Tag: Saving

Banquette, Baby!

I’ve been chugging along on the Hood Canal Cottage design – I know I am SO overdue for an update for you, but when you’re in the throes of design deadlines it can be really hard to find a moment to pause and recap everything. But I swear, it’s coming slowly. In recent weeks I’ve moved on from major architectural design and finish decisions into the interior design side of things. It’s been a tad overwhelming, as I haven’t decorated a space from scratch since we moved to San Francisco nearly 10 years ago (did you ever catch the tour of my first place in SF? I’m almost embarrassed to share it, but I was SO proud of it at the time).

Designing the Hood Canal Cottage is a unique situation to be in for a hobby designer like me. Usually, you move and take pieces with you, but since the cottage won’t serve as a full-time residence, I’m starting from a literal blank slate.

My focus this week has been on the dining room – or in this case dining space as the dining area sits within a great room that also houses the kitchen and living room. I’ve been shopping around like a madwoman trying to hone in on the look and feel I want to bring to life in the dining area. I want it to feel distinct and anchored – its own little zone within the larger room. And the idea I keep coming back to again and again is banquette seating.

Banquettes and built-ins have been having a moment for a while now, but I would argue for very good reason. A built-in banquette is a great space saver in a smaller space and increases the capacity around a dining table. Since I envision the Hood Canal Cottage as our hub for future Thanksgiving dinners and holiday gatherings, I definitely want to be able to cram as many people around the table as possible.

Like many of the examples you see here in this post, our dining table will also run parallel to a long wall, rather than float in the middle of the room. This actually limits the ability to pull back a dining chair. I would probably have to use a bench on that side of the table, but a banquette will allow the table to sit a little closer to the wall and not have legs you have to work around, saving precious floor space.

I also love how a banquette offers the opportunity to add big long seat cushions, back pillows, or both! Adding cushy upholstery to a dining space softens areas often dominated by hard surfaces. I love how that brings a sense of coziness, inviting you to sit and linger over your morning coffee, or pour that last little bit of wine and stay up talking. I want this home to encourage anyone who stays there to slow down and enjoy the little moments. Kinda like you’re living on vacation. That is the goal.

Adding a major upholstered piece at the dining table will also help me bridge the living room space and kitchen.

While I am obviously leaning toward jumping on the banquette bandwagon, I do have some convincing to do. Not everyone in my household is into the idea of a banquette. To add to that resistance, I’m not finding any good off-the-shelf options so it’s likely I’d have to go custom to create my vision. Custom is certainly not the most affordable of options.

So what say you? Do you happen to have a banquette in your home?? Do you like it? Have you found it comfy? Useful? Are there downsides you’ve dealt with? I think I’m pretty committed to this design choice at this point, but I would love to hear what you think! Please share in the comments section.

Catch up on the Hood Canal Cottage HERE.

Check out more design ideas HERE.

 

images vincent van duysen | home designing | mr & mrs white | danthree | amber interiors shoppe / larritt-evans design | poppy talk | nicole franzen | decus interiors / 

The post Banquette, Baby! appeared first on Apartment34.

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Source: apartment34.com

9 Ways to Survive With No Dishwasher in Your Apartment

Even if your new rental unit ticked off most of your must-have boxes — great location, lots of light, budget-friendly — you might be disappointed about one thing: There’s no dishwasher in the apartment.

Not to worry! Here are some tips, tricks and shortcuts that take the drudgery out of washing dishes — and you may even end up enjoying the task.

1. Plan meals that use fewer dishes

Instant pot filled with food.

Instead of dirtying piles of cooking utensils, try incorporating some one-pot meals into the rotation. Slow cookers, instant-pots, woks and sheet pans will all minimize the amount of mess.

When baking, measure your dry ingredients first and then reuse the same measuring cups and spoons for wet ingredients.

You can also line your pans with aluminum foil before roasting vegetables or baking lasagna to cut down on washing time afterward.

Also, read a recipe through before you start cooking to see how many dishes you will need. By thinking ahead, you’ll have less to wash when you’re done eating.

