How to Calculate Savings Growth

Save

The act of saving money brings future rewards to people disciplined enough to do it. Those who are most successful at saving money do it systematically; they might force themselves to put away 15 percent of every paycheck, for instance. While denying yourself the instant gratification of spending money, having a savings account can help you enjoy life with the feeling of security that comes with not living paycheck to paycheck. Every once in a while, it can be inspiring to calculate your savings growth. Seeing how much money is building up can provide you with psychological momentum for saving even more.

Things You'll Need

  • Calculator
  • Look at your savings account statement and determine how much money you started the account with and how much it is presently worth. As an example, imagine that you started your savings account with $500 and that it is now worth $800.

  • Write the following equation for calculating the percentage by which your savings have grown:

    Savings Growth = (present worth - original deposit) / original deposit x 100 percent.

  • Input the values from your savings account statement into the formula and use a calculator to determine the percentage growth. From our example:

    Savings Growth = ($800 - $500) / $500 x 100 percent = 60 percent. The savings account in our example experienced a growth of 60 percent.

References

  • Photo Credit Jupiterimages/Pixland/Getty Images
Promoted By Zergnet

Comments

You May Also Like

Read Article

How to Renovate a Bathroom Inexpensively

NEW!
M
What's for Dinner, Pinner?
Get recipes based on your pins!
GO