05 · Calculators

Savings Goal Calculator

Pick a goal and see either how long it’ll take at your current pace, or how much you need to save each month to hit it by a deadline.

I want to know

Time to reach your goal

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How to use the savings goal calculator

  1. Choose whether you want to know how long or how much per month.
  2. Enter your goal and what you’ve already saved.
  3. Enter your monthly saving, or the number of months you have.
  4. Optionally add an interest rate if the money sits in a savings account.

Tips for reaching a goal

  • Automate a transfer on payday so saving happens before spending.
  • Break a large goal into milestones — the first 10% is often the hardest.
  • Keep an emergency fund separate so a surprise bill doesn’t undo your progress.

How interest is handled

If you add a rate, interest is compounded monthly and deposits are added at the end of each month. Leave the rate empty to plan without interest.

Examples

Goal $10,000, saved $1,000, saving $300 a month

2 years, 6 months

Same goal in 24 months at 4% interest

About $357.49 a month

Questions

Is the interest rate guaranteed?

No. Savings rates change, so treat the result as an estimate.

What if I’ve already reached the goal?

The calculator tells you so — time to set a new one.

Are taxes on interest included?

No. Interest may be taxable where you live.