Savings growth
See what putting money away every month adds up to.
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What you are putting away
What it grows to
$32,703.47
After 10 years at 5% a year
- You put in
- $25,000.00
- Interest earned
- $7,703.47
- 24% of the final balance
- Paid in each year
- $2,400.00
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What this tool is for
This shows what putting money aside each month turns into over time, including the interest earned on interest already earned. The effect looks unremarkable in the first couple of years and then becomes the largest part of the total, which is why starting earlier beats saving more later.
How to work out savings growth
- Enter anything you have saved already and what you will add each month.
- Enter the interest rate and how many years you will keep going.
- Read the total, and how much of it you put in versus earned.
Questions
What actually is compound interest?
Interest paid on your interest as well as on your deposits. Each year starts from a larger balance than the last, so growth speeds up the longer it runs.
Does inflation change the picture?
Yes. The total is in future pounds, which buy less than today. A rough guide is to subtract inflation from your rate to see growth in real terms.
What if I miss some months?
The total falls by more than the payments you skipped, because those amounts would have been earning for every year that followed.
Is what I enter kept anywhere?
No. It stays in this browser tab, so your savings position is not shared with anyone.
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