After years, you'll have a total of saved.
How to Use This Calculator
The weekly savings calculator will help you estimate total savings over time, assuming you make regular weekly deposits into an account with a fixed interest rate. To get started, you’ll need to know how much you plan to save each week as well as the annual interest rate on the account into which you’re going to deposit your funds.
The Benefits of Creating a Weekly Savings Plan
Establishing a weekly savings plan is all about creating achievable, short-term goals that line up with your long term plans. Short-term goals are important, according to psychologists, because they allow you to see an immediate improvement which, in turn, increases motivation. Without these short term goals, it can be easy to lose sight of what you’re working toward over the long term.
Creating a Weekly Savings Plan
The first step toward creating a savings plan is creating a budget. This means tallying up your expenses, and then figuring out what you can afford to set aside. If you find that your current budget doesn’t allow for savings, you may want to take a hard look at how you’re spending your money. Is it possible to cut back on unnecessary expenses? Can you reduce your monthly bills by switching cable providers or shopping around for less expensive car insurance?
Once you have a plan, it’s time to set it in motion. There are decidedly low tech ways to save money – like a savings jar on the kitchen counter – that might work just fine for you. There’s also no shortage of technology-focused solutions. Apps like Acorns, for example, make it possible to set up automatic withdraws from a linked checking account; funds are then invested in standard financial products like stocks and bonds.
The Savings Add Up Over Time
When it comes to savings, the earlier you start, the better. In fact, saving just a small amount each week can, over time, have a big impact due to the effect of compound interest. For example, by putting away just $20 each week over the course of 20 years, you’ll end up with more than $45,000, assuming a close-to-market-average interest rate of 7%.