MBC insurance brokerage service - Savings Calculator (CDN)


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Savings Calculator

Consistent investments over a number or years can be an effective strategy to accumulate wealth. Even small additions to your savings add up over time. This calculator demonstrates how to put this savings strategy to work for you!

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Savings Calculator

Your savings is worth TOTAL_AT_END_OF_INVESTMENT after YEARS years.

If you save ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY your savings may grow to TOTAL_AT_END_OF_INVESTMENT after YEARS years. This includes a starting balance of STARTING_AMOUNT and a RATE_OF_RETURN annual rate of return.

Results Summary

Starting amount STARTING_AMOUNT

Years YEARS

Additional contributions ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY

Rate of return RATE_OF_RETURN COMPOUND_INTEREST

Total amount you will have contributed TOTAL_AMOUNT_YOU_HAVE_PAID_IN

Total at end of investment TOTAL_AT_END_OF_INVESTMENT

Savings Balance by Year

**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Definitions

Starting amount. The starting balance or current amount you have invested or saved.

Additional contributions. The amount that you plan on adding to your savings or investment each period. The investment period options include monthly, quarterly and annually.

Years. The total number of years you are planning to save or invest.

Rate of return. The annual rate of return for this investment or savings account. For example, the long-term rate of return for the TSX is about 11% over the last 20 years. If you plan on withdrawing your money within five years, you may wish to choose a more conservative rate of return. Savings accounts at a bank or credit union pay as little as 2% or less.

Compounding. This is the frequency that your investment's interest or income is added to your account. The more frequently this occurs, the sooner your accumulated interest income will generate additional interest. For stock and mutual fund investments you should choose 'Annual'. For savings accounts and Term Deposits all of the options are valid, although you will need to check with your financial institution to find out how often interest is being compounded on your particular investment.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.