Savings Growth Calculator

Type what you earn, spend, total loan amount and tax savings below; our savings calculator will project how your current savings will grow over the next 5 years, based on a modelling of dynamic factors like inflation, interest rate changes, GST and income tax slabs.
This value cannot be greater than 100.
This must include all possible deductions like interest on home loans, principal amount, transportation, medical allowances and others.
Powered by M76 Analytics
  • EMI
  • Savings
Interest rate change
0%
Inflation
4%
GST led taxes
4%
The three sliders above -- inflation, interest rate changes and taxation-- are set to default values based on an algorithmic modelling of historic trends. Move the sliders around to see how your savings can be impacted with any changes.
Tax slabs

  • 2.5l

    -
    %
    +

  • 5l

    -
    %
    +

  • 10l

    -
    %
    +

  • 10+l

    -
    %
    +
The tax slabs reflect the current tax structure. You can change the values to see the impact on your savings.



What is Savings Growth Calculator or Savings Calculator?

The Savings Growth Calculator, also known as a Savings Calculator, is a multi-functional tool that helps you in making a precise savings plan, so that you can save up enough money for future. Generally, having an interest-earning savings account is good if you look for improving your financial health.


How Savings Calculator works?

Savings calculator works in five different ways in which you can use it. This helps you by setting the subject of your interest at the top of the tool. The functions of savings calculator allow you to analyse your savings plan in various aspects, such as followings:

  • 1. What will be the final savings balance?
  • 2. What should be the initial deposit amount to reach the desired savings target?
  • 3. How much additional money should you put aside?
  • 4. How much time will I take to realise my desired savings?
  • 5. How much should be the interest rate on your savings account to obtain desired amount? ...

How to use Savings Growth Calculator?

  • 1. Total annual salary- You need to enter your gross salary.
  • 2. % of income as expenditure- How much per cent of income you would want to use on expenditure.
  • 3. Amount of loan- The total value of loan (if any) you are liable to pay.
  • 4. Deductions- Any other deductions you want to make from your income.
  • 5. Your savings plan will be displayed on the screen.

The savings calculator is helpful in projecting the growth and future value of your money over a time period. Use savings calculator to explore 5 strategies to enhance the investments growth:

  • 1) Increase your monthly or annual investment.
  • 2) Invest at the beginning of every month or year.
  • 3) Start investing from an early age.
  • 4) Stop investing at an older age.
  • 5) Earn a maximum Rate of Return (RoR).

Set your savings targets

The first step in making a desired savings plan is to set a savings goal. Until you set a savings target, your efforts will be directionless. Think about your savings target so that in future you are financially stable at an elder age. In the interim you need to keep in mind the key life events like:

Buying a house
Buying a car
Marriage
Parenthood
Holidays with family
Your children's higher education
Your children's marriage
Medical emergencies
Other unplanned situations

Keep a record of your expenses

The next step in your savings plan is to know about your expenses and deducting the avoidable expenditures. Keep a record of all the expenses in a month. It should include all your expenses from a smaller one to a bigger one. Once you record your expenses and you have a data, segregate your expenses under different heads like electricity, groceries, travel, etc.

Make a budget

Once you categorise your expenses under various heads, find out all the unnecessary spending in them and omit them as much as you can. Budget making is also essential as it helps you limit your expenses, and ensure that you have enough money in an emergency reserve. You should also include the expenses that don't occur every month but on regular intervals like vehicle service, health checkup, etc.


Choose your savings strategy

The following savings strategies would help if you have short-term savings goals:

  • 1. A savings account in bank to enable easy access to cash.
  • 2. Debt mutual funds.
  • 3. Recurring deposits (RD).
  • 4. Fixed deposits (FD).

For long-term savings goals:

  • 1. Equity mutual funds.
  • 2. Unit-linked insurance plans.

FAQs

  1. Why should I use the savings calculator?
    By using the savings calculator you can easily calculate the amount you should save every month to attain your financial targets. It is an user-friendly online tool that shows the requisite figure in just a few seconds.
  2. How much will my savings account grow?
  3. What is the best way to save?
  4. Until how long do I need to save?
  5. How to calculate savings?
  6. What are the top 5 reasons to have a savings account?
  7. What is the rule of 72 in savings?