Savings calculators
Free savings calculators, all downloadable spreadsheets you can keep and adjust as your situation changes.
They answer two different questions. How do I reach a goal - what to save, how long it takes, and whether you're on track. And what is this purchase really costing me - not the price tag, but the returns you give up by spending it.
The two purchase calculators tend to be the eye-opener. A $5,000 purchase isn't a $5,000 decision once you count what the money would have become.
REACHING YOUR GOAL
savings goal calculator
Wondering how much you need to save each month or each year to get to a future number? This is the calculator for you.
savings goal calculator with different investment returns and contributions
One of my favourites. Just enter your savings goal and this calculator will let you know how many years it will take to reach your goal under different rates of return and annual savings amounts.
Savings goal calculator with different investment returns and contributions
How long to reach your savings goal calculator
This calculator will let you know how long it will take for you to reach your savings goal.
How long to reach your savings goal calculator
Current savings vs savings needed
Want to see if you are close to on track with your savings? If you have a target savings amount and a timeframe in mind and wondering if the amount you are currently saving is cutting the mustard, this calculator can help.
You will find out the difference between what you are saving and how much you need to save. Whether you are ahead of or behind the eight ball.
Current savings vs savings needed calculator
The millionaire calculator
So, you want to be a millionaire? Not quite the lofty goal it was several moons ago, but still pretty impressive nonetheless.
This millionaire calculator will tell you how many years it will take you to save a million dollars based on your current savings and future deposits. It also calculates the after inflation value of $1 million dollars today. Finally, the calculator will let you know what changes to your initial deposit or your regular savings are needed to be made to bridge the gap if there is a shortfall between when you want to be a millionaire and when you will likely become one.
COMPOUNDING
compound interest calculator
Compound interest and the rule of 72 now have their own page.
Four calculators - a quick one for what a sum grows to, a comprehensive one that handles contributions and withdrawals in any year and shows how much of your balance came from returns rather than from you, plus two rule of 72 tools for how long money takes to double.
THE COST OF SPENDING AND WAITING
Delay of savings calculator
The impact of delaying savings by even one year can be significant. To the tune of many thousands of dollars. To see how much that delay is costing you, then this is the calculator for you.
There is one calculator if you are saving regularly and another calculator if you just want to save a one off lump sum.
How much does that one off purchase really cost calculator
How much you pay for something is not the true cost. The true cost is higher than you may think.
The reason is, some people choose to spend money and others choose to save it. If you choose to save instead of buy, you have extra money available to save or invest. The interest the saver receives on their savings or investment is something the purchaser of a product or service does not get to experience for those dollars. Those missed returns for the purchaser are known as an opportunity cost.
So the cost of buying a product or service is not just the cost of the product or service, but also the opportunity cost or the missed investment returns.
This is not a knock on spending. If you are intentional around your spending then great. The point is to make the decision fully aware of the true cost of your decision.
This calculator will let you know how much you could earn on your money if you invested instead of spent it, and how much in total a one off purchase may be costing you.
How much does that one off purchase really cost calculator
How much does that regular purchase really cost calculator
Same calculator as above, except it lets you know the total cost for any discretionary recurring expense. You can’t do much about necessary regular expenses such as rates, electricity, and so on. However, this calculator will help you understand the total cost of optional regular costs such as travel, extra food, subscriptions, and so on. Then at least you can make the decision to save or spend with the full picture of the costs of your decision.
For personalised advice on how to make best use of your savings to achieve your goals, then get in touch for a no obligations chat to see how I may be able to add value for you.