Help Your Money Grow | BGCA Money Matters

Help Your Money Grow

Save & Invest

When you save money in a savings account, it can grow. That’s because banks and credit unions pay interest. And, over time, savings can multiply because of compounding.

When interest compounds, amounts you save early in your life — even if they’re small — will grow more than the same amounts you save later. See how.

That’s what “putting your money to work” means. Use the compounding calculator to figure out how much your savings can grow.

Back to Bank on It

Compounding Calculator

Select the number of years you plan to save.

Inflation is the steady, gradual increase in the cost of nearly everything. Over the past 75 years, the inflation rate has averaged 3.1% annually, including the high point in 1980, when it hit 14%, and several years when it hovered around 1%.

The more frequently your earnings compound, the more quickly your savings can grow. Different accounts compound on different schedules.

This is the percentage of your current balance that’s added to your account each time interest is paid.

Starting Balance: $
Monthly Contribution Amount: $
Interest Earned (%):	%
Number of Years:
Frequency of Compounding:

Total:
Total Adjusted For Inflation:
Total adjusted for inflation assumes a 3% inflation rate.

BGCA.org

MyClubMyLife.com