Fincrew Basic Savings Calculator
For most people, financial independence is the goal. It is one of the few things necessary for easing any potential worries about the future. It effectively secures you, but financial independence can also put you in a better position to care for your loved ones. How do you achieve this highly-desired state? Outside making prudent investments in businesses, the most efficient way to go about this remains to set a personal savings goal. With our individual savings rate calculator, you’ll be able to do much more with your per-month deposit. Whether for your retirement planning or to go for that much-desired vacation abroad, our basic savings calculator in Malaysia lets you know just how much you’ll have to save over a certain period to meet any objectives you set. However, more than this, it also considers parameters like the annual interest rate that most leading financial institutions in the country offer. Coupled with its compound interest algorithms, you’ll be able to more easily tell the annual percentage yield growth you can expect to see over time. When you use our tool to calculate your savings rate, you can more easily bring your goals to focus and put a value to the number of years you’ll need to make a certain monthly deposit to reach your goals. You need to familiarise yourself with four (4) variables to make the most out of the basic savings calculator. These are:
1. The Initial Amount
It simply refers to the starting amount of your investment. This term can also represent the sum you can initially deposit into your account. Whether this is RM 1 000 or RM 10 000, the initial amount you deposit can considerably impact your financial growth over time.
2. The Monthly Deposit
If your initial amount is the sum of money you use to commence your investment, then your monthly deposit can be described as the funds you use to support the growth of your investment. An excellent way to establish the value of this sum is by taking the time first to analyze your total monthly income, remove your monthly expenditure, set aside an emergency fund, and then see what you can save from the rest. The higher you can make the value of your monthly deposit, the faster you can expect your investment to yield the outcome.
3. The Annual Interest Rate
The annual percentage yield that you can expect your investment to produce yearly. You can find a breakdown of this value using our calculator rate table. The available information spans everything from money market accounts to checking accounts and even savings account. There are instances where you’ll already know what you’ll be earning. You need to input those values into the required field in such cases. Once you specify whether you’ll be getting the said interest monthly, quarterly, bi-annually, or annual, our algorithms will take care of the rest.
4. The Number Of Years
It refers to how long it’ll take for you to reach your savings goal or for your investment to reach the benchmark you set. As is only to be expected, a broad mix of variables comes into play here. However, on the whole, the longer you leave your investment to grow, the higher the dividends you can expect from it when it finally comes to term.
Leveraging The Power Of Our Basic Savings Calculator In Malaysia
You don’t have to do it all. Setting a goal and working towards it takes a lot of grit and effort. Let the FinCrew team support you in what little way we can by helping you plan extensively. By taking advantage of our basic savings calculator, we’re confident you’ll be able to get to your goal faster and more coordinated.
