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Simple Savings Calculator

Created by Tibor Pál, PhD candidate
Reviewed by Dominik Czernia, PhD and Jack Bowater
Last updated: Jan 18, 2024

If you are looking for a simple savings calculator, you are in the right place! With this simple tool, you can quickly estimate your final savings and check the progression of your balances.

In the rest of this article, you can learn some practices on how to save money fast and also we answer some related questions in the FAQ section like:

  • How do savings accounts work?
  • What is a savings bond?

which might help you to reach your savings goal.

How to save money fast?

There are many ways to improve your budget and save money fast. In the following, we introduce some practical examples of how to budget and save money:

  1. Cancel needless subscription services and memberships

Review your active subscriptions and cancel the unnecessary ones, or shop around for cheaper alternatives.

  1. Save on transportation

You can always save money if you choose your bicycle to get from one place to another if possible. Commuting by bicycle or on foot not only reduces your expenses but it contributes to a greener environment. At the same time, you are also getting some exercise in. Still, if you choose your car, you can cut some costs as well. For example, buying a used car can significantly reduce your one-time expenses. Also, driving your car in a gentle way by keeping the speed limits and avoiding unnecessary accelerations can considerably help to reduce fuel consumption and service costs.

  1. Reduce housing costs

If you have a mortgage, you may consider refinancing it with a lower interest rate loan. If you are renting a flat, you may think about sharing your flat with whom you can split the cost. Renting out a room occasionally is also a good answer to the question of "How to save money each month?"

  1. Cook your own meals

In general, food takes up a considerable portion of one's monthly expenses. Therefore, there might be considerable room here to cut your costs. So, how to save money fast? For example, you can cook for yourself (if you didn't do that already) and choose a cheaper shop to buy groceries at.

  1. Fix and repair broken items instead of buying new

In many cases, a broken item can be fixed in a simple way or by an expert. In this way, you can save some money and reduce the weight on the environment.

  1. Eliminate credit card debt

APR on credit card debts are typically high, so it is always good to repay your debt and avoid negative balances.

  1. Look for discounts and coupons

Making purchases with coupons and discounts can reduce your costs considerably.

  1. Sell unwanted items

Look around your belongings and sell the things you don't need anymore. That's a perfect way if you have wondered how to budget and save money.

  1. Set a control on your card

You may try to discipline your spending by setting a limit on your card.

  1. Choose another bank

There might be huge differences between APRs, fees, and other expenses, between banks. Consider refinancing your loan or consolidating your debt with lower costs.

  1. Use debt repayment techniques

If you have multiple loans, you can apply the snowball or avalanche debt repayment methods to get rid of your debt quicker or cheaper, respectively.

  1. Create a monthly budget

Making a monthly budget by considering all your expenses occurring in a month can give you a better overview of your expenditures and can help you control your budget.

  1. Create a savings plan

You may use our savings plan calculator to make a plan and put away some money for the future.

How to budget and save money? - Simple savings calculator

Since we wanted to create a super simple savings calculator, you can set only the most important parameters in the default simple mode:

  • Initial deposit - You can set an initial value which will be the opening balance of your savings;
  • Over a period of - Set the period over which you would like to save;
  • Interest rate - Annual nominal interest rate;
  • Deposit - The regular contribution to your savings; and
  • How often? - The frequency of your contribution.

If you click the advanced mode at the bottom of the simple savings calculator, you will find the following variables:

  • Compounding method - The frequency interest is added to the principal balance of your savings, or, in other words, how often the earned return or interest is reinvested. We set to Monthly because this is how do savings accounts work in most situations.
  • When? - Set the timing of your deposit in the specific period.
  • Annual growth rate - The percentage growth rate of your additional periodic contribution over a year.
  • Periodic growth rate -The percentage growth rate of your periodic contributions. Note, that periodic and annual growth rates are linked together: if you set one, the other will be calculated according to the regularity of your additional deposit.

How to use the saving and spending rule of thumb?

A popular saving rule of thumb is the "50-30-20", which says that you should devote 50% of your net income for essential needs, 30% on your optional wants, and put away the 20% for a future savings goal.

Knowing how to use the saving and spending rule of thumb is a great support in making everyday decisions.


What is a savings bond?

Savings bonds are a type of bond, or debt security, issued by the U.S. government. While typical bonds provide interest regularly, a savings bond pays interest only when it is redeemed by the owner (that's why it's called a zero coupon bond). Another distinctive feature is that saving bonds are non-transferable, meaning that you can't sell it.

How to save money each month?

By following the four points below, you can manage your monthly savings:

  1. Revise your recurring monthly expenses.
  2. Create a monthly budget.
  3. Save money on shopping, leisure, and food-related expenditures.
  4. Keep your monthly savings somewhere you can earn interest on it.

How do savings accounts work?

If you keep your unspent money on savings accounts, you can be sure that your money will be in a safe place while it earns a small amount of interest as well. These accounts typically require either a low minimum balance, for example, $25. Still, you may find one which doesn't need a minimum balance at all.


You should consider the simple savings calculator as a model for financial approximation. All numerical figures are estimates based on the data you provided in the specifications that are, despite our best effort, not exhaustive.

For this reason, we created the calculator for instructional purposes only. Still, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive useful feedback and advice.

Tibor Pál, PhD candidate
Related calculators
Main specifications
Initial deposit
Over a period of...
Interest rate
How often?
Initial deposit$1,000.00
Interest earned$10,362.24
Final savings$23,362.24
total savings breakdown
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