# Savings Calculator & Schedule

#### Info...

## Saving a Dollar a Day Calculator

Let's show off the flexibility of this calculator and have some fun while we are at it. (This is particularly fun to do with kids.) How much do you think you'll have if you save just a dollar a day for forty years - a working lifetime? What will be the gain on the savings? That is, how much of the final value will be from the daily dollar saved and how much will be from investment gain?

What do you think?

To try the dollar-a-day calculation, set the calculator this way. (Of course, set the dates as needed and change the interest rate to suite.)

Savings on Hand (PV) (can be 0): $0.00 Periodic Savings Amount?: $1.00 Number of Periods to Save? (#): 14,600 Annual Interest Rate?: 4.5% Goal Amount (future value)?: $0.00 Today's Date?: 09/01/2019 First Deposit Date?: 09/01/2019 Deposit/Investment Frequency?: Daily Compounding?: Daily

Note, I selected 4.5% as the interest rate, not that you will earn that on a bank's savings account. But it's about halfway between the rate-of-return on 10-year US treasury bonds and the average return for the US stock market.

I'll leave it to the reader to do the calculation.

But the interest earned from daily compounding is almost twice the amount the user invested!

This savings plan calculator provides the user with enough flexibility that you should be able to test just about any savings plan. You should find it relatively simple to answer the question, "how will my savings grow?"

## Savings Calculator —

calculate 4 unknowns

If you have already started to save toward a goal, enter the amount you have saved in "Savings on Hand". Otherwise leave this set to zero.

This calculator will calculate any one of four variables: "Annual Interest Rate or ROI", "Number of Periods to Save", "Periodic Savings Amount" and "Goal Amount". Enter zero for the one unknown.

Example, if you want $100,000 after 15 years and you can afford to save $5,000 a year, what interest rate do you have to earn on your savings? Since we are going to solve for the return on investment, enter "0" for the "Annual Interest Rate". Let's assume we'll make an annual contribution to our savings plan once a year. Therefore, enter "15" for the "Number of Periods" Also set the "Savings Frequency" and "Compounding Frequency" to "Annually". Enter "5,000" for the "Periodic Savings Amount" as the amount saved each year. Enter "100,000" as the "Goal Amount"

Click "Calc" and the result should be "3.5%".

So, in order to reach your goal of $100,000 after 15 years, you'll need to earn 3.5% on your annual deposits. In a similar way, you can also calculate how much you have to save periodically or what amount you'll have after saving a specified amount. Finally, you can also calculate how long it will take to reach a goal. Simply enter a "0" for the unknown and enter the other values.

## Nick says:

Personally, trying to figure out savings necessary if I want to retire before 401k distribution age.

## Karl says:

You may also find the Withdrawal Savings calculator useful.

## Gustavo VErgara says:

Can I cusotmize to spanish?

## Karl says:

Do you mean like this one? 🙂

Calculadora de Ahorros

## prakash singh says:

how to change currency “$” to INR

## Karl says:

‘INR’ is not currently supported. However, I could add it, but there are 2 issues. First, the number of characters that can be entered is limited. So adding INR reduces the number of digits by 2.

Also, for Rupees, I guess you don’t use the decimal character? These calculators currently require it. Even if I added INR, you would only be able to enter INR100.00.

Also, the Lakh causes a problem Even if the calculators showed INR, it would not display INR 1,50,000. The best I can presently do without a major rewrite is INR150,000.00

So I’m not sure if that would be useful or not.

## Karl says:

I should have also pointed out,that the is an option for no currency character. Perhaps that’s a solution for you?