Saving during the Covid-19 Pandemic with Pigly’s Savings Calculator
Covid-19 has affected every household in the world. As a mother, wife, and business owner, it’s been difficult managing all of my responsibilities with everyone always home. After all, there’s no such thing as a part-time mom or entrepreneur. As the basic rules that governed our lives began to change, we’ve managed to adapt; handling each new problem as it came up. One of our main concerns was saving money. With our family and financial responsibilities, the stimulus checks weren’t enough to put our minds at ease for long. After all, bills still needed to be paid, rent was still due, and we all had to eat. My husband and I sat down and went through our finances; what we made, what we needed. But, we needed help to bring balance to our lives and make smart money without breaking the bank. That’s when I found Pigly.
The Benefits of Pigly’s Savings Calculator
Pigly’s saving calculator is a free online tool I use to plan my investments and keep my finances in order. It calculates interest income using factors like:
- Initial investment
- yearly rate of interest
- State and federal tax
- Years to invest
- Average inflation rate
Just put in as much information as you can and the system will provide a detailed account of your projected income. The benefits of using Pigly include:
- Gaining a better understanding of your finances
- More knowledge behind your investments
- More informed about useful financial decisions (savings account)
- Tracking your spending with ease
- Making informed saving goals
- Earning more to save more money
- Using this online tool for free
Saving money is so much easier now that we have this tool to invest it smartly. I felt the need to do my part and share what we’ve learned.
Know Your Money
We also use the saving calculator to gain a better understanding of our finances. Understanding our finances helps us make smarter decisions with our money.
- Where to open my next savings account
- How much of my income to devote towards it
- Where to pull money from in case of an emergency
My husband and I were able to plan it all because of the understanding we gained from this free online saving calculator and, as a business woman, this tool has been key to planning my investments and keeping my company alive. Smart money is money invested with expert knowledge and interest is key in this process. It helps to be able to efficiently calculate a projected return rate. Branching out to other calculators on Pigly has helped us to.
More Pigly Tools
The pigly saving calculator may be the tool I use the most, but there are a lot of other useful calculators there. Here’s a brief description of what all the different tools on Pigly are used for. Hopefully this will make managing your finances during the pandemic a little easier.
Calculates savings with inflation or income taxes. Just input either your initial investment, monthly sum of contribution or both. Along with your yearly interest rate (APR %), years to invest, combined state and federal tax rate (%), and average yearly inflation rate (%).
Calculates savings without inflation or income taxes. You only need your initial investment, sum of contribution, yearly interest rate (APR %), and years to invest:
See how compound interest affects your finances in the long run. You’ll need to input the sum invested, your yearly percentage rate (APR %), and years to compound.
Estimate your projected interest and savings income at various compounding intervals based on your contributions. You can either input your initial investment, your monthly contribution or both. Then input your yearly interest rate (APR %) and the years you invested.
easily compare the returns of your investment approaches with bi-weekly or monthly contributions. Select your choice of either monthly or weekly contribution rate and then input your sum of contribution, yearly interest rate (APR %), compounding interval, years to invest, income tax rate, and yearly inflation rate.
Calculate the yearly yield and projected value of your investments. You’ll need the sum invested ($). yearly return rate (%), number of years invested, marginal state & federal income tax rate (%), and taxable percent of deferred savings (%).
Based on its compounding interval, calculate the yearly percentage rate and projected value of your certificate of contribution. Input your sum of contribution ($), yearly interest rate (APR %), certificate duration in months, compounding interval, daily income tax rate (%), and inflation rate (%).
For saving goals:
Calculate the growth of your savings and how much you need to contribute over time. Input your savings Goal, your current savings balance, your yearly percentage rate (APR %), and how long you plan to save. Then, select how often you contribute to your savings.
Calculate when you’ll reach your desired financial goal. Input the sum you currently have saved, your savings goal, your monthly addition, and your yearly interest rate (APR %).
Calculate how much you need to save to reach your desired financial goal. Indicate your future savings goal ($), the yearly interest rate you expect to earn (APR %), the years between now and your savings goal, and the compounding frequency.
Calculate how much you should save for your child’s tuition and school fees. Input your child’s name, how many years left before they leave for college, how much you currently have saved, any outside funding (Scholarships, FAFSA, et cetera), your gross yearly income, your projected yearly return on investments (%, your projected yearly inflation rate (%), and the yearly cost of tuition.
For your own net worth:
Understand your finances as they are today. Just list all your assets, including:
- Cash (checking & savings accounts)
- Short-term investments
- Treasury bills
- Savings certificates
- Money market funds
- Cash value of life insurance
- Anything else you can think of
Figure out the present value of a lump sum you’re due to receive at a later date. Input the sum you’re expecting, discount rate (APR %), number of years, and compound interval.
Calculate how much your investment will be worth in the future. Input the sum of your investment, yearly interest rate (APR %) or compounded return rate, compound frequency, years invested, federal income tax rate (%), state income tax rate (%), and yearly inflation rate (%).
Calculate how long it will take you to save a million dollars. Input your initial investment or monthly contribution. Then, indicate your anticipated yearly return rate and average yearly inflation rate (%).
Hopefully this information makes saving money during the pandemic easier for you and your family.