2. Clean up as you cook

Washing a dirty pan with soap and water because there's no dishwasher in apartment

As you prepare your meal, get in the habit of tossing food scraps into the compost bin or garbage can. Plan to wash what you use as you’re cooking or place dirty dishes into the sink as you go.

Before you start chopping any ingredients, fill the sink with warm soapy water and soak your dirty dishes so food doesn’t become dry and caked on. Wash your prep tools as your food cooks.

3. Get the right tools for the job

Cleaning tools for dishwashing.

Toss that stinky kitchen dishcloth and pick up a few smart gadgets that will almost make you forget you don’t have a dishwasher in your apartment.

  • A dishwashing brush can handle even the crustiest food remnants, plus it dries completely — no more damp, germ-infested sponges lying around.
  • If you prefer a sponge, get a washable microfiber one that you can toss into the washing machine.
  • Silicone scrubbing gloves protect your hands, plus they provide some scrubbing power.
  • Using a blade brush is a safer way to clean sharp knives.
  • A food scraper or dish squeegee makes dishwashing easier and keeps your sudsy water cleaner.

4. Protect your drain

Sink clogged with water.

The last thing you need when you have no dishwasher in your apartment is a clogged kitchen sink.

Never pour oil or grease down the drain because they can coat the pipes and cause a blockage. Use a sink strainer to catch food particles and empty it regularly while you’re cleaning up.

5. Be efficient by learning how to clean stubborn dishes

Handwashing dishes.

For about $10, you can upgrade your kitchen faucet with a swivel tap aerator, which helps get into the nooks and crannies for more effective dishwashing.

Wash items from least to most dirty: Glasses and silverware first, then plates and bowls. Save the largest, dirtiest things for last. Some dishes, like glassware or anything oily need extra-hot water to get clean, while others do better with cold.

For example, dairy and starch rinse off easily under cold water, which prevents the residue from getting sticky. For scorched pots and pans, head to your laundry room to grab a dryer sheet: Soaking it with the pan in warm soapy water for an hour will remove caked-on grime.

6. Use the right kind and amount of dish soap

Soapy sponge because no dishwasher in apartment

If you don’t like wearing latex gloves to protect your hands, use a natural dish soap that will be gentler on your skin. For very greasy dishes, you might need a more advanced dish cleaner.

Don’t use too much soap, because it can leave a sticky residue on your dishes — one or two tablespoons per load is all you need.

Pouring your soap into a touchless foaming soap dispenser controls how much you use, saving you money.

7. Purchase space-saving drying racks

Dishes drying on a cleaning rack.

Why double the amount of work to hand-dry all your dishes when you can let them air-dry instead?

Since small apartment kitchens usually lack counter space, ditch the bulky dish-drying rack in favor of a more streamlined solution, such as hanging a wire shelf over the sink, or using a roll-up drying rack that stores away when not in use. Or, use a silicone dish-drying mat — it’s better than a fabric one because it prevents mold growth.

8. Treat yourself to a few luxuries

Man listening to music while doing dirty dishes in the kitchen with no dishwasher in apartment

Just because there’s no dishwasher in your apartment doesn’t mean you should dread cooking great meals for yourself or your loved ones. One thing that makes the task easier is creating the right mood for the job.

Pick up some great-smelling dish soap and soft linen kitchen towels, which dry faster than cotton and are naturally anti-microbial. Set up a waterproof Bluetooth speaker or wear wireless headphones so you can listen to your favorite tunes or podcast or light a few aromatherapy candles to make washing dishes more enjoyable.

9. Invest in a countertop dishwasher

Speaking of treating yourself: Sometimes, especially if you have a family to feed three times a day, hand-washing everything is just not realistic. Apartment dwellers have another option: A countertop dishwasher.

These appliances — ranging in size from 16 to 22 inches wide — sit on your counter, hook up to the faucet and wash up to six place settings at once. These dishwashers cost about $400.

Adapt to having no dishwasher in your apartment

While living in an apartment with no dishwasher can seem challenging at first, the transition to a wash-as-you-go lifestyle is easier when you plan ahead, use the right tools and shift your mindset.

