Simple Savings Calculator

Select currency, enter value and click on calculate. Result will be displayed.

Currency:

Years to Save:

Year

Total Expense:

Current Savings:

Deposit Amount:

Deposit Frequency:

Annual Rate of Return:

Future Savings:

Future Savings Required:

Surplus/Shortfall of Savings:

A Simple Savings Calculator is a tool used to estimate how much money you can accumulate in a savings account or investment over time, based on an initial deposit, a fixed interest rate, and a specific savings period.

Unlike more complex calculators that factor in compounding interest, a Simple Savings Calculator typically assumes that interest is applied once and does not compound. This makes it straightforward to calculate, and it's ideal for understanding basic savings growth without dealing with the added complexity of compound interest.

Formula for Simple Savings:
A=P+(P×r×t)
Where:

A = Total amount of money accumulated after interest.
P = Principal or initial deposit.
r = Annual interest rate (expressed as a decimal).
t = Time the money is invested or saved, in years.
Example:
If you deposit $1,000 at an interest rate of 5% for 3 years, the calculation would be:

A=1000+(1000×0.05×3)=1000+150=1150
After 3 years, you would have $1,150.