings involved with specific options you may have before making any financial decisions.