The post 9 Ways to Survive With No Dishwasher in Your Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

5 Tips for Picking the Perfect Paint Palette

Keeping track of paint colors

If you’ve tried saving your paint swatches in the past and can never find them when you need them, try this simple trick: Write the name and type of paint you used for each room under the light switch plate. That way, you’ll know where the info is when you need it.

RELATED: Domestic CEO's 9 Unique Wall Décor Ideas

Glass pieces

Your friend has some leftover paint, but you’re not sure what it will look like when it dries. To find out, try this simple trick: Paint a piece of glass (a microscope slide works well, if you have one), then look at the color from the non-painted side. It will reflect what the dried color will look like.

Don’t let your white paint yellow

When painting walls and ceilings white, it’s best to add several drops of black paint into each can of white. Why? The paint will cover with fewer coats, and be more reflective. Many experts say it will also cause the paint to yellow less quickly.

SEE MORE: Who Knew's What Should You Do With Leftover Paint?

Make your own swatch book

When painting your house, it’s always a good idea to keep track of paint colors—you may need them to match future paint jobs or to help you coordinate other items in the house. Create swatches by dipping a 3-by-5-inch index card into your paint can and writing down the details.

Opt for “Oops Paint”

To save money on painting costs, check out the “oops paint” section (yes, that’s really what it’s called) of your local hardware store. You’ll find great deals on brand new cans of custom paint returned by customers who didn’t like the color. It’s a great way to find a color for an accent wall or even a primer at a huge discount. You’ll pay anywhere from one to five dollars per can, rather than $20 and up.

RELATED: The Relationship Doctor's How to Make Tough Decisions as a Couple

For everyday tips and lifehacks, tune in to the Who Knew podcast on iTunes and Stitcher! And don't forget to follow us on Facebook and Twitter.

Source: quickanddirtytips.com

How to Avoid Racking Up Debt During the Holidays

The holidays bring a lot of excitement and cheer. But is also a time characterized by a lot of spending. Statistics show that holiday spending goes up every year in the last few years. Unfortunately, holiday expenditure can take a big chunk out of your credit card. It may feel great while the holidays last […]

The post How to Avoid Racking Up Debt During the Holidays appeared first on Credit Absolute.

Source: creditabsolute.com

5 Savvy Money Moves to Make This Year

A young couple sits in bed on a laptop discussing savvy money moves.

The following is a guest post from The Savvy Couple.

As much as we don’t like to admit it, money is a very important tool that can be used to better our lives.

So why don’t we take better care of managing it?

Luckily, there are some savvy money moves that you can make this year to improve your finances and feel more financial peace. This year can be a great one, and you can use your money to help make it happen.

We have narrowed down our top five money moves that you can make this year that will have a huge impact on your overall finance. The best part is they are not complicated and they won’t take a lot of time to implement. In fact, you can start to put them in place right after reading to the end of this article.

1. Create a Money Plan and Stick to it

It’s really important to create a plan, or budget, for your money. If you don’t, then you could find your money just escaping and not having a clue where it’s gone.

A lot of people think that a budget is strict, and something that you use for just your bills. But a good budget will be a plan for your money for the month and how it is going to be spent. Your budget should reflect the direction that you want your life to take.

It should enable you to spend more money on the things you love and cut wasteful spending on the things you don’t.

It doesn’t have to be super strict either—we advise “paying yourself first.” Meaning put your money where it’s most important first (investing, savings, fun money), and then using the rest of the money to pay your bills.

Think about what your goals are for your life and base your budget around that. You have a set amount of income, and you can decide where you want that money to go.

2. Cut Your Monthly Expenses

One step toward creating the money plan that you want can be cutting your monthly expenses. This doesn’t mean that you need to be drastic with the expenses that you are cutting out.

When it comes to creating your money plan, it’s important to look at what you are currently spending money on.

If you have never tracked your expenses before, you will likely be surprised to see where your money is going. We like to think that we have a good idea of what we are spending, but if you are not tracking your spending then you are most likely vastly underestimating your spending.

Go back through your spending and highlight any problem areas. The important thing here is to not beat yourself up for anything that you’ve spent.

When you have created the plan for your money, you may find that you have been spending on things that don’t fit in with that plan. These could be the ones that you choose to cut down on.

