Handy Savings Calculator

Rob_K

Hi!

First of all, apologies for cross-posting- I have posted this in the Savings board too. It's not something I would normally do, but I believe that this will be of interest to many DFWs who may not frequent that board and would otherwise miss out..

I am about to reach the end of my journey out of debt and so a few months ago my thoughts turned to what I would do next. I wanted to work out how much I would earn in interest if I saved the amount I currently plough into my debt, so I made spreadsheet allowing me to input amount of savings, annual increases, initial lump sum, interest earned and tax paid on interest. Then I projected it to see what that would look like over 100 years (just for fun ) The results surprised me and gave me even more determination to get out of debt.

The spreadsheet shows monthly interest, annual interest, and the monthly compound interest "pay rise."

So here's a link to my savings calculator. I hope it helps to spur you on, on your own debt free journeys!

Any comments or suggestions would be welcome

Rob K

Rob_K

bumped for the evening DFW-ers

magni

That's very interesting. Thanks for doing that:beer: . I have been spurred on a little. I can't wait until I can save money every month instead of paying off debt but it's a few more rears down the line for me.However I will be rich one day:j

doodah

cool that was interesting thanks it would take me 3 years to save for a deposit for a house, so by the time i've paid off my debts then saved for a deposit, my defaults will have dissapeared from my credit file and i'll be able to get a mortgage

Tustastic

Many thanks for this. I have been able to open it in OpenOffice Calc - unlike the MSE budget planner spreadsheet! Thanks again.:)

deb_buffy

Thanks, Very interesting that putting what i pay into my debt will become quite a nice sum in a few years. Definatly something to aim for. :-)