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How do I use a savings calculator?

Many people have a set goal in mind when it comes to their savings. Due to that, they will want to know how much they will need to put into their savings account to get to the total that they have in mind, or how much they are currently putting in each month will add up to at the end of a term.

Find a calculator online

The first thing you will need to do is find an online savings calculator. These can be a struggle to find, so you could find a loan calculator if you are really struggling - this will be covered later in the article.

Enter the term of the savings

You will need to input the length of time you want to save money. This will be until you need to spend the money. You could be saving for a wedding, college or even your own retirement.

Input the interest rate

This will be your savings account interest rates. Of course, this can change from year to year. So, for an estimate, select the rate that it will usually be sat rather than the introductory offer. Shop around for best high interest saving rates that you can find when taking out your account.

Input your starting amount

This will be the initial amount that you will be putting into the account at the start. This could be a new account that you are opening or it could be something from an old account.

Input your monthly savings

This is the amount that you will be putting in each month that you are saving. There are some accounts which will work on your annual amount. It all depends on how long you are planning on saving for.

Using a loan calculator

If you know how much you want to get there and the amount of time you have to save, you could use a loan calculator to work it out. You will not be able to use the interest rate for the loan, so this will only be an estimate. You can enter the total amount that you want to get to and the term and then click calculate. This will show you how much you will need to save each month to get to this total amount.

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