Savings Calculator
Plan your savings goals
Formula
A = P(1 + r/12)^(12t) + PMT × [(1 + r/12)^(12t) − 1] / (r/12)
- A = Final balance
- P = Initial savings
- r = Annual interest rate (decimal)
- t = Time in years
- PMT = Monthly contribution
FAQ
What savings account interest rate should I expect?
High-yield savings accounts currently offer 4–5% APY. Traditional bank savings accounts often offer under 0.5%. Money market accounts and CDs can offer competitive rates for fixed terms.
What is the 50/30/20 savings rule?
This budgeting framework suggests allocating 50% of income to needs, 30% to wants, and 20% to savings and debt repayment. The 20% savings portion is what you'd input as monthly contribution.
How much should I have in an emergency fund?
Financial advisors generally recommend 3–6 months of living expenses in a liquid savings account before investing. This cushion protects you from unexpected job loss or major expenses.