Cut down on your expenses slowly. Otherwise, you could find that it’s too much of a change and you want to go back to how you were spending before. Try picking one thing to cut down on, and do a bit of trial and error.

3. Stay Away from Debt

We’ve been talking about creating a money plan for your life, but there are some things that can throw your plan off track—debt being one of them.

Sometimes, debt is unavoidable. There are situations that we find ourselves in such as medical emergencies, car repairs, or any kind of emergency really!

The best thing to do is to prepare for these kinds of situations. We can’t fully plan, of course, but we can set aside some money to prepare. These are usually referred to as emergency funds. We recommend saving a $1,000 emergency fund as soon as possible, then slowing building that up to 3–6 months of living expenses after your debt is paid off.

Debt is so normalized in society, but debt doesn’t have to be! Making savvy money moves and trying to prepare for future emergencies will help tremendously in the long run.

4. Understand How Your Credit Score Works

Let’s be honest—a lot of us don’t pay much attention to our credit score. It’s one of those boring things that we don’t think about until we need it.

The last thing that you want to happen is to find that you need to take out credit but you can’t because of your credit score. Therefore, it’s a savvy money move to understand how your credit score works.

Credit scores are generally used by lenders when you want to take out a line of credit with them—for example, when you are getting a mortgage or car loan. If you have a high credit score then you will have access to better rates and terms for your loans.

Your credit score is largely determined by whether you pay your bills on time, as any missed payments will go against you. Your score is also determined by how much credit you have used compared to the amount that you have been lent.

It’s essential that you check your credit report as there can be errors on there which you can rectify—the sooner the better. The longer you wait to repair your credit, the harder it can become.

You can get your Experian VantageScore 3.0 for free from Credit.com when you sign up for the free Credit Report Card. And if you want more details on your credit score, sign up for ExtraCredit. You’ll get 28 FICO® scores and your credit reports from all three major credit bureaus.

Try ExtraCredit Today

5. Start an Online Side Hustle

We are huge fans of starting side hustles because at the end of the day you can only cut your expenses so much. But your income has unlimited potential.

Side hustles are great because you can create an income stream for your goals, or even use it to leave your day job.

The benefit of starting an online side hustle is that there are so many possibilities, you pretty much only need to have access to the internet.

It’s worth brainstorming some side hustle ideas that you have an interest in doing. It’s also worth thinking about ideas that will be free or have a very low cost to start up. The last thing that you want to do is spend a lot of money on something that’s not going to take off.

You can determine how much time and effort you want to put into your side hustle—it doesn’t have to be a brand-new business, but can be getting an extra job or something small.

Some of our favorite side hustle ideas include:

  • Starting a blog
  • Proofreading
  • Facebook advertising for businesses
  • Teaching English online
  • Freelance writing

Savvy Money Moves throughout the Year

If you want to make some good money moves this year, this is a good place to start. These are some simple things that anyone can do to improve their finances greatly.

What are your best savvy money moves? Let us know in the comments!


Kelan and Brittany Kline are the creators and co-founders of The Savvy Couple. They write about personal finance, budgeting, making money online, entrepreneurship, and more.

The post 5 Savvy Money Moves to Make This Year appeared first on Credit.com.

Source: credit.com

My Husband Bought a Retirement Property, but Only Put His Name on the Deed. Will His Adult Children Inherit This Home?

Marketwatch's The MoneyistMarketWatch

Dear Moneyist,

My husband and I have been married for 25 years. We do not have children together, but he has children from a previous marriage.

We are retired now, and he bought property in Florida for us to live in. My name is not on the deed of the property, and he has not made a will yet. I keep complaining to him about it.

If he should die without a will, will his adult children and grandchildren be entitled to the property and house? Hopefully, you will be able to answer this question and set my mind at ease.

Carla

Dear Carla,

Your husband appears to have control issues at worst or, at best, problems with being direct and transparent. This is not the way to deal with a family property, especially after 25 years of marriage. If your husband wants his children to inherit his estate when he is gone, he should discuss it with you like a man (or woman), face to face, and you should outline a plan for your future together. But this game of cat and mouse, where he makes unilateral decisions about your future, is not a respectful or helpful way to conduct a 25-year marriage.

