Savings are very important for anyone, which is useful for a rainy day. No matter how little you earn, it is wise to save a little every month. A Malay proverb goes like this, “little by little, a hill is formed”. When you practice saving for a rainy day, you will be glad that you did save; a rainy day will surely come.
You can motivate yourself to save by using a savings calculator. It is a good tool to show you how much you are saving and how much you would have saved in a certain number of months or years. As you realize the growing figure if you were consistently saving, you will be motivated to keep saving.
A savings calculator is able to store all the basic capital you put in as your savings and compute the investment amount you will enjoy after some time. A savings calculator can record the following pieces of information:
* Initial Investment
* Expected annual interest rate
* Extra Deposit
* Year of Savings
* Annual balance
* Cumulative investment
* Cumulative interest
You can change the years of saving and interest rate figures to give a more accurate projection of the total savings figure as often as you like, or depending on the current economy rates. You can also input any withdrawal figures from the savings calculator template to mirror a life situation to view your savings at any point in time.
Consider the attached sample template for your convenience.