Compound Interest Calculator help section
This help section will guide you through what to enter into the 'Inspired to Save' Compound Interest Calculator:
Name - Enter your first name here. This will be used to tailor your results.
Gender - Select your gender from the drop down list. This will be used to tailor your results.
Age - Enter your current age in years here e.g. 28. This will be used to tailor your results.
Currency - Please select your preferred currency from the drop down list. This will be used to tailor your results.
Initial sum saved - Enter the initial amount you want to save / invest straight away. Please do not include any currency symbols.
Monthly savings - Enter the amount you wish to save each month. Please do not include any currency symbols.
Interest rate - Enter an average yearly interest rate. This is the amount as a percentage that your savings will grow by each year. For example if you save $100 in a bank account with a yearly interest rate of 10% you will have $110 by the end of the year. Please do not include the ‘%’ symbol in your entry.
Inflation rate (optional) - Inflation is the gradual increase in prices over time. For example the price of a chocolate bar has generally risen over the past 20 years. This increase is an example of inflation. We have included it in the Compound Interest Calculator so that you can get a more realistic view of what your future savings will be worth in today’s money. i.e. $10 dollars in 1990 would have bought you considerably more chocolate bars than $10 today.
To help you populate this field we have included some common inflation rates below.
- USA = This had an average yearly inflation rate of 3.7% over the last 30 years between 1980 and 2009
- UK = This had an average yearly inflation rate of 2.6% over the last 20 years between 1990 and 2009
- Canada = This had an average yearly inflation rate of 3.2% over the last 30 years between 1980 and 2009
Return to the Compound Interest Calculator.