Not knowing if you’re going to have a place to live after your husband dies, assuming he predeceases you, creates a constant feeling of unease. The whole point of saving for retirement and being fortunate enough to retire comfortably is that you can see out your final years together with the knowledge that you will both be financially secure. Only one person in this relationship knows what that feels like — and, given that you have raised this issue with him, he is aware that you do not enjoy that same peace of mind.

Florida is an equitable distribution state and, for the most part, divides property 50/50. Here’s the legal interpretation from Schnauss Naugle Law in Jacksonville, Fla.: “If the decedent’s homestead property was titled in the decedent’s name alone, and if the decedent was survived by a spouse and descendants, the surviving spouse will have the use of the homestead property for his or her lifetime only (or a life estate), with the decedent’s descendants to receive the decedents’ homestead property only after the surviving spouse dies.”

You will have the right to live in this property for the remainder of your life. If you divorce, however, anything purchased during your marriage is considered marital property, and even though this home was purchased in your husband’s name only, it would be divided 50/50. In Florida, “equitable distribution” is mostly treated as “equal distribution.” According to this interpretation of family law in Florida by Arwani Law: “Even if he purchases the car with his own money and puts the car title in his wife’s name, it is still considered marital property.”

And as most lawyers will tell you, a lack of communication is one way of buying a ticket to divorce.

The post My Husband Bought a Retirement Property, but Only Put His Name on the Deed. Will His Adult Children Inherit This Home? appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

How to Set a Realistic Budget for Christmas Shopping

The post How to Set a Realistic Budget for Christmas Shopping appeared first on Penny Pinchin' Mom.

INSIDE: Christmas shopping can easily get out of hand. Learn how to set a Christmas budget so you can make it a great one without doing into debt.

You need a budget, especially at Christmas. Here’s how to set a Christmas budget for your family that works!

To set a Christmas budget, decide what you can afford to spend this Christmas

Knowing how to set a Christmas budget comes down to what you can comfortably afford. How much money do you make per month? Now subtract all your expenses? How much is left over? How much of the leftovers do you feel comfortable putting towards gifts? 

There’s no magic number for exactly how much you should spend on Christmas. Each family has a different budget and different circumstances. But, be reasonable. Don’t go into debt in order to buy gifts.  

Once you’ve come up with a number that is right for you, write it down and stick to it. If you want to buy a family member something special but it’s over budget, then either wait for it to go on sale or come up with a new plan. And don’t be so hard on yourself.

Avoid falling for the “perfect Christmas myth.” Your kids will be okay if they don’t get every single thing on their list. Don’t go over budget because you’re trying to make the holidays perfect. And it’s never a bad idea to teach your kids about a holiday budget.

  • Pro tip: You can still have a magical Christmas on a budget — get our tips on How to Do Christmas on a Budget.

If your budget is lower than you want it to be, consider ways you can make more money for Christmas.

Our best tips for staying on budget this Christmas

In order to set a Christmas budget and stick with it, try these tips…

Keep gift-giving simple 

When it comes to my extended family we’ve been doing Secret Santa style gift swaps for years. Not only does this reduce the amount of money that you need to spend, but it also reduces the stress of trying to come up with a thoughtful gift for every uncle and cousin that you only see twice a year. 

Make a list and stick to it

Once you’ve decided on a gift-giving strategy then you’ll know exactly who to need to buy gifts for. Create a list of names and determine how much you can budget for each person. Based on your list you can start brainstorming gifts that align with your budget. 

Give experiences, not things 

If you’re having trouble deciding what to give people for Christmas remember, give experiences, not things. Experiences are more meaningful then things and the memories you create from a good experience can truly last a lifetime. Passes to a museum, amusement park, or a gift card to a fantastic restaurant are great gift ideas. 

How to save money on Christmas gifts to stay on budget 

Between gift-giving and holiday entertaining, Christmas can get expensive. That’s why you set a Christmas budget to begin with. But, in addition, here are some gift-giving tips to help you stay on budget:

Follow the four gift rule

When it comes to the act of gift-giving, keep it simple. There are a ton of super fun gift-giving strategies that allow you to celebrate the tradition of giving without spending a fortune. My kids are still young but we’ve started practicing the four gift rule which is: 

  • Something you want
  • Something you need
  • Something you’ll wear
  • Something you’ll read

This is a great strategy to help keep you on budget while shopping for Christmas gifts. 

