Dynamic Funds - Calculators and Planners: Savings Calculator

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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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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 weekly, bi-weekly, 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.

The calculators contained on this site is provided for illustrative purposes only and is only intended to assist you in understanding how certain investment strategies may impact your investments over a specific period of time. Dynamic Funds does not warrant or make any representations regarding the use or the results of the Calculator in terms of its correctness, accuracy, timeliness, reliability, or otherwise. Information herein is subject to change without notice and Dynamic Funds is not responsible to update this information, nor does it accept any responsibility for any loss or damage that results from the use of the results of the Calculator. Projections made using the Calculator are not intended to be a substitute for professional advice and, because each person's situation differs, we recommend that you consult a professional investment advisor to ensure you are using the information on this site to your best advantage

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Calculators and Planners

Savings Calculator

Definitions