Monthly savings account is a simple way to make regular monthly deposits which you have saved from your monthly earnings. This is an important step that you should take as soon as you start your professional career. There is no guarantee about your employment period or your health and what will happen to you and your family if you lose your job or meet an accident and paralyze. The savings account is the solution to those unusual situations when you don’t have another source of income. People also deposit a little part of their monthly income into the savings account to support the college education of their child in the upcoming years. If you are a father of a girl, you always dream about your daughter’s wedding day and to make it more special and dreamy and that’s only possible if you save some of your monthly income. Same thing happens in the case of annual savings only with a little difference that only the businesses make annual savings for unfortunate incidents inside the business every year from their annual turnover.
You can’t just take the money from your pocket and put it in the savings account because you may need it later that month and that won’t be easy to draw the money back from the savings account. This is why a monthly savings calculator is important as it tells you about how much you can or you will save this month. In case of an annual saving, you can’t allocate a random amount or approximately finance for the business for the next year and you need a definite tool which tells you about the exact amount that you can save from your incomes. This calculator is free of cost and doesn’t need you to spend even a single buck for the calculations. You just need to enter your monthly or yearly gross income into the calculator along with your regular expenses and within a second, this calculator provides you with a figure of money that you can take from your pocket and put into the savings account.
Here is preview of a Free Sample Savings Calculator created using MS Excel,
The main benefit of this calculator is that it eliminates the chances of mistakes or errors in the final results or figures as this calculator does all the work by itself. If you want to do all this work by yourself, you need to go through a number of formulas and financial equations which will take hours to complete and there are still strong chances that you will mess it up and the final figure will not be so accurate. This calculator generates the exact and accurate results without any fault. You can use this calculator on a computer or a cell phone without any need of internet.
General uses of a monthly vs. annual savings account:
- Individuals use this calculator to allocate a definite amount for the savings account from their monthly income for the future needs.
- People, who want their kids to study in college or more than one daughter to marry, use this calculator to take some amount from the monthly salary and deposit in into savings account.
- Offices, firms and organizations use this calculator on professional level to allocate finances for the next year’s expenses and sudden incidents.
- Websites put this calculator on their web portals and offer their visitors to use this calculator for free so that they have more traffic.
- Financial or accountant firms use this calculator to check how much they can deposit into the savings account.
Here is download link for above shown Savings Calculator,