Savings Progress Calculator — Track Your Financial Goals

Savings Progress Calculator

Calculate your savings progress and future value based on initial deposit, monthly contributions, interest rate, and time period. Visualize your financial growth.

Step 1: Savings Details

£200
5 years
3%

Understanding Compound Interest

Compound interest allows your savings to grow faster as you earn interest on both your initial deposit and the accumulated interest. Regular contributions significantly increase your final balance over time.

Step 2: Calculation Settings

20%
2%

About Savings Growth

Regular monthly contributions combined with compound interest can significantly grow your savings over time. Even small increases in interest rates or contribution amounts can make a substantial difference in the long term.

Savings Progress Results

Summary
Savings Comparison
Growth Analysis

Projected Future Value

£13,150.76
Total Contributions: £13,000
Total Contributions
£13,000
Interest Earned
£1,150.76
Effective Annual Rate
3.04%
Real Value (Adjusted for Inflation)
£11,923.82

Savings Strategy Comparison

Savings Strategy Monthly Contribution Interest Rate Future Value Interest Earned

Savings Growth Analysis

Compound Interest Formula

A = P(1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) – 1) / (r/n))

Where: A = future value, P = principal, r = annual interest rate, n = compounding periods per year, t = years, PMT = monthly contribution. This formula calculates compound interest with regular contributions.

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