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- September 15, 2009 Updated
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This is a savings calculator in excel you can use if you want to know how much your savings will grow after one year or ten years or event 30 years from now. With this spreadsheet, you can simulate several scenario on saving your money in your aimed bank. Or, by seeing the excel built-in function inside the spreadsheet, you can do the calculation by yourself.
This calculator uses the future value built-in function, FV(rate,nper,pmt,pv,type), where rate is your savings interest rate, nper is your savings period, pmt is your savings amount if you plan to save your money regularly, pv is your current savings, and type is the time when you save your money.
In my calculator, I made two future value of savings based on regular monthly or yearly savings, so you can compare how your savings will grow. As you can see in the calculation result, even though the absolute savings amount is the same for one year period, your savings amount will be higher if you save your money monthly. Use this calculator as your side reference only, because your banks probably have different interest calculation that will make the result different from this excel calculation.
You can download the file here.
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