Expenses and Savings Calculator
This expenses and savings calculator shows how much money you can bank annually (with interest) if you reduced your expenses. The tool allows you to input your periodic expenses for each category. You may add categories if necessary. Next, you specify how much you want to reduce your costs by, and the expected savings interest rate. The calculator will then display the amounts you can accumulate over the next 5 years.
Expenses and Savings Calculator
Find out your daily/weekly/monthly/yearly expenses and learn how to save money with this calculator.
| Expense | Amount Spent * | Period * | Daily | Weekly | Monthly | Yearly |
|---|---|---|---|---|---|---|
| $33.33 | $250 | $1000 | $12000 | |||
| $2000 | $14000 | $60000 | $730000 | |||
| $3000 | $21000 | $90000 | $1095000 | |||
| $571.43 | $4000 | $16000 | $208000 | |||
| Total: | $5604.76 | $39250 | $167000 | $2045000 | ||
Find Out How Much You Can Save
- Input the percentage of cut back that you want to occur for your expenses.
- Specify the interest rate you will have for your savings account.
- Click “Calculate”.
| Monthly Expenses | Percentage of Cut Back (%) (required) | Saved per Month | Interest Rate (%) (required) |
|---|---|---|---|
| $167000 | $16700 |
Cut Back your expenses
| Years Of Contributions | Contribution | Interest Earned | Total |
|---|
How to Use the Expenses and Savings Calculator
- Enter each category of expenses in the appropriate column. Examples include food/groceries, phone, auto insurance, and gas. You may add additional rows as you need to capture all your costs.
- Enter the amount spent, and specify the time period. For the period, you may select between daily, weekly, monthly or yearly. The last four columns will adjust themselves automatically.
Understanding the Results
The output from this expenses calculator shows how much you can save over 5 years at your desired interest rate. The results will be displayed as four columns, showing your outcomes over five years, as indicated by column 1.
The second column shows a cumulative total that you would save, for that year, without considering interest.
Column three shows the summation of interest to that year.
The last column shows how much you can save if you added up that year to previous years.
Example expenses and savings calculations
Let’s use the following example. I live with my parents to save money and have a few expenses: food, a cell phone plan, auto insurance, and gas. My expense section looks like this.
I’m looking to cut back my expenses by about 15%, and I’ve found a savings account that pays 1.5% interest.
When I click “Calculate”, I get the following results.
By cutting 15% of my expenses, I can save $1032 per year and over $5000 in the next 5 years.
Develop a Savings Plan with Us
Try this expenses and savings calculator and see how much money you could be saving per year. While you’re here, take a look at some of our other savings calculators and see how much more you can save.