Give a gift card

Yes, you can argue that a gift card doesn’t qualify as a super thoughtful or meaningful gift. All I know is that I would prefer a gift card over an ugly sweater or smelly candle. Also, gift cards are a great way to stay on budget. All you have to do is pick an amount, or assign an amount that fits your budget. No waiting for a sale and no overspending necessary. 

Give a homemade gift for Christmas

Are you super artistic, an excellent baker, or a woodworking genius? Then consider giving a homemade gift to help you save money and stick to your Christmas budget.

There’s a reason why online marketplaces like Etsy are so popular. It’s because there’s a demand for beautiful homemade products. However, if the extent of your creativity involves a glue stick, macaroni, and glitter then perhaps this is not the budget-saving tip for you!

Advantages of shopping for Christmas all year 

If you’re a planner, this strategy could work for you. Although it’s strange to start to think about Christmas shopping in March or April, there are a lot of advantages when it comes to Christmas shopping all year, as opposed to saving it all for November or December. So, start celebrating Christmas in July and reap some of the financial and emotional benefits.

If you can wrap your head around the idea of shopping for Christmas gifts all year long then there are quite a few major advantages to doing it this way: 

It’s easier to stick to your Christmas budget

Can you even imagine the Christmas holidays without last-minute panic shopping? Even if you set a Christmas budget, it can easily get blown away when that happens.

When you break up your Christmas shopping over several months or even an entire year, you can make a plan. You can shop for items when you know they’re on sale, and you can take some time to save for things before making a purchase. This can help you avoid going into a ton of debt at Christmas time. 

According to a report by Statista titled, “U.S. Christmas Season,” the average American expects to spend $846 on Christmas gifts. If this seems accurate for you, then divide this by twelve months and you can set a ballpark budget of $70.50 per month. 

Early shopping means you can avoid the crowds 

While 64% of U.S. consumers purchase gifts online, many of us also find ourselves in a mall during the holidays. And, in my personal opinion, there is nothing worse than a crowded mall at Christmas. Everyone seems to be grumpy, in a rush, and deplete of holiday cheer. No thank you. 

It can result in more thoughtful Christmas gifts 

When you have a list of people you need to buy gifts for and months to do it you can take the time to come up with more thoughtful gifts. This is opposed to the regular last-minute shopping sprees where you are trying to think of something, anything that would make a decent present for your nephew or second cousin. 

It can make the holidays less stressful 

Wouldn’t it be nice to have some time to relax around the holidays? How would it feel to sit down with a warm coffee or a nice glass of wine on December 23rd instead of searching for last-minute Christmas gifts in a crowded store?

When you shop for Christmas all year round, you don’t need to be at the mall searching for a parking spot with everyone else. You can take some time to relax and really get into the holiday spirit. 

You can go into the new year on a financial high note

It’s all fun and games in December but January can be a real bummer if you overspend during the holidays. When you shop for Christmas gifts all year, you can start January on a high note and focus on achieving all of your New Year’s resolutions rather than waiting for your scary holiday credit card bill.  

Don’t forget to budget for each family member’s Christmas gift 

If you like the idea of shopping for Christmas gifts throughout the year, then it’s a good idea to still set a Christmas budget. Just as you can overspend during the last-minute Christmas rush, you can also overspend on Christmas when you’re shopping throughout the year if you don’t have a plan.  

Remember what Christmas is really about

This Christmas give yourself the gift of more time, less stress, and less debt by shopping for holiday gifts all year long! This strategy will give you the ability to focus on the things that really make the holidays special — the people, the traditions, and the memories! 

And that brings us to Christmas dinner! Discover how to create a budget for Christmas dinner too!

–By Jessica Martel 

The post How to Set a Realistic Budget for Christmas Shopping appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

Compound Interest Calculator

Compound interest is one of the most important concepts to understand in investing. It’s something about investing that many people aren’t familiar with, but it plays an essential role in making investments profitable. 

