Savings Goal Calculator
Set a savings target and see exactly how long it takes to reach it with your current contributions.
| Year | Balance | Contributed | Interest Earned |
|---|---|---|---|
| 1 | $11,395.24 | $6,000.00 | $395.24 |
| 2 | $18,117.67 | $12,000.00 | $1,117.67 |
| 3 | $25,184.03 ✓ | $18,000.00 | $2,184.03 |
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Whether you're saving for a vacation, down payment, car, wedding, or emergency fund — this calculator shows exactly how long your current savings rate will take to reach any goal, and what monthly amount you'd need to hit it by a target date.
Example
Current savings: $5,000
Formulas
Monthly interest = Balance × (Annual rate ÷ 12) New balance = Previous balance + Interest + Monthly contribution Required contribution (target years n): C = (Goal − S × (1+r)^n) ÷ [((1+r)^n − 1) ÷ r] Where S = current savings, r = monthly rate, n = months
How It Calculates
The calculator compounds your savings monthly. Each month, your balance earns the monthly rate (annual rate ÷ 12), then your contribution is added. It iterates until the balance reaches your goal, recording the month count. For the required contribution calculation, it solves for the monthly payment that, combined with compound growth from existing savings, reaches the goal exactly at the target date.
Frequently Asked Questions
What return rate should I use for a savings goal?
For cash/HYSA savings: 4–5%. For a mix of savings and conservative investing: 5–7%. For pure stock market investing: 7–10%. Use lower rates for shorter-term goals where you can't afford volatility.
Should I include my current savings or just what I'll add?
Include both. Existing savings compound over the entire period, often contributing as much as future contributions. Seeing this motivates starting early.
What if I can't save a fixed amount every month?
Use your realistic minimum. It's better to plan conservatively and save more in good months than to plan for an amount you can't sustain. The calculator shows your worst-case timeline.
My goal keeps moving — is that bad?
Inflation adjusts what things cost. Revisit your goal annually and adjust upward by ~3% to maintain real purchasing power (e.g., a $20,000 goal this year is ~$20,600 next year).