Savings Calculator - Help to plan your future (Canadian)
Savings Calculator (Canadian)
ACalculator is a multipurpose calculator, specially when it comes to a savings calculator. To formulate your savings strategy, this calculator is geared up with payment chart and amortization schedule. This will show how your small but regular contributions can mount up a bigger amount of savings that can be invested in future for better outcome.
Your initial amount of contribution to savings.
Years to save
Your planned duration (in year) for savings.
Rate of return
The yearly expected rate of return from your savings. As high return is subject to high risk, you can choose short-term investment opportunities to offset the time volatility and higher risk premium.
The Interest compounding is calculated as interest earned on previous period’s savings, plus new interest. More frequent payments lead to more compounded income.
The extra amount of money you will add to your regular and prescheduled investment. While calculating for any additional contributions it is assumed that you contribute to the savings at the beginning of every period.
Frequency of contributions
Using ACalculator you can choose the type of payment appropriate for you. From the drop-down menu under ‘Payments are made’ select the option that fits you. There are five options including weekly, bi-weekly, monthly, quarterly, and yearly payments.
Once you have formulated all of the above, you should be able to use the savings calculator efficiently.