Purpose: This calculator is a perfect example of the old saying, “a little bit goes a long way.” See how saving even a small amount every month can add up to a healthy nest egg in just a few years – or less. You can also see how different interest rates and compounding periods will help your savings grow.
Tips & Insight: Once you get used to depositing a specific amount every month, eventually you won’t even miss it. When that happens, maximize your efforts by bumping up your savings amount a little bit – and keep doing it every few months as you adjust to the new amount until you start to feel the pinch. The calculator is also a great way to evaluate banking offers you may receive in the mail or in your inbox to see if opening an account with a new bank makes good financial sense.