Savings Calculator Help
Saving money might be something new for you or perhaps you’re already a regular saver. Either way, our calculator can help give you some direction by showing you what you can achieve. Here’s how to use the calculator to see where your good habits can take you.
How to use this savings calculator
In order to see the exciting magic of saving, just follow these four steps:
1. Enter how much you’ve currently saved.
2. Put in the amount you plan to deposit as a regular monthly contribution.
3. Choose the expected annual interest rate and the duration you plan to save for.
Our savvy calculator will do some financial wizardry and tell you what you can expect from your hard work.
Savings rate and calculator results
Saving for your future or building up some cash for a big purchase can be really exciting. Using this simulator is a great way to see how far you can go when saving becomes a normal part of your life. Feel free to play around and see how changing things like your savings rate can affect your results.
How do I choose a savings account?
You can check out our guide to savings to see a simple breakdown of what you need to know about the different types of accounts. Ideally, an account with a higher interest rate is going to help you reach your goals faster. The rate advertised is usually a yearly percentage. Sometimes this is paid in different ways, perhaps as a daily or monthly amount. Choosing an account that offers the best interest means that your money can benefit more from compound interest. This means your savings can get a boost. Because over time, your interest starts earning interest.
It’s important to be wary of providers that offer interest rates that are very high and remember to check that your savings (usually up to a certain limit) will be protected by FSCS.
What’s Hero’s Journey and how can it help me?
Sometimes wrapping your head around your finances can be confusing. We want to try and make life a little easier for you with Hero’s Journey. When using this service you can choose what you are hoping to achieve and we will provide you with all the information you need to help you take control of your finances. This way you can see what savings rate to aim for in the calculator. Then you’ll know how long you need to save or invest for in order to reach your goals.