If you’re curious about compound interest and how it works, good for you — you’re on the right track. In this post, you’ll find a compound interest calculator that can quickly and clearly show you how much money you might make by investing in an account that delivers compound interest. 

Use the calculator below to get a sense of your potential earnings, then read the sections below to gain more insight into how you can make money through compound interest. 

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Compound Interest Calculator
First, tell us about your investment plan by filling in the fields below.
Investment Plan:
Starting Amount:
Amount of initial investment: Total amount you will initially invest or currently have invested toward your investment goal.
Years to Accumulate:
Years to accumulate: The number of years you have to save.
Contribution Amount:
Periodic contribution: The amount you will contribute each period and the frequency at which you will make regular contributions to this investment.
Every WeekEvery Two WeeksPer MonthPer QuarterPer Year
Rate of Return:
Rate of return on investment: This is the rate of return an individual would expect from their investment. It is important to remember that these scenarios are hypothetical and that future rates of return can’t be predicted with certainty and actual rate of return can very widely over time.
Compound Frequency:
Compound frequency: Interest on an investment’s interest, plus previous interest. The more frequently this occurs, the sooner your accumulated interest will generate additional interest. You should check with your financial institution to find out how often interest is being compounded on your particular investment.
DailyMonthlySemiannuallyAnnually
Years to Accumulate:
Years to Accumulate: This is the amount of time until you withdraw or use your investments.
Your Investment Results:
Ending Amount: $0
$0
Total Investment
$0
Compound Interest Earned
$0
Simple Interest Earned
Investment Growth Over Time
Investment Breakdown
Total Investment
Compound Interest Earned
Simple Interest Earned

  • How to use a compound interest calculator
    • Investment definitions
  • How does compound interest work
    • Compound interest formula
  • Compound interest accounts
  • Compound interest FAQs

How to use a compound interest calculator

Using the compound interest calculator is simple. Follow these steps to see what you might earn through compound interest investing. 

  1. Enter your initial investment. It can be any value that you like, but it’s helpful to make it a realistic amount. For instance, if you’re saving up to invest right now, you can put the amount that you plan on investing once you’ve saved up enough. 
  2. Next, enter the amount you plan on adding to your investment portfolio each month. This can also be any value you like, but it’s most useful if you enter an amount that you can budget for. Even if that’s just an extra $10 a month, it makes a difference. 
  3. Choose whether you want your interest compounded annually, compounded monthly, or compounded daily. (If you don’t know what that means, stay tuned for the definitions below.) 
  4. Input the estimated rate of return. This can vary considerably, but index funds and similar investment vehicles can yield between 2% and 10% returns. 
  5. Input your time horizon — the amount of time until you withdraw or use your investments. 

Once you’ve filled out the calculator, you should see an estimate of the amount you’re likely to have when the period of compound investing is up. If you’re a little confused about how we got this number, or what you need to do to grow your money in this way, check out the definitions, guide, and FAQs below. 

Investment definitions

  • Compounding: This occurs when the money that is made from an investment is reinvested, increasing the total amount of interest yielded the next time your interest is compounded. 
  • Index fund: Index funds are bundled investments that roughly track the growth of a market index, which is a collection of publicly-traded companies. They are often considered lower-risk investments.
  • Interest: The money you make on your investments; essentially, the money you earn for investing in the success of a company, a government bond, or a fund.
  • Principal: The amount of money that you start out with when you begin investing.
  • Rate of returns: The rate at which you accrue interest — for example, 3% returns would mean that, for every $100 invested, you would earn $3. 
  • Returns: The money that you earn on your investments. 
  • Time horizon: The amount of time that you plan on investing.

Now that you have a few key compound interest definitions in mind, we can explain how it works. 

How does compound interest work

Having more money can help make you more money — that’s the principle behind compound interest. Here’s how that breaks down. Let’s say that you have $1000 to invest. You put it in an account (let’s say a money market account) that yields 2% interest, compounded monthly. At the end of the first month, you’d have $1020. So far, so good.

But here’s where it gets really interesting. That 2% rate of return now applies to the $1020 total, not just the principal investment of $1000. So, after the end of month 2, you’ll have $1040.40 — an added $0.40 compared to the previous month. 

