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Both saving and investing are important parts of your financial life, and there are distinct differences between the two.
Saving is what people do to meet short-term goals. Money typically earns a small amount of interest in a low-risk account. It is easy to get to when you need it (liquid).
Investing helps you reach your long-term financial goals and involves growing your money by investing and depositing funds in stocks and bonds. In return for your decision to invest, you will earn a higher return.
The following calculators will help you determine how fast your money will grow by choosing a specific type of account.
Saving
- Saving for a Goal, Ally.
- Simple Savings Calculator, Bankrate.
- Free Savings Goal Calculator, Nerd Wallet.
Investing
- Pay Down Debt or Invest Monthly Surplus, Consumer Credit.
- Investment Calculator, Bankrate.
- CD Calculator, Bankrate.
- Retirement Planner, Bankrate.
