What factors affect my savings calculator results?

Several factors influence the accuracy of your savings calculator results:

• Initial Amount Saved: The starting balance can significantly impact the final savings due to compound interest.
• Monthly Savings Contributions: Regular contributions increase the total savings over time. The more you save each month, the higher the final amount.
• Interest Rate: The return on your savings, whether through a fixed interest rate or varying rates from investments, directly affects your results.
• Investment Duration: The longer the period, the more time your money has to grow. Time is a critical factor in compounding interest.
• Inflation Rate: Inflation decreases the purchasing power of your money over time. Considering inflation is essential for accurate future value projections.
• Tax Considerations: Taxes on interest or investment returns can reduce your overall savings. Accurate tax inputs ensure realistic projections.

These variables collectively determine how much your savings will grow, ensuring that the calculator gives a reliable estimate for your financial planning.