1. What is the Savings Calculator?

The Savings Calculator helps you track your financial balance by accounting for deposits, withdrawals, and interest. It's useful for personal budgeting, savings accounts, or any financial tracking needs.

2. How Does the Calculator Work?

The calculator uses the simple savings formula:

Where:

• \( Previous \) — Your starting balance
• \( Deposit \) — Amount added to your balance
• \( Withdrawal \) — Amount subtracted from your balance
• \( Interest \) — Any interest earned on your balance

Explanation: The formula calculates your new balance by adding deposits and interest to your previous balance, then subtracting any withdrawals.

3. Importance of Tracking Savings

Details: Regularly tracking your savings helps with financial planning, ensures you're meeting savings goals, and prevents overdrafts or insufficient funds.

4. Using the Calculator

Tips: Enter all amounts in dollars. Previous balance must be positive or zero. Deposits, withdrawals, and interest must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if I don't have any deposits or withdrawals?
A: Simply enter 0 for those fields. The calculator will only account for the values you provide.

Q2: How often should I use this calculator?
A: For best results, use it whenever you make transactions to keep an accurate running balance.

Q3: Can I use this for multiple accounts?
A: Yes, but you'll need to calculate each account separately or combine all values for a total picture.

Q4: Does this account for compound interest?
A: No, this is a simple calculator. For compound interest, you would need a more specialized calculator.

Q5: What's the difference between withdrawal and interest?
A: Withdrawals are amounts you take out, while interest is money earned on your balance from the bank or investment.