How Much Could you Save Up Over Time?

Understanding and evaluating where you stand today in terms of your finances is the first step in taking action and developing a sound investment plan.
Savings calculators are a few useful tools to help you get started and to support you in working with a financial professional and managing your finances. And If you are already a saver, you might ask yourself the question what if I save more? Increasing your current savings rate by even 1% can yield significant results. Save even more, and the results are even better. The more you can save, and the longer you can save will open your savings up to the magic of compounding, or the ability to earn interest on your re-invested earned interest.

Whether you’re building your emergency fund, working toward a down payment on a new home, or simply stashing away money to splurge on a gift for yourself, a savings calculator can help you quickly and accurately determine how much you’ll need to deposit over a specific period of time to meet your goals. All you'll need is the following information :

Initial Amount This is the starting amount of your investment, or how much you can initially contribute to the account. Whether you have $100 or $10,000 to contribute, your initial amount is crucial to your investment's growth.

Monthly Deposit Amount The monthly deposit is the amount you can contribute to the growth of your investment each month. Decide on this amount according to your monthly budget. Tinker with the amount to see how higher monthly deposits can boost your investment growth over time.

Annual Interest If you already know what you'll be earning, enter the interest rate. Make sure to specify whether interest will be compounded monthly, quarterly, semiannually, or annually.

Years To Invest This is the number of years your investment has to grow.

A quick and free savings calculator is available through the PIGLY website, created by a group of talented IT and communication professionals who are dedicated to providing consumers a free suite of online calculators to help save you time and money all year long. Their savings calculator can help you evaluate your financial goals, and to find out how much money you're missing out on by not taking the following frugal steps. It will also helps investors determine how much interest they will earn based on a single deposit, a recurring set of deposits or a combination of the two.

You can also find a diverse range of helpful tools, and other specialized savings calculators, loan payments, estimating investment returns, or just about any other important financial decision if this one is not exactly what you are looking for. All their online calculators are reviewed by experts to ensure accuracy and reliability, with periodic updates adding new features based on user feedback. Usage is free without requiring registration.

My Simple Ways To Save Money

• Make a shopping list – When you go out for groceries, make sure that you list all the items you need for the week. That way, you won't have to make extra trips and pay more for transportation.

• Negotiate prices where possible – Negotiating a deal on items you're already intending to buy isn't a bad idea. Make sure you understand the appropriateness of negotiation in any given situation before you do so.

• Reduce the habit of eating out – Try to cook your own meals and pack your lunch for the office. Try to limit yourself from eating at restaurants to once a week.

• Pay all your bills on or before the due date – You can avoid penalties and other fees when you pay your bills on time. Set up an automatic debit to pay your bills so you won’t forget.

• Reduce your mobile phone expenses – If you have a postpaid mobile phone subscription and you’re not able to fully utilize the plan or if you have difficulty controlling your mobile expenses, it might be more practical to switch to a lower cost, prepaid plan.

• Pay off your debts – The more debt you pay off, the less interest you'll be paying, and the more you can save.

• Cancel subscriptions that are unnecessary – It may be your magazine subscription that you don’t read at all or your mobile data subscription if you have Wi-Fi at home. You can also switch to watching video-on-demand online instead of having a cable TV subscription.

In order to save more money, you're going to need to change your mindset. It's not enough to know you need to make some changes, you're going to need to see the benefits of doing so. This saving money calculator can help you see those benefits. As you continue to save money, you may need to treat yourself every now and then. But when you do this, remind yourself about your goals so you won’t overindulge. Remember, this is all about behavior modification, master your spending and it'll pay off in the end.