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Savings calculator, otherwise called "savings account calculator" is a versatile tool that can help you plan how to save up enough money to buy your dream car, trip, etc. It works in both directions - go ahead to either find out how much you'll save OR how much you need to deposit if you have a certain amount as your goal. It operates on a few variables: initial balance, meaning how much can you put in as an initial deposit; monthly deposit, interest rate and term, meaning how long will you be saving for, be it months or years. Moreover, should you be saving for years, there is a table underneath the savings calculator that will show you what your balance will look like at the end of each year. It's a special kind of a compound interest calculation, with a little twist - monthly deposits.

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