All calculators are downloadable Excel spreadsheets that allow you to save and amend your own personal data.With all the spreadsheets, enter your personal data in the purple coloured cells.
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.
compound interest calculator
If you save X amount in X years, how much will you end up with? This is your calculator.
Comprehensive compound interest calculator
Like the compound interest calculator, you can see how much you will end up with over time. However, this sheet allows you to compare between making contributions or not. You can also make as many contributions or withdrawals to your savings amounts over the years to see the impact. In this calculator you can also see how much you have contributed towards the savings and how much interest returns have contributed. The second tab on the spreadsheet allows you to see how different a lump sum contribution looks with different interest rates and different compounding frequencies.
You can read more about this calculator in this article here.
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.
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.
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.
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.
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 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.
Rule of 72 calculator
The rule of 72 is a formula that will let you know how long it will take for you to double your money with a given interest rate. For example, with a 7.2% rate of return, your investment or savings will double in around 10 years (72/7.2).
The formula works for anything with a percentage, such as inflation, pay rises, and so on.
The rule is not quite 100% accurate to the decimal point but it is close enough for all intents and purposes.
This calculator has two options for you.
One where you enter the expected percentage returns and you will be told how long before your original amount doubles in value. You just need to provide your expected percentage returns.
S3econdly, it can also tell you what percentage rate you need in order to double your money in your desired timeframe. You just need to provide your desired timeframe.
Rule of 72 grid
Same as above, except you don’t have to enter any information. You can see a wide range of percentages and years to double your investment in one place. Useful if you have more than one scenario you would like to look at.
More musings on compound interest can be found here.
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 we may be able to add value for you.
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