Savings Goal Calculator

Find out how long it takes to reach your savings target — or how much to save each month.

How to Use This Calculator

Enter your goal, current savings, planned monthly contribution and expected annual interest. The tool simulates month by month.

Interest is compounded monthly at rate ÷ 12.
Leave interest at 0 for simple "no interest" planning.

Frequently Asked Questions

How is interest applied?

Each month, the balance grows by (annual rate ÷ 12) percent, then your contribution is added. This is standard monthly compounding.

What if I don't know my interest rate?

Set it to 0 for a conservative estimate. High-yield savings accounts typically offer 3-5% as of recent years.

Can I find the monthly amount instead?

This tool focuses on time-to-goal. For the required contribution, use the Savings Calculator in Financial tools.

Why is my result longer than expected?

Check the contribution vs the gap. A small monthly amount against a large goal naturally takes many years.

Practical Example

Goal of $10,000 with $1,000 already saved, a $300 monthly contribution and 4% annual interest (compounded monthly) reaches the target in about 29 months, shown as 2 yr 5 mo. Over that time you contribute $1,000 + 29 x $300 = $9,700, and compound interest adds roughly $520.

At 0% interest the same plan reaches $10,000 after 30 months of $300 contributions.

What Your Results Mean

Time to goal — the months and years needed for your balance to reach the target.
Amount saved by you — your starting savings plus every monthly contribution.
Interest earned — the growth from monthly compounding at your annual rate divided by 12.
Over 100 years — shown when the goal cannot be reached within the simulation window.