| Using an online interest calculator is an interesting | | | | Then again, you may be able to save regularly, but you |
| exercise to estimate the amount of money you would | | | | may also intend to draw quite a bit of your savings out |
| make over a certain number of months or years on | | | | at various times. The interest calculator cannot take |
| your savings. However, they have their limitations. For | | | | this into account. |
| instance if you want to figure out an equation that | | | | An interest calculator may work out interest on a set |
| does not take a monthly savings plan into | | | | amount and it assumes that whatever interest rate |
| consideration they may not work at all. | | | | you put in is calculated daily and credited monthly - and |
| Some interest calculators only work if you have a | | | | reinvested - for its calculations. So if you are in the |
| balance and a plan to save a set amount each month. | | | | habit of spending your interest each month, then you |
| You may not have a balance yet, if you haven't | | | | certainly won't get a true reading of your investments. |
| started saving. Or you may have a balance but don't | | | | Only of what they would be in the ideal situation. |
| plan to make regular - or any - savings each month. | | | | |