With the Savings Calculator you are in the position where you can determine your short, medium and long term goals.
How the Savings Calculator works?
The Savings Calculator is a great tool which will assist you in achieving your future Investment goals!
The Calculator will calculate what your future Investment Return will be to achieve your short, medium or long term Investment goals. It assumes that the interest rate remains the same throughout the period of the Investment. It also provides you with the total interest earned on your Investment.
To use the Savings Account Calculator you need to input the following:
- Your Initial Investment
- Your Regular Additional Contribution
- The Indicative interest rate of your Investment
- The period (in months) to achieve your financial goal.
- Your regular contribution frequency (weekly, fortnightly or monthly)
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Note: That the results are as accurate as the information inputted! There are also a number of Assumptions that need to be taken into consideration:
Interest Rate Assumption
Savings Calculator assumes that the Interest rate does not vary during the period of the Investment.
In accordance if your Investment is based on a Variable Rate, then this would mean that as market conditions change, then so does your interest rate, and the amount of your savings.
Yearly Assumptions
The Calculator assumes that the year comprises of 364 days and not 365 days and further does not take into account leap years within the Investment period.
Further it is assumed that all months are equal and do not vary. This would affect the interest earned on the Investment, and vary the end result.
Regular Contribution Assumption
The Savings Calculator provides results on regular monthly, fortnightly or weekly payments. It takes into account week or fortnightly payments. This would mean that there would be a slight variation to the end result as interest is calculated daily.
Disclaimer: The results obtained from this Savings Calculator are indicative only and it is advised that you seek professional advice before considering your next investment structure. Read full disclaimer.