How does the savings calculator work?

The savings calculator is used to estimate the growth of savings over time, helping many keep track of and reach financial goals! Once all the inputs have been entered, please click on the "calculate" button.

Why use the savings calculator?

Making use of the savings calculator is essential for those seeking to reach their financial goals, creating excellent saving and investment strategies. Entering variables such as initial savings, weekly contributions, and saving duration, many can project the growth of their savings over time. The savings calculator offers invaluable insights into potential investment openings and the impact of consistent saving habits on accumulating wealth. Whether planning for retirement, saving for a major purchase, or building an emergency fund, the savings calculator allows people to set realistic savings targets and keep track of their progress toward goals. Financial literacy encourages informed saving decisions.

A Brief History of Banks

Banks have been a fundamental part of society since ancient times. Early banking began almost four millennia ago around 2,000 B.C. in Mesopotamia, temples were used as repositories for valuables, and records of transactions were kept. Later Greek and Roman civilizations adopted basic banking systems, the first modern bank was erected during the Renaissance in Italy. The Medici family built the first bank in the year 1397 in the city of Florence Italy. The rise of central banks was seen in the 17th century, for example, the Bank of England in 1694, to structure national finances. During the 20th century in the Great Depression, financial regulations like the Glass-Steagall Act of 1932 in the United States, allowed banks of the Federal Reserve to lend to five or more Federal Reserve system members or any individual member bank with a capital stock not exceeding five million dollars, against collateral. This forced commercial banks to refrain from investment activities and protect depositors from losses. Banks still play key roles in economies around the world, giving many financial institutions the ability to grow their economies.

Input fields explained

• Initial savings ($): Enter the amount you have already saved or invested.
• Weekly contribution ($): Enter the amount planned on being added weekly to your savings.
• Saving duration (weeks): Enter the number of weeks planned to keep your money saved or invested.

Understanding the results

Once all the input fields have been entered and "calculate" has been clicked, the savings calculator will provide an answer. The savings calculator will project future savings amounts and contributions made.