Monthly Savings
Calculator

Calculate your returns on monthly deposits using Vance monthly savings calculator
One-time
Monthly SIP
1,00,000
10,000
5.6
%
10
yrs
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
CUSTOM CSS
investment
Interest
Total savings
28,70,000
Total investment:
20,00,000
Interest earned:
8,70,000

Switch to seamless banking. Get Vance now.

What is a Monthly Savings Calculator?

A Monthly Savings Calculator is an online tool designed to help individuals plan their savings over a specified period. This calculator is particularly useful for setting and achieving financial goals through regular monthly contributions.
  • Purpose : Helps users visualize the growth of their savings based on monthly deposits.
  • Utility: Ideal for planning long-term financial goals like home buying, education funding, or retirement.

How Monthly Savings Calculator Works?

The Monthly Savings Calculator operates by applying the formula for compound interest to monthly contributions, providing a detailed projection of future savings. Here’s the formula for Monthly Savings Calculator:

FV = P * ( 1 + r ) ^ n + m * (((1 + r) ^ n  - 1 ) / r)

Where:
FV is the future value of the savings.
P is the monthly deposit amount.
r is the monthly interest rate.
n is the total number of deposits.

How to Use Monthly
Savings Calculator

Using a Monthly Savings Calculator is straightforward and involves inputting several key details to understand your savings trajectory.
Input Your Savings Details
Start by entering your starting balance in the "Initial Deposit" field. Adjust the "Monthly Contribution" slider to specify how much money you plan to add to your savings each month.
01
Set Your Savings Parameters
Use the "Rate of Return (p.a.)" slider to set the expected annual interest rate. Choose how many years you will continue to save by adjusting the "Number of Years" slider.
02
Review Your Savings Growth
As you adjust the sliders, the calculator will automatically update to show your total savings and the interest earned over the specified period.
03

Benefits of Monthly
Savings Calculator

Understanding the importance and benefits of using a Monthly Savings Calculator can significantly impact your financial planning.
Goal setting
Helps users set achievable financial goals based on realistic expectations and saving plans.
Motivation
Seeing potential growth in savings can motivate users to maintain or increase their saving habits.
Customisability
Users can adjust variables like returns or savings rates to see how changes impact saving goals.
Financial clarity
Provides clear insights into how regular savings habits can accumulate over time.

80,000+ NRIs
trust Vance

Vance is the preferred app among 80,000+ NRIs in the UK and UAE for sending money to India. Download Vance today.
Get started now

80,000+ NRIs
trust Vance

Vance is the preferred app among 80,000+ NRIs in the UK and UAE for sending money to India. Download vance today.
Get started now

Frequently Asked Questions

How does the Monthly Savings Calculator help in planning for future savings?

The Monthly Savings Calculator aids in planning for future savings by providing a clear visual of how regular savings accumulate over time. It factors in compounding interest, allowing users to see the potential growth of their savings. This visualization encourages disciplined saving habits and helps individuals set realistic financial goals tailored to their long-term needs.

What factors does the calculator consider when projecting future savings based on monthly contributions?

When projecting future savings, the Monthly Savings Calculator considers several key factors:
  • Initial Savings Amount: The starting balance if any.
  • Monthly Contribution: The amount added to the savings each month.
  • Interest Rate: The annual rate at which the savings grow.
  • Compounding Frequency: How often the interest is applied to the accumulated savings.
  • Saving Period: The duration over which the contributions are made.
These inputs are combined to model how savings grow under the impact of compound interest.

What information must I input into the Monthly Savings Calculator to get accurate future savings projections?

To get accurate projections from a Monthly Savings Calculator, you need to input:
  • Initial Savings: Any existing amount already saved.
  • Monthly Savings Amount: How much do you plan to save each month.
  • Interest Rate: The expected annual interest rate.
  • Compounding Frequency: How often the interest compounds (annually, semi-annually, quarterly, or monthly).
  • Duration of Savings: The number of years you plan to save.
Accurate and realistic inputs are crucial for reliable output from the calculator.

Can I adjust my monthly contributions in the calculator to see how it affects my savings goals?

Yes, you can adjust your monthly contributions in the calculator to see how changes affect your savings goals. By modifying the monthly deposit amount, you can immediately see the impact on the final savings amount at the end of your specified period. This feature is especially useful for planning and achieving specific financial targets, allowing for flexible adjustments based on your changing financial circumstances.

Is the Monthly Savings Calculator easy to use for beginners?

Yes, the Monthly Savings Calculator is designed to be user-friendly and accessible, making it easy for beginners to use. These calculators typically have a straightforward interface where users can easily input their financial data into designated fields. Clear instructions and immediate feedback on the calculations help users understand the impact of their savings habits without needing advanced financial knowledge.

What is the formula for the Monthly Savings Calculator?

The formula used in a Monthly Savings Calculator for calculating the future value of monthly investments is typically based on the future value of a series of cash flows in an annuity formula. It is expressed as:

FV = P * ( 1 + r ) ^ n + m * (((1 + r) ^ n  - 1 ) / r)

Where:
FV is the future value of the savings
P is the monthly deposit amount
r is the monthly interest rate
n is the total number of deposits

Just plug in your values for P, r, and n to calculate the future value of your savings.

Blogs from Vance

View all posts
Get NRI financial insights delivered to your email

Subscribe to the newsletter to get regular updates from Vance

Thank you for subscribing! Check your email for confirmation.

Fixed Deposit Calculator for NRIs

Calculate your returns on NRI fixed desposit using Vance NRI FD calculator

What is a Home Loan EMI Calculator?

Owning a home is not just a milestone but a dream for many. This is why - an EMI calculator for home loans is a crucial tool when you’re planning to buy a home. It’s an online tool that helps you figure out how much you'll need to pay each month towards your home loan. This gives you a clear picture of your monthly payments so you can plan your budget comfortably and see if the loan fits into your financial landscape without stretching it too thin.

How Does a Home Loan EMI Calculator Work?

Vance’s home Loan EMI calculator uses a mathematical formula that is designed to distribute the interest and principal amount over time so that by the end of the loan period, you've paid off everything smoothly. To calculate EMI for home loans, here’s the formula: 

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where,
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate

How to use NRI FD Calculator

Calculate your returns on NRI fixed desposit using Vance NRI FD calculator

1

Enter principal & interest

Input the amount you plan to deposit and the interest rate offered by the bank.

2

Choose the tenure & frequency

Decide the duration for which the amount will be deposited and how frequently interest should be compounded

3

That’s it

Our NRI FD calculator will show you how much interest you earn and the maturity amount

Benefits of NRI FD Calculator

Here are the importance and benefits of using Vance NRI FD Calculator

Financial planning

Helps in planning financial goals and retirement.

Accessibility

Easily accessible online without any need for manual calculations.

Time-saving

Quickly calculates complex compounding calculations.

Informed Decisions

Allows NRIs to compare different FD options and choose the best one.

Ready for better money transfers to India?

Your first transfer is on us
Save money now

Benefits of NRI FD Calculator

Here are the importance and benefits of using Vance NRI FD Calculator
This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

* Grow your savings with returns as high as 8.25% p.a. Read Terms and Conditions while opening a Fixed Deposit to know more.