Savings Programs
Grants & Scholarships
Debt Management
Savings Calculator
Budget Calculator
Balance Your Checkbook Tool
Repayment FAQ's
Tax Savings
Loan Programs
Installment Payment Plan
Part-Time Work
Tools & Calculators
Financial Aid Primer
Publications and Forms
Online Payment
Frequently Asked Questions
Ask an Expert
CFNC Home
Savings Calculator
Saving on a regular basis can make a big difference in your future finances. And the earlier you start saving, the better.
For example, say you start saving once you have your first job at age 22. If you put $100 a month in a savings account that earns a modest 6% interest rate, you'll have over $100,000 at age 55!
That growth is due to the "miracle" of compound interest. This works by your reinvesting the interest you earn on your savings as soon as you receive it - to earn interest on the interest! Use the calculator below to see for yourself how your money can grow.
Enter different amounts, rates and time in the first 4 sections of the calculator to see what a difference these changes can make.
Initial Deposit
$
Monthly Savings
$
Interest Rate
2%
4%
6%
8%
10%
12%
Number of Years
Future Value
Interest Earned
**Note: The results, returns or other information generated in the Savings Calculator are hypothetical and do not indicate actual investment results or guarantee future results.
Copyright © 2001-2009 College Foundation, Inc. All rights reserved.
Site Map
|
Privacy Policy
|
Technical Support
