Savings and Credit Interest

1. If you put $500 into a regular savings account in the bank when you are 18 years old, and add $50 each month, how much will you have when you are 68 years old (50 years later)?

$39,500.23

2. If you put $500 into a regular savings account in the bank when you are 30 years old, and add $50 each month, how much will you have when you are 68 years old (38 years later)?

$28,301.40

3. If you put $500 into a regular savings account in the bank when you are 40 years old, and add $50 each month, how much will you have when you are 68 years old (28 years later)?

$19,938.10

4. If you put $5000 into a regular savings account in the bank when you are 30 years old, and add $500 each month, how much will you have when you are 68 years old (38 years later)?

$283,013.98

5. If you put $5000 into a regular savings account in the bank when you are 40 years old, and add $500 each month, how much will you have when you are 68 years old (28 years later)?

$199,381.03

6 If you put $400 into a regular savings account in the bank when you are 16 and add $100 each month, how much will you have when you are 22 years old (8 years later). If I added $250 each month, I could have $25,290.15

$10,375.95 

This makes me think that if I continue to save as I have until I graduate college, I will have saved $10,375 which is will be helpful in paying for additional schooling, or renting an apartment, or maybe even buying or leasing a car. I can even add more if I wanted to (by getting a more fuel efficient car, making a better budget) and planning for when I am not working (when the pool is closed for the winter!)