Investing in your future is one of the most important things you can do, but it can be difficult to know where to start. Luckily, there are tools available that can help you estimate how much your investments may grow over time. One such tool is the monthly investment calculator, which uses the power of compound interest to help you see the potential growth of your savings.
Compound interest is a simple concept that can have a big impact on your savings. Essentially, it means that the interest you earn on a balance in a savings or investing account is reinvested, earning you more interest. Over time, this can lead to exponential growth in your savings.
To use a monthly investment calculator, you'll need to input some basic information. This usually includes your initial deposit, planned contributions, expected interest rate, and the length of time you plan to save. Once you've entered this information, the calculator will estimate how much your savings will grow over time.