That might not sound like a lot, but it starts to add up. Have you ever rolled a snowball down a hill? The same idea applies. As your money grows and adds to itself, the amount that it can add to itself the next time your interest compounds is more. It may not be a get-rich-quick scheme, but it’s a reasonably secure way to start building your net worth in the long term. 

Plus, you’re not limited to money market accounts with rates as low as 2%. If you’re willing to put a little more risk on the line, you can get returns as high as 10% in some cases. We’ll cover that more in a later section. But first, time for a little math homework (just for those who are curious!). 

  • Looking for a longer explanation? Check out our full-length guide to how to earn compound interest. 

Compound interest formula

Compound interest is really mathematically interesting. Here’s the formula: A = P(1 + r/n)(nt)

If you want to try to see what’s going on behind the scenes in our calculator, here’s how to do the math yourself using the compound interest formula. 

  • The A in the formula is the amount you’ll end up with; this comes last. 
  • The P in the formula above stands for your principal, that’s the amount that you start with. 
  • Multiply P by 1 + your interest rate r (given in a decimal; so 4% would be 0.04) divided by n, the number of times your interest is compounded in a given period. 
  • Raise all of that to the power of n times t, where t is the number of time periods elapsed. 
  • For example, if you’re investing for 12 months, and your account interest is compounded daily, n would be roughly 30, and t would be 12 if you want to know how much you’ll have in a year. 

Try the formula out yourself, and see what result you get compared to the result in our calculator to check your work!

Compound interest accounts

Now that you understand the basics of compound interest, you’re probably wondering how you harness it to increase your net worth. The key is to use accounts that offer compound interest. Here are a few examples:

  • High yield savings and money markets. These are essentially savings accounts. They aren’t investment accounts (which we’ll discuss in a minute), but they do use a similar principle to grow your money. Rates on these can be fairly low compared to other options, but your money remains accessible, so you won’t have to worry if you need access to your cash fast in an emergency.
  • Retirement accounts. If you have a 401k or IRA opened right now, good news: you’re already accessing the power of compound interest. Most retirement accounts use a diversified and stable portfolio to grow your money over time, investing in index funds, government bonds, and dividend stocks to help you build your nest egg. 
  • Investments. Of course, one of the most aggressive and effective ways to utilize the power of compound interest is to start investing. There are a number of different ways you can invest — be sure to read our guide to investing for beginners for a more thorough explanation — but all can involve compound interest. For example:
    • Dividend stocks sometimes allow you to reinvest the payout from your dividends, increasing the amount of your dividend the next time there is a payout. 
    • Index funds, like mutual funds and ETFs, also often allow investors to reinvest their earnings, harnessing compound interest in their favor. 
    • If you invest directly in stocks, you can always use the money that you earn to reinvest or invest in another stock — be aware that this is a riskier option, however. 
    • Whether you choose an in-person brokerage or a trendy new robo-advisor, you’ll likely be able to use the power of compound interest to grow your capital. 

Compound interest is a mathematical force that can help you build your net worth over time. You can get started today by finding the right investing or saving vehicle for your personal finances. And don’t forget to download the Mint app, where you can conveniently track your investments all in one place. 

Compound interest FAQs

How do I calculate compound interest?

You can calculate compound interest in one of two ways: you can use the formula listed above to calculate it by hand, or you can use the compound interest calculator to figure out your total more quickly. Just be sure you know the necessary variables:

  • The principal amount
  • Your interest rate
  • How often it’s compounded
  • The number of compounding period that will occur

What will $10,000 be worth in 20 years?

That totally depends on how much interest your account produces and whether you invest more as time goes on. 

Let’s assume an average return rate of around 7%, and assume that you don’t add in any more money. In that case, your $10,000 could turn into $40,547 — still an impressive amount. That’s the power of compound interest. 

How do you calculate compound interest monthly?

To calculate compound interest monthly, simply set the “compounding frequency” setting on the calculator above to “monthly.” Alternatively, you can use the formula above and set n equal to 1 and t equal to 12 to find out how much money you’ll have if interest is compounded monthly for a year. 

Sources

Wealthsimple | Investor.gov

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