How to know how much you will save?
I’ve been setting up about $300 a month towards repayment of our flat and was wondering based on an interest rate of 2.08% (Maybank iSAVvy Savings Account), what would the savings be at the end of 5 years? This link just has the right tool to do the job (Link to Saving for a Goal Tool).
Total payments = $300 * 12 * 5 = $18,000.00
Total amount after interested (monthly compound interest) = $18,952.02
Of course, an instrument with a higher interest rate would be even better so shall keep a lookout for something that isn’t too risky 